Silatech was launched in 2008 by Her Highness Sheikha Mozah Bint Nasser Al Missned of Qatar, to create new jobs and opportunities for young people in the Arab World, which has one of the world's greatest rates of youth unemployment.
The MoU was signed by Sultan Lootah, Vice President - Entrepreneurship and Employment, Mohammed bin Rashid Al Maktoum Foundation, and Rick Little, Chief Executive of Silatech, at the Doha Summit on 'Young People and Employment in the Arab World', co-hosted by Silatech and Financial Times on 1-2 June in Doha, Qatar.
According to the agreement, the Foundation and Silatech will support the development of training programmes, coordinate with financial institutions to offer attractive incentives for small and medium enterprises (SMEs), and increase the young people's access to job opportunities, capital and markets.
Sultan Lootah said: "The Mohammed bin Rashid Al Maktoum Foundation is keen to build an effective network of strategic partners who share the Foundation's vision of ensuring a sustainable future for youth across the Arab world.
"Enhancing the average Arab youth's access to job opportunities and promoting entrepreneurial activities as an effective alternative to regular employment are important goals that we will drive through tangible programmes."
He added: "The Foundation pursues a multi-tier strategy to create knowledge based societies across the Arab world and foster the region's knowledge capabilities for overcoming developmental challenges. Entrepreneurship and employment are key focus areas of the Foundation. Our partnership with Silatech will support the Foundation's strategy and foster job creation opportunities for young people. We believe our cooperation will significantly contribute to economic development across the Arab World."
According to Silateech Chief Executive Rick Little, "Silatech and the Mohammed bin Rashid Al Maktoum Foundation are ideal partners in this effort due to our shared belief in the tremendous potential of Arab youth and our joint commitment to developing that potential - for the good of the individual, the Arab nations and the region as a whole."
The Mohammed bin Rashid Al Maktoum Foundation was launched in May 2007 with an endowment of $10bn to invest in a series of programmes that provide the necessary infrastructure and set the appropriate environment for knowledge creation in the Arab world.
Encouraging Arab intellectual output, facilitating knowledge transfer, nurturing young talent and setting the right environment for cultural development are among the key strategic objectives of the Foundation.
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Mohammed bin Rashid Al Maktoum Foundation joins hands with Silatech of Qatar to enhance work opportunities for Arab youth
- Qatar: Monday, June 02 - 2008 at 09:28
- PRESS RELEASE
The Mohammed bin Rashid Al Maktoum Foundation today announced that it signed a Memorandum of Understanding (MoU) with Qatar-based 'Silatech' Initiative for Youth Employment, to coordinate efforts for overcoming the youth unemployment challenges in the Arab world.
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About the Mohammed bin Rashid Al Maktoum FoundationThe Mohammed bin Rashid Al Maktoum Foundation has been launched as a personal initiative of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Announced by H.H. Sheikh Mohammed at the World Economic Forum on the Middle East 2007 in the Dead Sea, Jordan with an endowment of US $10 billion, the Foundation targets to develop the knowledge and human capabilities of the Arab world and introduce a future generation of thought leaders in the region. It aims to achieve its strategic objectives through a wide array of pioneering projects and programmes in three main strategic areas: knowledge and education, culture, and entrepreneurship.
About Silatech
Established in 2007, Silatech is an innovative initiative that aims to improve the social and economic status of young people through the creation of progressive, entrepreneurial market, employment and business opportunities globally and in the Arab world.
The "Silatech" initiative was initiated and launched by Her Highness Sheikha Mozah bint Nasser Al Missned at the Annual Forum for the United Nations Alliance of Civilizations held in Madrid on January 15-16, 2008. It stems from her Her Highness' drive and determination to address the critical and growing need to create new jobs and opportunities for young people globally, starting in the Middle East and North Africa. It is a pragmatic initiative which aims to offset the lack of opportunity and economic marginalisation of many young people throughout the Arab world by enabling systemic changes, in policy and mindset, at regional and global levels.
Silatech's objectives include promoting market based job training; enabling state-of-the-art contact and counselling centres; experimenting with cutting edge technologies to connect young people with each other and potential employers; providing access to business development services and capital for aspiring young entrepreneurs; and breaking down cultural barriers to risk taking and entrepreneurship.
Silatech has established a network of stakeholder partners and support from other leaders and organizations regionally and internationally, including Cisco, the International Labor Organization, and the World Bank Global Partnership for Youth Investment, among others.
For more information about Mohammed bin Rashid Al Maktoum Foundation, please visit the website or contact:
Sultan Al Jesmi
Mohammed bin Rashid Al Maktoum Foundation
T: +9714 3175681
F: +9714 3293333
or
Mohammed Abdelmonem
A'Sidrah Public Affairs
D: + 971 4 3642196
T: +971 4 364 2320
F: +971 4 3688004
Posted by StaffMonday, June 02 - 2008 at 09:28 UAE local time (GMT+4)
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