Arab Business Challenge to provide two Arab entrepreneurs with incentive to develop their business

Notes and media contacts

About Arab Business Angels Network (ABAN)

Arab Business Angels Network is an initiative founded by Dubai Holding with the aim of supporting the economic development in the pan-Arab region, with particular emphasis on young people, entrepreneurs and investors.

Based in Dubai, the region's business capital, with a network of subsidiary offices, ABAN is the ideal platform to complement the economic development objectives of the Arab world and launch creative and exciting entrepreneurial ventures.

Given the respective specialisations, skill sets, and capabilities of ABAN's founding partners, the consortium is endowed with all the prerequisites to fuel the expansion of the project and engender unrivalled credibility.

About Dubai Holding (DH)
Dubai Holding was launched in October 2004 to consolidate the various large scale infrastructure and investment projects in Dubai that were created over the past five years as well as research, identify and execute future major projects that will benefit the UAE and the region.

The company has been created with the goal of providing a better future for all - across the range of life-improving industries it is involved in. Each of the Dubai Holding operating companies focuses on key areas which will dynamically support the development of Dubai as a world leading hub for commerce, leisure and finance, in turn driving these companies to become leaders in their respective fields in the Middle East and beyond.

Dubai Holding currently has 19 companies operating in a variety of sectors ranging from health, technology, finance, real estate, education, tourism, energy, communication, industry, biotechnology and hospitality.

These companies include: Dubai Internet City, Dubai Media City, Dubai Healthcare City, Dubailand, Dubai International Capital, Dubai Industrial City, Dubai Properties, Dubai International Properties, Dubai Investment Group, Dubai Energy, Dubai Knowledge Village, Dubai Outsource Zone, International Media Production Zone, E-Hosting Datafort, Empower, SamaCom, Jumeirah Hospitality & Leisure, Dubiotech and Dubai Studio City.

About Dubai International Capital (DIC)
Established in 2004, Dubai International Capital is a Dubai based international investment company that primarily focuses on private equity.

It is a wholly owned subsidiary of Dubai Holding a large and diversified group that operates in the fields of healthcare, technology, finance, real estate, research, education, tourism, energy and communications.
Dubai International Capital manages an international portfolio of diverse assets that provide Dubai Holding and its stakeholders with
• Value growth
• Diversification
• Strategic investments and relationships

In its first year of operation Dubai International Capital has made the following investments
• Committed over US$ 300 million to private equity funds $1 billion investment in DaimlerChrysler, making it the company's third largest shareholder
• £800 million acquisition of The Tussauds Group in the UK the largest operator of visitor attractions in Europe
• JD 200 million ($272m) investment company 'JD Capital' targeting opportunities in Jordan
• Anchor investor in a US$ 150million transaction bringing the world's leading budget hospitality brand - Express by Holiday Inn to the GCC

Such achievements make Dubai International Capital an ideal lead angel and 'anchor' in the Arab Business Angels Network.

About Young Arab Leaders (YAL)

The Young Arab Leaders is a network of Arab men and women who have seen the power of action in their own lives, reached unprecedented levels of success for their age, who are positive and can see beyond today's difficulties to that vision of a prosperous Arab future. These leaders are currently in prominent positions of responsibility and are destined for extraordinary achievement, and they believe that their efforts today can have an impact on their communities, countries and the region as a whole.

Better opportunities for education, new means of income generation and a belief in the ability to achieve is what will help Arab youth become tomorrow's leaders. Members of Young Arab Leaders bring together their capabilities and resources to building the necessary environment that will facilitate the way for tomorrow's young Arab leaders.

Each year, the Young Arab Leaders commit to implementing an Action Plan that sets the strategic vision of the organization. They undertake projects focusing on mentorship and education, while producing sector-specific plans that aim to increase income generation opportunities for youth.

About McKinsey & Company

McKinsey & Company is one of the world's leading management and consulting firms. For the past 75 years, our primary mission has been to help clients achieve substantial, lasting improvements in their performance.

We aspire to help leading companies - and companies with the potential to lead - to improve their strategies, organizations, and operations, whether they are 100 years old or 100 days old. We also help a diverse group of governments, institutions, and non-profit organizations solve their most difficult management challenges.

In serving clients we set, and strive to surpass, extraordinary high performance standards, while upholding our firm's professional values. This approach leads clients to entrust us with their toughest management challenges, ones that demand insight, creativity, and perseverance to solve.

