Mohammed Bin Rashid Establishment acknowledges support by major national institutions to SMEs

Announcing 21 February, 2008 as the closing date for submitting the entries for the fourth edition of the Mohammed bin Rashid Awards for Young Business Leaders 2008, Abdul Baset Al Janahi, CEO of Mohammed bin Rashid Establishment for Young Business Leaders, today said the contribution by the leading national companies will significantly encourage small businesses.

Al Janahi specially referred to Nakheel, one of the largest property developers and a member of Dubai World, which is the exclusive sponsor of the Establishment's Award for Youth Projects. The Al-Abassi Group will support the event that will be organized by the Dubai Government Excellence Programme (DGEP).

Offering entrepreneurs in the UAE and the Arab world a unique platform to test their competitive and excellence levels, the Mohammed bin Rashid Awards for Young Business Leaders has 13 categories for UAE companies that have been operational for not more than one year by February 2007. Arab entrepreneurial businesses of less than three years in operation are eligible to participate in the Best Arab Business for the Year 2007 category. Entries are limited to companies with less than 100 employees.

Sultan Bin Sulayem, Chairman of Dubai World and Chairman of Nakheel, reiterated that leading businesses need to provide more opportunities and startup support to SMEs.

He said: "The SME sector is relatively new and needs support to grow on solid fundamentals and contribute to the country's development. In order to achieve this, Nakheel is sponsoring the Award for Youth Projects which honors distinguished entrepreneurs and SME owners.

"The Award for Youth Projects is recognized as a competitive platform that follows the highest standards of accuracy of selection in conformity with international standards. This has raised the participation rate and we are happy to support this special event that encourages excellence."

Ismail Oqail Al-Abbasy, CEO of Al-Abbasy Group, said: "This year, we are supporting the Award for Youth Projects as we believe in the values of initiation and leadership of businesses.. We would like to see more success stories like ours as we seek to extend support to the country's economic development.

"We look forward to more participation to encourage innovative business concepts that are the results of free economic policies of the UAE. With our support to will ensure small businesses with creative ideas can flourish."

Al Janahi said: "The SME sector assumes significance as the UAE rapidly moves forward in its economic diversification programme. Small businesses are the backbone of any economy and we are glad leading national entities have come forward to support this vital sector. This will help young UAE nationals to look at innovation as the most preferred way of progress."

Categories for the Mohammed bin Rashid Awards for Young Business Leaders cover various business activities including tourism, healthcare, business and law consultancy, education, and information technology. The awards programme also recognises individuals, private companies and local and federal government entities that have contributed to enhancing entrepreneurial activities across the UAE.