29 project concepts out of 131 entries from region shortlisted for final round of 'Sawaed' grants

Offering grants ranging from Dhs100,000 to Dhs1m, the annual programme will address a specific regional challenge every year, inviting participants to submit business concepts that provide successful solutions for overcoming the challenge.

This year, the private sector was invited to submit innovative project ideas that promote online Arabic content and leverage information technology (IT) sector to raise the standard of education in the Arab world.

Shortlisted participants are required to submit detailed business plans by 29 January, 2009.

The final winners of the 'Sawaed' contest will be announced in April 2009.

Alaa Al-Afifi, Director of Entrepreneurship - Employment and Entrepreneurship sector, Mohammed bin Rashid Al Maktoum Foundation, said:

"The 'Sawaed' programme is one of the Foundation's key initiatives that seek to stimulate the growth of entrepreneurship in the region. We are delighted with the promising level of participation this year, with the submissions demonstrating well-embedded innovative competencies."

"We are highly optimistic about the future of entrepreneurship in our region as indicators reveal an increasing awareness of its importance as a fundamental strategic choice for supporting economic growth," Al-Afifi added.

Launched last June under the Foundation's Entrepreneurship and Employment Sector, 'Sawaed' offers non-refundable grants for innovative business ideas from across the Arab world.

Eligible projects are required to demonstrate commercial viability and potential for replication of innovative products and services, presenting a positive contribution to the development of the Arab World.

Among its multi-pronged objectives, the Mohammed Bin Rashid Al Maktoum Foundation seeks to develop future leaders, even while contributing to the creation of knowledge-based societies across the Arab World through promoting business excellence, empowering entrepreneurs, and facilitating job creation throughout the region.