Standard Chartered becomes a founding member of HCT Foundation's 100 Club

HE Sheikh Nahayan Mabarak Al Nahayan, Chancellor of Higher Colleges of Technology signed an agreement to this effect with Richard Meddings, Group Finance Director of Standard Chartered plc on November 9, 2007 in Abu Dhabi.

The Higher Colleges of Technology are the largest and most progressive of the higher educational institutions in the UAE. With 14 campuses across the country, HCT is a leader in education and training both in quality and in access. HCT Foundation has been established as a structured vehicle to promote private sector contribution to the development of HCT. The HCT Foundation thus seeks to extend the already strong ongoing relationships with our many partners from private industry, government and community sectors through systematic and long-term partnership agreements.

Standard Chartered (SCB) is an international bank, focused on the established and emerging markets of Asia, Africa, the Middle East and Latin America with an extensive global network of more than 600 offices in over 50 countries. Dubai is the administrative hub of the Middle East and South Asia Region. In its 49th year in the UAE, the Bank enjoys the position of having the most extensive branch network among foreign international banks in UAE. Corporate Social Responsibility is integral to functioning of SCB. In the UAE, Standard Chartered has invested considerable resources to develop the Right Partnerships with the local community in the areas of Youth, Health, Education and the Environment.

The agreement was signed to establish a Standard Chartered Chair in Corporate Finance at the Higher Colleges of Technology, effective January 2008, for a period of three years. Standard Chartered Bank will provide the direct cost of this Chair position for three years starting from January 2008. HCT will recruit a suitable candidate for this named Chair to lead HCT curriculum initiatives at the Master's level in Business and Management related specializations. The agreement also includes for several benefits provided in return by HCT to Standard Chartered Bank as a founding partner of HCT Foundation.

After signing the agreement, Sheikh Nahayan noted, "The spirit of support from our industry partners to HCT students is already strong. HCT Foundation has been established as a structured vehicle to promote private sector contribution to the development of HCT. The HCT Foundation thus seeks to extend the already strong ongoing relationships with our many partners from private industry, government and community sectors through systematic and long-term partnership agreements thus directly impacting the quality of education received by HCT students. Standard Chartered Bank's support of the HCT Foundation clearly demonstrates their commitment to education and to the development of the region."

The HCT Foundation also seeks to replicate the strong culture of benefaction which already exists in many countries in the world. This culture of generosity will provide HCT students with boundless opportunities to fulfill their career goals and contribute to the growth of the nation.

Richard Meddings added, "We are delighted to be supporting the Higher Colleges of Technology with this important new initiative. Standard Chartered greatly values the quality of its UAE workforce and intends to play an even more supportive role in the further education and development of talented UAE Nationals."

Dr. Tayeb Kamali, Vice Chancellor of the Higher Colleges of Technology is very enthusiastic about the new possibilities that the HCT Foundation brings to the students and staff, "Higher Colleges of Technology has always prided itself of its unique mandate in the country to be fully aligned in its program offerings to the needs of the UAE industry. The HCT Foundation is yet another initiative to demonstrate the mutual commitment of UAE industry and the HCT in ensuring that this alliance and alignment between industry and national development program continue to grow and develop. We invite all sectors of UAE industry to take full advantage of the opportunity that HCT Foundation provides for them to invest in the future of the UAE, namely, in well trained and developed national workforce."

"Our commitment to fund a Chair at the new HCT School of Business, and our membership of the HCT Foundation, is a natural extension of our existing deep partnership with the Higher Colleges of Technology. As a major employer in the UAE, Standard Chartered rightly sees the training and development of UAE Nationals as a core tenet of our overall strategy," adds Ruth McGill, Regional Head of HR, Middle East and North Africa, Standard Chartered Bank.

"I am delighted that we are further extending our wide-ranging cooperation with HCT in its 20th year of operation. The brand new HCT School of Business will provide business education of the highest standard - and we look forward to inviting its graduates to join Standard Chartered Bank in due course" Jeremy Parrish, CEO Abu Dhabi, Standard Chartered Bank.