Rashed Ali Al Ansari, General Manager of Al Ansari Exchange
Seven UAE-based Universities have confirmed their participation in the inter-University “Business for Better” Competition being organized by Western Union, a leader in money transfer and global payment services, and Al Ansari Exchange, the UAE's largest exchange house network that provides worldwide remittance and foreign exchange services. Open to second year undergraduate students studying in the finance, business and economics streams, the ‘Sustainable Business Plan’ development competition has received several student applications from Abu Dhabi University (ADU), American University in Dubai (AUD), American University of Sharjah (AUS), University of Bolton Ras Al Khaimah Campus, Heriot-Watt University in Dubai, University of Dubai and University of Wollongong in Dubai (UOWD).
Sobia Rahman, Western Union’s Regional Vice President for the Gulf, Pakistan and Afghanistan said, “The UAE is renowned for their out of the box thinking and creativity, and what these student have demonstrated to us is that business concepts can be utilized further to contribute positively to society. This is the first time we have engaged in such a concept and we are extremely happy not only with the level of participation but the quality of ideas that have been put forward. Our company has always been keen to support all communities and contribute to society as well as to local and global economies. We are thankful to Al Ansari Exchange our strategic partner here in the UAE for working with us in encouraging the youth of today to show us their creativity and innovation.”
“This competition is a true reflection of our commitment to giving back to the community and part of our year-round CSR initiatives. In partnership with Western Union, we decided to reach out to these students who are the future of this country, and the response and insights that we have received from them have been really amazing. The various sustainable business ideas that were proposed by the students clearly demonstrate the quality of talent that exists and the high standards of education in the UAE. This augurs really well for the sustainable and rapid growth of the UAE economy. I congratulate all the short listed students and wish them the very best for the finals”, added Rashed Ali Al Ansari, General Manager of Al Ansari Exchange.
In order to participate in the competition, eligible students based on the criteria mentioned in the Competition Proposal, were required to form teams and apply online, following which they were required to submit their business plan concept papers. Key representatives from Western Union and Al Ansari Exchange jointly screened all submissions and the top 15 concepts were shortlisted for the final round. In the finals, student groups are required to submit their sustainable business plans and present it to the panel of judges, consisting of members from both organizations as well as nominated panelists from participating Universities.
The members of the top three winning teams will each receive scholarships of AED 35,000, AED 20,000 and AED 10,000 respectively, which will be directed towards the students’ final year tuition fees, payable directly to the Universities.