Total services & funding offered by Mohammed bin Rashid Establishment for Young Business Leaders valued at AED 150 million

HH Sheikh Hamdan said, 'Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, the Establishment has positioned itself as one of the leading organisations supporting small and Medium Enterprises both regionally and internationally. The Establishment has succeeded in setting new criteria in the business support sector that encourages UAE Nationals and promotes their interest in benefiting more from the services of the Establishment.'

'The Establishment has supported hundreds of UAE Nationals to enter the productive business sector by setting up their own projects in diverse fields. We expect this number to double over the coming period in line with the long term strategic vision of the Establishment which is to support and encourage our youth to set up their own businesses and provide them with all possible support and services in doing so.'

His Highness said that the services of the Establishment have registered unparalleled growth. In just two months since the beginning of this year the Establishment has managed to fund projects worth AED 10 million.

He added, 'The Establishment has become an active medium to strengthen the role of the youth in the development of the national economy and enable them to benefit from the investment opportunities offered through the growth and expansion of the economy.'

Implementing the vision

HH Sheikh Hamdan pointed out that the Establishment has contributed in supporting hundreds of projects owned and managed by UAE youth from around the country. This reflects its active role in implementing the vision of HH Sheikh Mohammed bin Rashid Al Maktoum to increase the role of UAE Nationals in the development process.

His Highness said, 'We are proud of the aspirations of our youth and their willingness to enter the business sector. We were pleased to notice that the youth are determined to succeed and we expect that most of them will repeat the success stories of the existing leading national business houses.

'Although the UAE market is very competitive, many of the new Establishment-supported projects have been able to prove their competence and win prestigious contracts. Many of them are operating in the new sectors of the economy which are expected to achieve high level of growth in the coming years,'

he said.

'Apart from the funding, which is one of the most important services offered by the Establishment, there are a number of other services as well that play a very important role in enabling these projects to succeed as they allow them to benefit from the experiences of the leading local and international companies.' H.H. Sheikh Hamdan explained.

He said that the Government Procurement Programme under the Establishment has also played an important part in supporting projects and over AED 105 million worth of contracts have been obtained by the GPP for Establishment members.

Opening the doors

HH Sheikh Hamdan said, 'HH Sheikh Mohammed bin Rashid is directly involved in the Establishment in line with his commitment to open the doors for as many national youth as possible to benefit from the services of the Establishment as His Highness believes that the youth are the most precious resource of the country.'

His Highness said that the Establishment has developed new concepts of promoting the small and medium enterprises, by not just facilitating project funding, but also by providing ongoing support and consultancy services to its members.

He said, 'The studies conducted to evaluate the performance of the Establishment projects demonstrated a much higher level of growth than other projects. This is because the Establishment supports the projects from the start-up stage and follows up with support and consultancy throughout the different stages of its growth.'

The Mohammed Bin Rashid Establishment for Young Business Leaders was launched on June 12, 2002 as the first initiative of the Dubai Development and Investment Authority. The vision of the Establishment is to nurture the domestic entrepreneurial spirit in Dubai and catalyze the development and growth of a key sector of the economy - the Small and Medium Business sector. The Establishment's core mission is to encourage and facilitate the development of local businesses and entrepreneurial activity in the UAE. To this end, the Establishment offers various incentives and measures and well co-ordinated programmes to the local business community. The services of the SME extend to both entrepreneurs with an existing business and budding entrepreneurs.