Mohammed bin Rashid Al Maktoum Foundation signs MoU with Lebanon's FFA Private Bank

The MoU comes as part of the Philips Innovation Programme initiative, and is designed to reaffirm the Foundation's commitment to facilitate access to capital for young entrepreneurs in the region while encouraging them to start their own business ventures.

The Philips Innovation Programme was launched earlier this year by the Foundation in partnership with Royal Philips Electronics NV and Berytech Technological Pole of Lebanon to encourage innovation and entrepreneurship through offering access to sophisticated technology and facilities to cultivate innovative concepts from the Arab world.

Adel Al Shared, Vice-Chairman and Managing Director of Mohammed bin Rashid Al Maktoum Foundation, said: "One of the key factors stopping the youth in the region from taking up entrepreneurship is the lack of venture capital funding, apart from lack of mentoring. The MoU with FFA Private Bank is geared to address these concerns and facilitate the youth to launch new business ventures on their own.

"We believe the MoU will encourage the youth to take advantage of the venture capital offered for startup businesses and become successful entrepreneurs."

According to a recent research by the Middle East Youth Initiative, launched by the Wolfensohn Center for Development at Brookings, US, and the Dubai School of Government (DSG), the unemployment rate in the Arab world currently stands at around 25%, a very high rate considering the region's demographics is largely tilted towards the youth.

The report added the trend needs to be reversed within an appropriate time span for the region to stay on the path of progress.

Sultan Lootah, Vice President-Entrepreneurship and Employment Sector, said: "The important initiative will positively impact a generation of youth and encourage them to remain self-reliant. This MoU will act as a catalyst for change and significantly transform the mindset of young entrepreneurs for setting up new ventures.

"The Foundation's core priority is to support the youth in their knowledge and entrepreneurial pursuits. We aim to inspire youngsters to conceptualise solid business models in partnership with leading regional organisations."

Georges Bou Jaoude, FFA Private Bank General Manager said:

"We are very proud to be part of Philips Innovation program initiative. Our Bank views its contribution in financing the program finalist as part of its social responsibility towards young entrepreneurs in the region as well as of its mission which is to identify promising investment opportunities for itself and for its clients."

The Mohammed bin Rashid Al Maktoum Foundation has entered into alliances with several organisations to help the region achieve knowledge capabilities and social progress. The MoU with FFA Private Bank is a step in this direction that offers a platform for the youth to not only create opportunities for themselves, but help the wider community in general.