Agreement Complements the Foundation's Regional Incubators Network Strategy
Dubai-UAE - Expanding its regional co-operation outreach, the Mohammed bin Rashid Al Maktoum Foundation today signed a Memorandum of Understanding (MoU) with Al Akhawayn University, Morocco's leading not-for-profit institution of higher education and scientific research, to promote business initiatives and entrepreneurship among the Arab youth.
The agreement complements the Foundation's strategy to consolidate efforts of key regional stakeholders to cut unemployment and promote development in the Arab world.
Sealed under the Foundation's Entrepreneurship and Employment sector, the MoU was initialled by Dr. Rima Khalaf, CEO of Mohammed bin Rashid Al Maktoum Foundation, and Rachid Benmokhtar, President of Al Akhawayn University.
The agreement mandates both organizations to identify areas of mutual growth to encourage business acumen amongst the Arab youth, establish an Arab incubators network, and facilitate the exchange of information and best practices among the decision makers to foster regional job creation.
The Foundation and Al Akhawayn University will additionally promote the development of highly competent innovation facilities throughout the region, contributing to sustainable economic growth. The agreement will also drive the establishment of research and excellence centres for entrepreneurship across the region.
Dr. Rima Khalaf said: "The Foundation is keen to engage prominent educational institutions in the wider Arab region in its significant endeavour to enhance the commercial skills of the youth and encourage entrepreneurship as a viable career option.
"As nerve centres for research, higher education institutions play a vital role in promoting overall regional development. We believe universities are best positioned to serve as our key partners for advancing entrepreneurship through activities that may include patenting, venture funding, developing incubators, and the commercialization of innovative concepts. We look forward to working with Al Akhawayn University in Morocco for achieving our common goals."
By the MoU, Al Akhawayn University will provide human resource support to prepare business concepts for potential selection by international high-tech campuses and research facilities.
Rachid Benmokhtar, President of Al Akhawayn University, said: "We look forward to working closely with the Mohammed bin Rashid Al Maktoum Foundation and other stakeholders on designing and hosting a series of events aimed at fostering entrepreneurship in the Arab world. Through joint seminars, workshops and training programmes, we will endeavour to create an appropriate enabling environment that catalyses the growth of entrepreneurial activities.
"In collaboration with leading international research centres, Al Akhawayn University will also participate in developing innovative business ideas, besides sharing our expertise with the Foundation to generate content for an online network."
Sultan Lootah, Vice President for Entrepreneurship and Employment at Mohammed bin Rashid Al Maktoum Foundation, said: "Under the agreement, the Foundation will create an online platform to help establish a synergy among the Arab entrepreneurship network and academic, institutional and corporate entities for the benefit of acquiring adequate knowledge and financial support. The Foundation will also facilitate partnerships with its regional network of academic institutions, incubators, entrepreneurs, corporations and relevant stakeholders."
The Mohammed bin Rashid Al Maktoum Foundation was launched in May 2007 with an endowment of US$10 billion to invest in a series of programmes that provide the necessary infrastructure and set the appropriate environment for knowledge creation in the Arab world. Encouraging Arab intellectual output, facilitating knowledge transfer, nurturing young talent, and setting the right environment for cultural development are among the key strategic objectives of the Foundation.
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About the Mohammed bin Rashid Al Maktoum Foundation
The Mohammed bin Rashid Al Maktoum Foundation has been launched as a personal initiative of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Announced by H.H. Sheikh Mohammed at the World Economic Forum on the Middle East 2007 in the Dead Sea, Jordan with an endowment of US $10 billion, the Foundation targets to develop the knowledge and human capabilities of the Arab world and introduce a future generation of thought leaders in the region. It aims to achieve its strategic objectives through a wide array of pioneering projects and programs in three main strategic areas: knowledge and education, culture, and entrepreneurship.
For more information, please contact:
Sultan Al Jesmi
Mohammed bin Rashid Al Maktoum Foundation
Tel: +9714 3175681
Fax: +9714 3293333
Email: sultan.aljesmi@mbrfoundation.ae
Website: www.mbrfoundation.ae
Mohammed Abdelmonem
A'Sidrah Public Affairs
Direct: + 971 4 3642196
Tel: +971 4 364 2320
Fax: +971 4 3688004
Email: mohammed.abdelmonem@asidrah.ae
© Press Release 2008
