Entrepreneurship program for women trains 23 women entrepreneurs

"I believe that I'm much more confident and competent of what I will introduce in my field of work. Applying a business, market and financial plan of which are partially ready...I've learnt the fundamentals of becoming an entrepreneur and I was guided to realize the proper way to start a business. I've started by applying what I have learnt into my own business plan; doing market researches and market segmentation to develop a real business plan."

Hessa Mohammad's thoughts resonated well with the other 22 women who attended a rigorous 3 month training program on "Entrepreneurship and Business Plan Development" at the Center for Management & Professional Development, the community outreach arm of the University of Dubai (UD). Held for the 5th year in a row, the program was concluded recently through a certificate award ceremony held at the Samaya Hotel next to the Dubai Chamber. All participants were felicitated, while awards were presented to the three best business plans.

The Entrepreneurship program for women initiative is part of the Joint Venture for Finance & Entrepreneurship (JVFE), which was established in January 2005 as a joint venture between UD and Citi through an equal grant from the Citi Foundation. The JVFE aims at enhancing the qualifications and skills of UD's merit students specializing in Management, Marketing, Finance & Banking and Accounting, and addresses the entrepreneurial qualifications of women through specialized and focused workshops.

The initiative allows for potential women entrepreneurs to enroll in a fully sponsored training program which shows them how to develop their business ideas into functioning enterprises managed by them on a full time basis, the necessary skills, and knowledge base.

The program covered topics such as screening of business ideas, understanding the industry and competition, elements of marketing and understanding how consumers buy, importance of cash management, product pricing, various marketing dimensions, how to do simple market research, cash flow management, financial planning, business plan development, putting the plan to work, and looking at ethical and legal concerns as well as the regulatory environment.

This year's program also featured acclaimed trainers and guest speakers who enriched the program by sharing their valuable experiences with the trainees, including:

• Ms. Rama Chakaki, founder and CEO of Baraka Group, a management and consulting firm in Dubai.
• Ms. Sarah Feyling - a one time trainee of the 2006 batch and currently a successful entrepreneur and managing director of her own company called The Wedding Planner.
• Ms. Azza Al Qubaisi, UAE's premier jewelry designer - who has created and launched the brand Arjmst.
• Feroz Sanaulla, Director at Intel Capital covering the Middle East, Turkey and Africa (META) region.
• Fred F. Korangy, founder of Venture Capital firm New Enterprise East Investments.
• Ms. Tasneem Mayet, Senior VP and Head of investments for Forsa.

Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, said:

"Our ongoing strategic alliance with UD means that more deserving students as well as aspiring entrepreneurs will have the chance to succeed and excel in the UAE. The success of the JVFE sets a benchmark for a working alliance between academic and business institutions in the UAE."

Dr. Omar Hefni, President of UD, said, "JVFE has proven to be a unique proposition designed to address UAE's labor market need for the right talent, and to enhance entrepreneurial skills. The scholarship program as well as the Entrepreneurship workshop have already brought many UAE nationals and residents closer to realizing their post-academic work plans."

Usha Saraf, Manager, CMPD at University of Dubai, said, "I can proudly say that this is a one of a kind program being delivered in this region. Although it is the fifth consecutive year, the content of the program has evolved considerably with every passing year making it more relevant, practical and hands-on with full applied content. The rigor of the program demands that participants as well as the trainers (who are industry practitioners) are pushed to yield results and the quality of the individual business plans submitted speak volumes. It is extremely rewarding to be instrumental in enabling the women to realize their dreams."

Citi has been present in the Arab World for nearly fifty years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.