A spotlight on Arab entrepreneurship - The 'Challenge' gears up for prime-time TV

Notes and media contacts

For further information, please call:

Rami Adwan
JiWiN
The Public Relations arm of Dubai Press Club
Tel:+9714 361 3 333
Fax:+9714 388 8 001

BACKGROUND:
The Arab Business Challenge is the first initiative of the Arab Business Angels Network (ABAN), both of which were conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005. Dubai International Capital was entrusted with the roll out of both initiatives.

The Challenge is supported by the following partners: Dubai International Capital, the Young Arab Leaders, Al-Arabiya TV, McKinsey & Company, PricewaterhouseCoopers, the American University in Dubai, the Lebanese American University and Yarmouk University in Jordan.

About ABAN:
The Arab Business Angels Network (ABAN) was conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005, with Dubai International Capital as its founder and lead Angel.

As a Business Angels Network, ABAN is the link between entrepreneurs and Angel Investors. It acts as a vehicle to promote entrepreneurship and to build a community of Angel Investors across the Arab world.

Based in Dubai, ABAN aims to build a network of subsidiary offices across the region. It will complement the economic development objectives of the Arab world by facilitating the development of creative and productive entrepreneurial ventures.

About Dubai International Capital:
Established in 2004, Dubai International Capital (DIC) is a Dubai-based, international investment company that primarily focuses on private equity. It is a wholly owned subsidiary of Dubai Holding.

DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments and relationships.
DIC's expanding portfolio includes:
• US$ 1.5 billion acquisition of The Tussauds Group (UK), the largest operator of visitor attractions in Europe.
• US$ 1.2 billion acquisition of Doncasters Group (UK), an industrial manufacturing firm that produces precision engineering components across various industrial sectors.
• US$ 1 billion investment in DaimlerChrysler, making it the company's third largest shareholder.
• US$ 300 million in commitments to private equity funds, across the Middle East, Asia, Europe and North America.
• US$ 294 million investment company Jordan Dubai Capital (JD Capital), targeting investment opportunities in Jordan.
• US$ 150 million investments by Ishraq Holding, bringing the world's leading budget hospitality brand, Express by Holiday Inn, to the GCC.

Dubai International Capital is poised to expand its investment base to early stage investment opportunities by founding ABAN and positioning itself as its lead Angel Investor.
About Young Arab Leaders:

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, are positive, can see beyond today's challenges, and envision a prosperous future for the Arab world. 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.