Western Union and Al Ansari Exchange launch 2012 Business for Better sustainable business plan competition

Western Union, a leader in global payment services, and Al Ansari Exchange, a leading Foreign Exchange and worldwide remittance company in the UAE, today launched the 2012 Inter-University “Business for Better” competition. Now in its second year, “Business for Better,” calls for university students to submit sustainable business plans for a for-profit project that integrates positive social and environmental objectives into its business operating plan. 

“Last year the competition secured interest from talented university students across the UAE – with strategic plans featuring innovative entrepreneurial ideas that gave back to the community. Today’s young leaders are a real instrument of change and they have the potential to make a substantial impact on society,” said Sobia Rahman, Western Union’s Regional Vice President for the Gulf, Pakistan and Afghanistan. “At Western Union, we want to be part of that process and help young entrepreneurs develop into socially conscious individuals who can work together to make a difference. This is in line with our overall corporate citizenship efforts to enrich the lives of the communities we serve by expanding economic opportunities for various sections of society and especially students. ” 

Rashed Ali Al Ansari, General Manager of Al Ansari Exchange added, “The Business for Better competition is an opportunity for Al Ansari Exchange to give back to the community by encouraging young students to make a difference, while gaining real business skills.  We look forward to interacting with the student community this year to understand and shape their views on how they can make a real impact on society.” 

“Business for Better” is open to second year undergraduate students in the UAE studying finance, business or economics  and offers academic scholarships totaling up to AED 285,000 to winning participants. The competition will witness an increase in prize money from last year, with each member of the top three winning teams getting scholarships worth AED 45,000, AED 30,000 and AED 20,000 respectively. 

In order to participate in the competition, students must fulfill the eligibility criteria outlined in the Competition Proposal which is available on http://www.businessforbetter.ae. Students are required to register in groups of two or three members and submit their concept papers before 28^th October 2012. A Western Union and Al Ansari Exchange panel will jointly screen all submissions and the top 15 concepts will be shortlisted for the final round. For the finals, student groups will be required to submit their business plans and present it to the panel of judges, consisting of members from Western Union and Al Ansari Exchange as well as industry experts.