First Arab industrial SME competition is ideal platform for innovation: Al Mansouri

Published November 10th, 2009 - 04:26 GMT

Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, highlighted the Government’s focus on developing the small and medium enterprises by encouraging the culture of innovation and creativity.

Honouring the winners of the first Arab industrial SME competition, Mr Al Mansouri praised the creative ideas of the winners and their efforts. He urged the winners to convert their ideas to reality and to uphold global best practices.

The competition is held in association with Mawarid Finance, the local organiser and the UAE representative of the award.

Mr Al Mansouri said the small and medium businesses sector plays a significant role in driving economic growth. “The SMEs have proved remarkable resilience to the global crisis. We will continue to promote the sector and the culture of innovation by establishing a specialized center to to offer incubation support.”
Mr Mohammad Mussabbah Al Nuaimi, CEO of Mawarid Finance said the awards have been aimed at encouraging the culture of creativity and innovation in the UAE.  “Mawarid not only organises events but also invests in innovation to support UAE talent across all sectors. We are keen to evaluate the ideas proposed by the winners of the competition and explore the potential of converting them to reality.”

The competition aims to encourage and inspire Arab youth to establish new industrial enterprises with Mawarid Finance being a local partner for the United Arab Emirates. An amount of US$ 850000 was allocated for the awards. A forum will be held soon to bring together winners and representatives of the public and private sector of Arab and foreign countries.

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