Young Entrepreneur Competition 2010 Attracts More than 1,500 Applicants

Published March 28th, 2010 - 07:48 GMT

The Mohammed Bin Rashid Establishment for SME Development, part of the Department of Economic Development, today announced that more than 1,500 ambitious young industrialists submitted their application forms for the Young Entrepreneur Competition 2010 (YEC), which is organized Under the Patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and is supported by du as the main sponsor.

MBRE will collaborate with the Dubai Mall for the second year to organise an exhibition where students can display their products and ideas from 31st March – 3rd April 2010. Participating projects will be assessed based on different standards, marking the students’ first step towards becoming a part of the small and medium business sector. As the main sponsor, du will be setting up four kiosks offering a chance to University students to get a first-hand experience of retailing telecom products and services to visitors at the exhibition.

A jury of specialists from the Mohammed Bin Rashid Establishment for SME Development, Knowledge and Human Development Authority, the UAE Ministry of Education, SS Lootah and Aswaq will evaluate the projects and select the winners according to creativity, innovation, marketing and profitability standards. Winners will be recognized in later time.

His Excellency Abdul Baset al Janahi, CEO of MBRE for SME Development said: “The overwhelming response to the YEC 2010 is a great sign that the contest successfully reached young people from all different age categories. This comes in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to support the development of the small and medium businesses sector, which now accounts for 98.5% of the registered businesses in Dubai.”

“By addressing one of the most crucial segments of the society – the youth, who are our future business leaders – YEC encourages creativity in students and encourages them to participate in supporting the economic growth in Dubai. The event provides a competitive environment, which educates students on the basic principles of starting and operating a private business, and inspires them to become entrepreneurs by creating a simple entrepreneurial environment,” he added.

Hala Badri, EVP Brand and Communications, du, said: “We are honoured to be a part of this key initiative. As a UAE national company, we identify and encourage promising young talents to realise their potential and become business leaders of tomorrow. We hope that our efforts in offering retail sales experience to students at the exhibition will equip them with essential work skills.”

Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: “The Young Entrepreneur Competition is a prestigious and tremendously valuable initiative that promotes a robust business outlook among enterprising youngsters. Dubai’s success is marked by innovative entrepreneurship, and by offering youngsters the incentive to fulfill their dreams, the Awards set the base for powerful business ventures in the future. The Dubai Mall is honoured to once again support the future leaders of this nation at the Young Entrepreneur Competition, which will reach out to tens of thousands of mall visitors.”

Since its inception in 2005, YEC has succeeded in encouraging entrepreneurial spirit within youngsters from high schools and universities across the UAE. The contest also conveyed the concept of small and medium enterprises and business environments to the younger generation. The large and growing turnout at the competition reflects that it has effectively succeeded in preparing young business leaders. The number of participants at YEC has increased from 84 in the first launch of the competition to reach 700 participants 2010.

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