Citigroup Foundation supports Dubai University College with a $ 50,000 grant

This being the second grant to be given to the college for the second successive year.

The press conference was attended by Mr. Abdul Rahman Ghanem Al Mutaiwee, Director General of DCCI, Mr. Sajjad Razvi, Citigroup Country Officer in the UAE, Dr. Mohammed Omar Hefni, President of DUC, Mr. Abdul Baset Al Janahi, CEO of Mohammed bin Rashid Establishment for Young Business Leaders, and a number of the DUC's administration and students and Citigroup staff and members of the local newspapers.

The DCCI's director general welcomed the conference participants and spoke of the Dubai Chamber's partnership and cooperation with Citigroup Foundation and the DUC to make businesses in the emirate a success. He acknowledged the great support of the Mohammed Bin Rashid Establishment for Young Business Leaders and its recognized programs which highly contribute to developing the national youth's capabilities and skills in setting up private businesses.

"The DCCI highly appreciates the effort done by the DUC in upgrading its students' skills and providing them with job opportunities in different public and private sector establishments. We also appreciate the efforts paid by Mohammed bin Rashid Establishment for Young Business Leaders to qualify the national manpower capable of developing the national and local economy," said Al Mutaiwee.

He also thanked Citi Bank for renewing its financial support to the college to improve the skills of national business women and entrepreneurs. He encouraged companies and corporations operating in the UAE to cooperate with academic institutions to contribute to the development of nationals' skills.

Mr. Sajjad Razvi, Citgroup Country Officer in the UAE, said that the JVFE, which is the educational arm of DCCI, was established in January 2005 as a joint venture between the DUC and Citigroup through an equal grant from the Citigroup Foundation. The aim of this grant is to enhance the qualifications and skills DUC students who will be entering the workforce, and to address the entrepreneurial qualifications of women through specialized and focused workshops.

"The JVFE's objectives come in line with Citigroup Foundation's efforts to support financial and entrepreneurial education across the world. Our strategic alliance with DUC will mean that more entrepreneurs and more deserving students will have the chance to succeed and excel, and that the success of the JVFE sets a benchmark for a working alliance between academic and business institutions in the UAE," said Razvi.

He said that the Citigroup Financial Education Program, in cooperation with the Citigroup Social Establishment, will support and apply certain programs that will help provide individuals, societies and institutions with the necessary tools to help them make decisions. The groups' US Dollar 200 million commitment is focused on three areas: personal financial education, small business financial education and institutional financial education.

"Citigroup granted US Dollar 50,000 to DUC last year, and a similar grant this year and the group is going to give the same grant next year in line with Citigroup's commitment to support and develop education at the college," Razvi added.

He noted that the new grant will provide scholarships to 9 merit students at the DUC who are specialized in management, marketing, finance and banking and accounting. Separately, and under the women entrepreneurship initiative of JVFE, the center will sponsor 25 business women in the UAE to undergo a rigorous 4-month training program on "idea generation and business plan development at DUC".

Topics include the challenges of entrepreneurship, building business plan, strategic planning, types of ownership, marketing, pricing, cash flows, financial planning, putting the plan to work, and looking at ethical and legal concerns as well as the regulatory environment.

Dr. Mohammed Omar Hefni, President of DUC, extended his appreciation to Citigroup Foundation for renewing its financial grant to the students of DUC.

"The financial support will go to the students who study business management, as two thirds of its total value will be dedicated to the excelling students, whereas the other third will go to business women to help them setting up small businesses, as this initiative will help us meet the increasing demand for national's qualifications in the local market," said Dr. Hefni.

Mr. Abdul Baset Al Janahi, CEO or Mohammed Bin Rashid Establishment for Young Business Leaders, was so excited with Citigroup's financial support to DUC, stressing his establishment's commitment to support society and encouraging businessmen and supporting national students, in accordance with the wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister and Ruler of Dubai.

"The Mohammed bin Rashid Al Maktoum Establishment for Young Business Leaders recognizes and supports the commitment of both DUC and Citigroup in carrying out this encouraging program for the country's future workforce. This initiative lays the foundation for the many young entrepreneurs that the Mohammed Bin Rashid Establishment for Young Business Leaders will assist in realizing their business dreams," said Al Janahi.

A number of DUC students, who have been granted scholarships by Citigroup, briefed the conference about the academic courses and programs they study at the college and the benefits they have seized through their scholarships which has helped them continue their higher education. They thanked Citigroup for their grant and support.