The Arab Business Challenge kicks off across the region

The Challenge, a region-wide business plan competition, will be held in phases with teams across the Middle East and North Africa region competing to receive up to US$ 1 million to start up their business.

The Arab Business Angels Network (ABAN), an organization conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005 and founded by Dubai International Capital, is the force behind the Arab Business Challenge.

'ABAN, through the Arab Business Challenge, aims to catalyse, promote, encourage and support entrepreneurship in the Arab World. The Challenge will stimulate creativity and provide an incentive for Arab entrepreneurs to test their ideas,'

said Sameer Al Ansari, Chief Executive Officer of Dubai International Capital and a Young Arab Leader.

As the investment arm of Dubai Holding, Dubai International Capital has been entrusted with the roll-out of ABAN, which brings together entrepreneurs seeking to fund business ideas and investors looking for early-stage investments. It is a platform to complement the economic development objectives of the Arab World and launch young and dynamic business ventures.

The Arab Business Challenge will stimulate regional entrepreneurship and business innovation by granting the two best business plans submitted by Arab entrepreneurs with the funding necessary to start-up their business. Capital funding of up to $1 million for each plan will be supplied by DIC.

Al Ansari said that the Challenge supports Arab entrepreneurs, and the commercialisation of business ideas. It also provides a platform to introduce ABAN and the concept of 'Angel Investing' to the region by stimulating interest in seed-capital opportunities.

Regional Centres

The Arab Business Challenge targets 17 Middle East and North African countries with a combined population of 260 million and a combined gross domestic product of US $795 billion. The Challenge's activities will be held in four regional centres - Dubai, Cairo, Beirut and Amman. Activities will include training workshops and panel presentations.

Team registration begins on Sunday 29th January and will remain open until Wednesday 1st March.

The Challenge is open to teams of two or more participants. Team members must be aged between 18 and 40 and at least half of them must be citizens of the target Middle East and North African countries.

In addition to submitting written business plans, qualifying teams will be required to present their ideas to panels throughout the course of the competition. Teams will get invaluable feedback on their ideas from prominent business people as well as opportunities to hone their presentation skills in preparation for the final round.

Al Arabiya TV will televise these events and produce a series of 30-minute episodes to be aired weekly in prime time weekend slots between May and July 2006.

ABAN's Challenge is being run with support from well respected and established partners. As Organising Partners, Dubai International Capital is providing up to $2 million in funding to the winning teams, while the Young Arab Leaders will provide invaluable coaching and networking opportunities for all qualifying applicants. Al Arabiya TV is the Challenge's Media Partner. Their participation will help ensure that the winning business plans receive broad exposure throughout the Arab markets. The Challenge's Advisor is the world-renowned consultancy firm of McKinsey and Company.

PriceWaterhouseCoopers will in coordination with other partners contribute to the assessment of business plan submissions and recommending qualifying applicants. Trainers support meanwhile will be provided by the Challenge's regional University partners - the American University of Dubai, the American University of Cairo, the Lebanese American University and Yarmouk University in Jordan.

ABAN has created a comprehensive website to guide and inform prospective contestants about the Challenge. In addition, it has set up a Call Centre +971 4 31 66 424 to support interested participants.