McKinsey has 6000 consultants in 83 offices across 45 countries, with the UAE office serving the Middle East region.

About PricewaterhouseCoopers (PwC)

PwC Global
PricewaterhouseCoopers provides industry-focused assurance, tax, and advisory services. Our tax services assist clients in the areas of tax strategy and compliance, merger and acquisition support, and human resource services. Advisory services focus on managing risk, structuring transactions and improving performance.

PwC member firms operate in 148 countries. Our clients are both public and private and range from the world's largest organisations to innovative entrepreneurs. PwC combines the diverse skills and unsurpassed business experience of its more than 130,000 people to build trust and create value for clients. We call this collaborative approach to client service, Connected Thinking. PwC challenges itself - and its clients - to think harder, to understand the consequences of every action and to consider new perspectives.

PricewaterhouseCoopers is dedicated to the pursuit of responsible leadership. In today's business environment, responsible leadership is about taking an active role in building a sustainable business - one that creates long-term value for clients, people and the stakeholder community within which it operates.'

PwC in the Middle East
PricewaterhouseCoopers' has over 30 years of experience in the Middle East Region, which covers 13 countries (Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, Palestine, Qatar, Saudi Arabia, UAE). The Region currently has 55 partners and over 1,100 staff, operating from 23 offices, providing professional Assurance, Advisory and Tax services. We deliver innovative, forward thinking solutions to match the increasingly complex business problems facing our clients in these challenging times. The Middle East is no exception. The region's economy is transforming fast and growth expectations are again on the rise. The countries in this region, governments, companies and family businesses face irreversible changes. By understanding these changes and managing the challenges, we play an important role in these exciting times.

About Al Arabiya News Channel

In 2003, Al Arabiya News Channel was launched. The 24/7 free-to-air news and current affairs satellite outlet soon became the news source of choice for Arabs seeking credible news and information about the Middle East and the world beyond. Al Arabiya's reputation for sober and balanced reporting now extends beyond its natural geographical and cultural domain i.e. the Middle East. A number of renowned international news organisation and research institutes interested in the Arab and Islamic worlds regularly monitor Al Arabiya.

The new news channel was launched in the tradition of its parent Middle East Broadcast Centre (MBC) group that saw the light in London, UK in 1991. MBC is the first satellite, free-to-air multi-channelled media group of its kind in the Arab world. Of more significance perhaps, MBC paved the way for the emergence of the comprehensive Arabic language news service. The Group identified the need for a dedicated news gathering and dissemination process that soon became the mainstay of all Arab broadcast news media, primarily satellite TV. MBC in fact brought to Arabic speakers for the first time ever, their own independent media organisation that provides tens of million of viewers around the world with a balanced and comprehensive diet of news and information, which is far from the traditional restrictions of Arab official censorship, as well as an array of Arab and international entertainment.

In keeping with tradition, and perhaps reflective of the fundamental changes afoot in the area, MBC provided Al Arabiya with all the means of sustenance and success. Now based in Dubai in the United Arab Emirates (MBC HQ for the first decade was London, UK), Al Arabiya occupies a place of pride in the prestigious Dubai Media City alongside renowned media giants such as CNN, MSNBC, BBC, Reuters etc.

Al Arabiya runs an extensive global network of correspondents and reporters to provide its audiences with the latest updates, scoops, interviews, and exclusives.

With nearly 30 offices around the world and large-scale presence in several countries such as Iraq, Palestine, Saudi Arabia, Egypt, Lebanon, Jordan, and Yemen. Al Arabiya enjoys a competitive edge in providing on-the-ground, first hand coverage of major events.

Al Arabiya's purpose-built news centre with its state-of-the-art studios and broadcast technology is instrumental in providing Arab viewers with superior news coverage that is credible, timely and relevant. It also plays a key role in bringing to life Al Arabiya's vision of being the prime Arab source of Arab news and information for the Arab viewers at home and across the globe.

Al Arabiya introduced a calibre of professionalism and a standard of informative journalism that guarantee objectivity and honesty in the world of Arab media. Al Arabiya's goal is to deliver news and commentary that provide accurate information to viewers, without exaggeration or intimidation, by ensuring professional and balanced coverage. Al Arabiya's mission is to cover events, deliver news and introduce various opinions, thus empowering viewers to make informed decisions and consequently facilitate prudent and sensible opinions.