Sheikh Hamdan bin Mohammed launches 'Mohammed Bin Rashid Academy for Young Business Leaders'

Announcing the initiative Sheikh Hamdan bin Mohammed said, "The Mohammed bin Rashid Academy is being launched in line with the vision of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister who firmly believes in investing in the human resources by upgrading their skills and knowledge to catalyze the economic growth of the nation."

He added, "We are pleased to launch today this important initiative which is based on the strategic mission of the Mohammed bin Rashid Establishment of creating a new generation of entrepreneurs who are capable of repeating the success stories of the leading business enterprises of Dubai. The Academy will deliver a comprehensive approach to educating UAE nationals in entrepreneurship skills and best practices that will equip them to manage their business ventures more effectively."

Sheikh Hamdan bin Mohammed pointed out that the Establishment is committed to offering all possible support to the young entrepreneurs who are the real capital of the country. He said, "Mohammed bin Rashid Academy is a platform to develop a region-tailored curriculum in entrepreneurship to train the next generation of UAE national entrepreneurs."

The Chairman of the Establishment said that the support of the UAE based companies is an important element in developing the new projects and he urged both the Government and the private sector organizations to come forward and offer support to the young entrepreneurs.

As the first initiative under the Mohammed Bin Rashid Academy for Young Business Leaders - The Jewelry Institute has been launched in partnership with the leading jewelry house of Damas and Dubai Women's College (The Higher Colleges of Technology).

"The vocational schools we are creating under the Academy are designed specifically to provide all the necessary entrepreneurial skill sets in a specific industry. Our aim is to better educate the existing and prospective entrepreneurs of today to become the success stories of tomorrow. This is the first of many vocational schools we will be offering to the local community," said Abdul Baset Al Janahi, CEO of the Mohammed bin Rashid Establishment for Young Business Leaders.

Dubai has increasingly emerged as a growing market for the jewelry trade. The gold, diamond and jewelry market has increased by a staggering 150 per cent from 60 tonnes of gold consumption in 1996 to 150 tonnes in 2003. The regional diamond market is one of the fastest growing and its current turnover is US $1 billion. Dubai also has the world's largest per capita gold consumption at 34 grams.

"This is a key sector of our economy. Dubai is known the world over as 'The City of Gold'. We want to keep the tradition alive. We have the skills and the talent amongst our young to develop renowned designers of tomorrow," said Al Janahi.

Several factors have contributed to the boom in this industry. Dubai offers international jewelry companies a huge number of benefits. An open and tax free economy, ownership of business, a state-of-the-art infrastructure, Dubai-based Gold and Diamond Exchanges, secure transport of valuable cargo to the main jewelry retail centres in the care of Emirates Transguard, and last but not least, an official industry body that is proactively promoting its members locally, regionally and internationally.

Tawheed Abdullah from DAMAS, says "We are pleased to be part of this initiative launched by the Mohammed bin Rashid Establishment and we are sure that the Jewelry Institute will be a value addition to the sector by creating qualified professionals who will further contribute to the growth of this booming sector."

He added, "Damas will support in the course facilitation by offering their workshops for on-the-job training as well as opportunities for internship during the course. Damas has also agreed to do a joint venture with the graduating students as they start-up their businesses."

Howard E. Reed Director of Dubai Women's Collage, Says "We are happy to collaborate with the Mohammed bin Rashid Establishment to offer quality vocational training to UAE nationals. The course will be facilitated by members of the faculty of the Dubai Women's Collage under the supervision of a project manager with years of experience in the industry. This agreement is a step towards creating a national cadre of skilled personnel who would find rewarding careers and employment in various sectors of the domestic economy."

The Jewelry Institute will offer 18 months long course program. The types of courses to be offered include specific courses on how to market and develop a small business in the gold and Jewelry industry along with jewelry specific course on design, gemology, etc.

Upon graduation, the students can submit a business plan to the Mohammed Bin Rashid Establishment for Young Business Leaders requesting the funding for their business projects.