MIT Arab Business Plan Competition finalists battle for $50,000 prize money

The MIT Arab Business Plan Competition is the first of its kind in the Arab world, designed to encourage all entrepreneurs in the region to start their own company and, ultimately, create a platform for viable businesses throughout the Middle East. As well as the large sum of prize money, the winner will also be invited to participate in the MIT Global Startup Workshop Forum, organized by the MIT Enterprise Forum Inc, in Massachusetts, America.

Budding entrepreneurs from all over the Middle East will showcase their business plans for a variety of projects, ranging from a website which helps bloggers raise capital to improve their website performance developed by a team based in Jordan, to the cultivation of fertilizer from rice straw from a team based in Egypt.

All projects are presented by a team of at least three people, at least two of them being Arab nationals. The business concept must be implemented in a country within the Arab world.

Members of the winning team will be given the opportunity to attend the MIT Global Startup Workshop. First and second runner-ups will receive prize money worth $10,000 and $5000 respectively. The winner of the competition will be announced in Dubai at an awards ceremony held at Jumeirah Emirates Towers Hotel on Thursday 11 June.

This year has seen three of the MIT Arab Business Plan Competition finalists from the UAE, including a team working on the development of therapeutic peptides for the treatment of cancer; a group offering short-term loans for medical procedures and a luxury spa boutique dedicated exclusively to professional teeth whitening.

Mr Omar Al-Madhi said:

"The MIT Arab Business Plan Competition offers people from all over the Arab world the chance to foster their business talent. During these challenging economic times it is imperative that we continue to nurture and promote these entrepreneurial ideas to stimulate the economic community within the region."

Al-Mahdi is a business adviser, consultant, and entrepreneur who currently serves as Vice President, Energy & Economic Cities Development at the Saudi Arabian General Investment Authority. He is also one of the three jurors of the MIT Arab Business Plan Competition.

The competition gives people from the region the opportunity to network with all relevant business constituencies, and interact with the global entrepreneurship culture. This year 1650 applications were received and 5000 people from 16 Arab countries were involved with the competition. The equivalent of the MIT Arab Business Plan Competition in Boston has created a number of leading firms and thousands of jobs and it is expected that this will have the same impact in this region.

Sponsored by Abdul Latif Jameel, the competition aims to serve the Arab community through education and the promotion of entrepreneurial culture. Abdul Latif Jameel is committed to the support of this initiative for five consecutive years to ensure continuity and progress for the Arab world.