Citigroup scholarship to DUC business students and sponsors UAE women to develop entrepreneurial training skills

In collaboration with Citigroup-UAE, Dubai University College (DUC) has proposed a joint venture for Finance & Entrepreneurship (JVFE) to enhance and initiate activities in UAE via the development and implementation of diverse programs in Business besides Women Entrepreneurship. These initiatives support UAE's objective of strengthening human capital in UAE through upgrading business and entrepreneurial skills of both indigenous and resident labor in private and public sectors in Dubai.

Under the proposed program, Citigroup as a part of its community outreach services will provide scholarships to 14 national and expatriate merit students at a total cost of US$ 36,624. These scholarships will cover the tuition expenses of business specialization courses in a year for 14 students majoring in four majors of Management, Marketing, Finance & Banking and Accounting in BBA in DUC. This initiative recognizes the merit performance of the business students and encourages other students to excel in business education through their good performance. Applications from 10 eligible students have been received and many of them are in today's press conference to share their views about the initiative.

Under the women entrepreneurship initiative, Citigroup will be sponsoring 30 business women in the UAE to undergo a 4 month training program on Idea Generation and Business plan development at DUC. Through this entrepreneurship training program Citigroup and DUC aim to advance entrepreneurship education and practice in UAE through the creation and development of teaching, outreach, and research programs that support the start-up and growth of entrepreneurial activities.

Dr. Omar Hefni, President, DUC said that 'The Entrepreneurship program will equip the young UAE nationals with the necessary skills to launch their new ideas and transform them into profitable businesses rapidly. The initiatives and ideas of these trained young people will be the basis of huge projects that will play an effective role in the development of the national economy and will allow them to become the young leaders of tomorrow'.

Usha Saraf, Head, Centre for Management & Professional Development Programs (CMPD) at DUC added 'A lot of time and effort has been spent by our faculty to develop and customize this program to suit the local needs, and the focus has been primarily on the practical and hands-on approach rather than on just delivering lectures. Upon completion of the program, trainees will be implementing and applying the topics and concepts they have learnt in class and in their final assignment they will be required to prepare a complete business plan for the business they propose to start up, which they will in turn submit to the banks for business start up loans'.

The program will be delivered by a team of DUC faculty members with relevant expertise and industry experience and has been designed to examine the fundamentals of starting up a small business. It covers such topics as the challenges of entrepreneurship, building the business plan, strategic planning, forms of ownership, marketing, pricing, cash flows, financial planning, putting the plan to work, and looking at ethical and legal concerns and regulatory environment etc. and individual business plan presentation by the entrepreneurs will be mandatory for course completion.

Classes will be held in the evenings at the Dubai Chamber of Commerce & Industry building from 6-9:00 p.m. twice a week so that it is convenient for working individuals to attend the program.