Dubai Event Management Corporation and Mohammed Bin Rashid Est. for Young Business Leaders join forces to promote local talent and entrepreneurs

The MoU was signed by Richard Attias, CEO of DEMC, and Abdul Baset Al Janahi, CEO of Mohammed Bin Rashid Establishment for Young Business Leaders, in the presence of senior officials from both organizations.

Al Bastakiya is the heritage district that is currently being revived by Dubai Event Management Corporation (DEMC) as a modern cultural platform for creativity and arts.

It will include museums, galleries and traditional markets, reflecting the emirate's contemporary outlook while defining it as a dynamic cultural destination.

Richard Attias, CEO of DEMC, said:

"Dubai Event Management Corporation's mandate in Al Bastakiya is to develop young talent in Dubai and play a vital role in the emirate's cultural agenda. We are confident our agreement with SME will mark a significant beginning in promoting Al Bastakiya as an arts and culture platform that will inspire
local talent. Our objective in hosting the 'Dikakeen Al Bastakiya' competition is to provide local entrepreneurs with a platform to showcase and sell their unique products to the
residents and tourists that visit the heritage site of Al Bastakiya."

According to the MoU, Al Bastakiya will serve as the venue for the competition.

It will also provide the required logistics for the competition and allocate two dedicated houses with 11 rooms, to be housing local businesses and brands created by young nationals, in addition to many other exciting prizes and opportunities.

Members from DEMC will be assigned for evaluating the winners.

On its part, SME will take the responsibility for identifying start-up businesses
and UAE national entrepreneurs and invite them to participate in the competition.

The Establishment will also appoint members to be judges in the first phase of
short-listing businesses and for the second phase of selecting the final winners.

In addition, it will offer proactive support for raising public awareness about
the contest.

Abdul Baset Al Janahi, CEO of SME, said:

"With its historic significance, Al Bastakiya represents an ideal platform to create opportunities for emerging local talent. The competition will contribute significantly to promoting youngsters while creating the right environment for nurturing culture and arts in the region. As an organization that offers continuous support to national entrepreneurs, the Mohammed bin Rashid Establishment for Young Business Leaders facilitates licensing of start-ups businesses and is constantly involved in helping budding ventures move forward. The competition will inspire young nationals to focus on creating products that will reflect the UAE's tradition and their business acumen."

Designed to serve as the perfect cradle for Dubai's rich heritage, Al Bastakiya is set
to emerge as a global centre, featuring a specialized arts and cultural centre to host events, festivals and activities.

In addition, Al Bastakiya will house a performance art theatre, studios and workshops for resident artists, with a mix of concept and designer outlets, boutique hotels, galleries, cafes and restaurants.

The Dubai Event Management Corporation was launched recently to position Dubai
as a unique sports and cultural hub on both the regional and international level.

The competition will accept registrations from interested UAE nationals from
21 October - 8 November, 2008.