INJAZ Al-Arab and Citi Foundation advocate further investment in entrepreneurship training

That is the primary finding of the 'Unlocking Arab Youth Entrepreneurship Potential' report initiated by Citi Foundation, Citi's social investment arm, and INJAZ Al-Arab, one of the world's top 100 NGO's and member of Junior Achievement Worldwide.

The report comes in the midst of the aftershocks of the Arab Spring in the region and addresses the troubling realities along with development challenges facing Arab Youth among them: lack of employment opportunities and a generation unprepared to step-in to the 21st century job market.

According to INJAZ Al-Arab and Citi Foundation the need for action is at an all-time high and there must be recognition of effective models. The report begins to shed light on one approach, rooted in a unique school of thought which offers promising results and can be replicated: entrepreneurship.

More specifically, the organizations are jointly calling for an education system rooted in entrepreneurship and state it is a globally tried and tested approach to creating a more productive, team-oriented and promising cohort of young people.

"The Arab Spring has changed the course of reality for youth in the region. Students graduating from university during this troubling period are facing endless challenges when looking for jobs. We believe that today's youth need to be the job creators as well as job seekers," stated Soraya Salti, Regional Director, INJAZ Al-Arab, MENA.

"We believe that as unemployment levels continue to soar, Arab youth must take on the role of jobseeker by pursuing a career in entrepreneurship and starting their own businesses," she added.

"The research in the Unlocking Arab Youth Entrepreneurship Potential report speaks for itself; 74% of students who participated in INJAZ Al-Arab entrepreneurship programmes, specifically the Company Programme," stated they felt more empowered to take a leadership role in the workforce in the future.

A further 33% of the students said they wanted to start their own companies after enriching various skills such as leadership, teamwork, problem-solving and work readiness.

The report also found that after receiving hands-on training and mentorship from individuals in the private sector between 67% and 89% of participants felt they could develop their career goals. 80% of the students stated they understood the importance of managing their finances whilst over 63% stated knew more about entrepreneurship.

Atiq Ur Rehman, Citi's Chief Executive Officer for the Middle East, commented, "At a time of high unemployment, collaboration between the public and private sector as well as other stakeholders to scale up entrepreneurship education will prove fruitful. Everyone can contribute time and expertise to support young entrepreneurs and facilitate the creation of employment opportunities for future generations."

The report highlights the importance of refocusing education efforts to bridge the gap between youth and employers. Regional schools and universities are best positioned to ensure that the capabilities required for success in the 21st century are consistently transmitted to the students.

Salti added, "According to the World Bank the Arab world's labor force has grown by an unprecedented annual rate of nearly 3.3% over the past decade, with more than 3 million new individuals entering the job market every year. By 2020, between 80 and 100 million jobs must be created in MENA just to maintain current unemployment rates. The private sector and government cannot absorb all these jobs; entrepreneurship offers a bright hope for our region's future."

With over 70% of students stating they feel more confident about their ability to successfully compete in the workforce in the future after training it is time to incorporate this education model into our education systems going forward.

INJAZ Al-Arab has been implementing entrepreneurship educational programmes throughout MENA since 1999 and has reached 1.3 million youth to-date. INJAZ provides Arab students with entrepreneurship training, opportunities to develop soft and occupational skills, and the financial literacy required to start and run their own businesses as well as become more well-rounded and employable.