Mohammed Bin Rashid Establishment for Young Business Leaders in collaboration with Dubai Islamic Bank funds 6 new projects worth over AED 4 million

The projects are from diverse sectors including IT, sports, retail and service.

H.H Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Chairman of the Establishment Board said, "Mohammed bin Rashid Establishment has entered a new phase of expansion that allows more projects to be launched by young UAE national entrepreneurs. This will reinforce the establishment's objective of encouraging young nationals to play an active role in the development of the country."

Sheikh Hamdan bin Mohammed also said that the initial projects that the Establishment launched have been successful and this is a good sign that the new initiatives could be equally viable. He added that the projects are successful because of the support the SME provides and the strong determination of the local entrepreneurs.

Abdul Baset Al Janahi, CEO of Mohammed Bin Rashid Establishment said, "The Establishment under the directives of H.H. Sheikh Hamdan bin Mohammed is reviewing many new projects for funding. This is as per the overall strategy of the Establishment that aims to nurture the entrepreneurial spirit in Dubai and urge the youth in the UAE to start their own projects."

He added that one of the prime problems new entrepreneurs face in starting their own business is finding the necessary funding. One of the Establishment's key objectives is to help address the challenges of the funding gap for SMEs and make capital available to them on a per-need basis.

The new projects includes Extron, which is a company dealing in trading of computer parts; MAXSECURE, which provides quality service and state of the art technology equipment to enhance the security and comfort in local community; Al Aqsa Aluminium Factory and Advanced Construction Insulation, one of the leading companies engaged in waterproofing , insulations and industrial floors in the UAE.

The funded projects also include, Wadi Al Ain, a company that specializes in bottling fresh water. The company produces pure, chemicals free drinking water and distributes to various companies and government departments in the country.

Another funded project is the Tennis Academy, this includes 10 courts and is currently coordinating with the UAE Association to facilitate membership for families, schools, hotels, and other organizations.

The new project owners praised the opportunity offered by the Establishment to enter the business world by helping them start-up their own projects and offering them the needed guidance and funding for the projects. They also expressed their appreciation for the management of the Establishment for their efforts in helping them overcome obstacles and enabling them to contribute to the growth of the local economy.

The 'Mohammed bin Rashid Establishment for Young Business Leaders' is one of the principal bases for DDIA strategy and targets to provide the small and medium sectors with ideas and initiatives and guide the efforts of young UAE nationals. The installation of the Establishment is based on the vision of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence for 2010 which outlines the role of UAE nationals in the development and progress of the nation.