RAK Crown Prince launches'Saud bin Saqr Programme for Young Business Leaders'

H.E. Saqr Ghobash Saeed Ghobash, UAE Minister of Labour, and a number of dignitaries and top government officials were present during the function.

The 'Saud bin Saqr Programme for Young Business Leaders' is a new initiative established under the Ras Al Khaimah Chamber of Commerce and Industry (RAKCCI) to promote and facilitate entrepreneurship and encourage UAE entrepreneurs to set up new businesses and projects, mainly small and medium enterprises, in the emirate.

Speaking at the function, Sheikh Saud said that the programme would be part of a significant government initiative to channelize the entrepreneurial spirit of young people towards creating profitable and sustainable business ventures that would enhance their role in national economy.

'The future success of our economy in the global marketplace would depend on the entrepreneurial spirit and innovation of the young generation. This programme recognizes the role of young people in driving UAE economic growth and would play a leadership role in promoting entrepreneurship, enhancing skills, and offering facilities for young people to set up new businesses.'

Sheikh Saud said that new business enterprises set up under the programme would be exempted from payment of registration and related fees at the RAK Municipality, RAK Economic Development Department, and RAK Chamber of Commerce for three years.

The new business ventures would also get financial incentives through waivers on fees at the Labour Department.

Commenting on the initiative, Yousef Obaid Al Nuaimi, Chairman of RAK Chamber of Commerce and Industry, said, 'RAKCCI aims to encourage the young generation to contribute their part towards national development and energize the local economy through the establishment of small and medium enterprises.'

H.E. Saqr Ghobash Saeed Ghobash, Minister of Labour, signed an agreement with Yousef Obaid Al Nuaimi for extending cooperation to foster the growth of new enterprises set up under the programme.

Yousuf Obaid Al Nuaimi also signed separate agreements with the representatives of Al Tomooh Finance Scheme, Mawarid Finance and Noor Islamic Bank for joint cooperation to support the programme and facilitate financing of small and medium enterprises to be set up under the initiative.

Hamad Mohamed Muradad, Manager of the Saud bin Saqr Programme for Young Business Leaders, said that the programme would offer a wide range of services in its new premises, including shared and private offices for start-up businesses along with IP telephony and full range of office facilities at very low cost.

'Apart from facilitating financing of new projects through banks, we will be offering other enabling services like training in project management, support and follow-up during the start-up stage and offering learning opportunities for entrepreneurs,' he added.