The Mohammed Bin Rashid Establishment for SME Development, one of the Department of Economic Development establishments, announced that it has opened the registration for the 7th Edition of the Young Entrepreneur Competition 2011 (YEC), held under the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai.
YEC in its 7th edition aims at reinforcing entrepreneurial skills and aptitude among students in high schools, colleges and universities across the UAE. The competition will focus on providing insights into the comprehensive business environment of Dubai in order to encourage students to start their own businesses and drive innovations within a competitive environment.
His Excellency Abdul Baset al Janahi, CEO of MBRE for SME Development said: “The YEC initiative reflects our commitment to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to target Youth and develop their business skills in order to support the development of the small and medium businesses sector, currently accounting for 95% of the registered businesses in Dubai.”
Mr Al Janahi pointed that this initiative is in line with the vision of H.H Sheikh Hamdan Bin Mohammed Bin Rashed Al Maktoum, Crown Prince of Dubai, that focus on developing the performance of youth through supporting their business ambition and future aspirations.
“By addressing one of the most crucial segments of the society – the youth, who are our future business leaders – YEC seeks to promote creativity among students and encourage them to participate in supporting the economic growth in Dubai. The event provides a competitive environment, which educates students on the basic principles of starting and operating a business, and inspires them to become entrepreneurs by creating a simple entrepreneurial environment,” he added.
“This year’s event will see many new developments and features. The number of projects increased from 700 to 1000, and winners will be ranked according to the top ten projects according to a criteria of marketing, sales, operations, financial management and other factors of quality and environment” said Nisreen Safar, General Coordinator of the competition.
“The change in format was driven by the huge success achieved last year when applications exceeded 2000. There will also be obligatory workshops to help participants to learn more about the competition, its objectives and mechanisms ” added Safar.
The Mohammed Bin Rashid Establishment for SME Development plans to organise a five-day exhibition in The Dubai Mall for the third consecutive year by the end of March 2011 for YEC participants to display their products and ideas, which will be evaluated for their innovation, marketing and profitability standards. The event will thus mark a first step for participants towards becoming part of the small and medium business sector.
Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: “We are honoured to host the Young Entrepreneur Competition 2011 (YEC) exhibition for the third consecutive year. The powerful insights and bright ideas showcased by the young UAE talent at the exhibition have generated tremendous interest in our visitors in the past years. Our support highlights our commitment to partner in the growth of the SME sector – the central pillar of Dubai’s economy – and also power innovation, which is critical in driving overall growth.”
Congratulating the MBRE’s a efforts in development of national talent, Hala Badri, EVP Brand and Communications, du, said: “We are delighted to support Young Entrepreneur Competition 2011 for the second year as the main sponsor. This competition provides an opportunity to get useful hands-on learning on sales techniques. We will provide participants with a franchise permit to operate a number of sales kiosks in The Dubai Mall, and those who are able to successfully sell our products and services will be felicitated.”
Badri added: “We wish MBRE and participants the best of luck and we are confident the event will be a resounding success.”
Since its launch in 2005, YEC has made significant progress in terms of projects and participation. The competition began in 2005 with 114 participants and 49 projects. In 2010 the competition saw a substantially high turnover with 2000 participants and 700 projects. Dubai mall, Du and Aramex are the key sponsors for this year’s event.
The Mohammed Bin Rashid Establishment for SME Development plans to organise a five-day exhibition in Dubai Mall for the third consecutive year by the end of March 2011 for YEC participants to display their products and ideas, which will be evaluated for their innovation, marketing and profitability standards. The event will thus mark a first step for participants towards becoming part of the small and medium business sector.