Intel and ASTF launch the 4th Technology Business Plan Competition

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ASTF was established in 2000 by Arab scientists and researchers in order to identify and support outstanding scientific achievement within the region. The Foundation also seeks to promote the advancement Arab entrepreneurship by acting as a mediator between up and coming companies and investors.

Commenting on the announcement, Ferruh Gurtas, Corporate Affairs Group Director, Intel Middle East, Turkey and Africa said:

'The Middle East is an exciting and dynamic region with a growing number of entrepreneurs - many of whom require initial funding to launch their projects. The 4th Arab Technology Business Plan Competition does just that. It is an opportunity for young, Arab entrepreneurs to map out and transform their ideas from a concept to a tangible working company. At Intel we believe entrepreneurship is a key driver for emerging Middle East economies. As the region begins to compete on an increasingly global scale, these skills, coupled with technological expertise will help local businesses to excel in an international marketplace.'

The Arab Technology Business Plan Competition strives to support and assist Arab entrepreneurs to transform their ideas into successful ventures by providing them with access to potential investors and venture capitalist that are willing to finance promising technology start-ups through the Arab Investment Forum, which is held annually in one of the participating Arab nations.

ASTF Regional Director, Engineer, Mohammed Abboud, stated; 'Intel has been our long- standing partner in the development and execution of the Arab Technology Business Plan Competition. Their ongoing support and cooperation has enabled us to fuel the development of entrepreneurs cross the Middle East and we look forward to the submission of 2008's entrants.'

Winners of the 4th Arab Technology Business Plan Competition will also be presented with the opportunity to participate in Intel's international competition which is organized with the University of California, Berkeley, in the United States.

'The competition brings recognition to start-up technology ideas, plans and ventures that are characterized by innovation and distinction. By creating a forum where investors can view the talent the Arab world has on offer, we are helping increase investment in our economies' future,'

concluded Abboud.