Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises extends registration date for Fifth SME Awards

Mohammed Bin Rashed Establishment for Small and Medium Size Enterprises has extended the registration date for the fifth edition of Mohammed Bin Rashid Award for Young Business Leaders until Nov. 15, 2009. The extension provides further opportunity for young business leaders to participate and benefit from the significant initiative.

The SME Award, organized in collaboration with Mashreq Bank, is designed to support the small and medium sized businesses sector, as well as provide the opportunity for entrepreneurs to strengthen their business regionally and globally.

His Excellency Abdul Baset Al Janahi, CEO, Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises, said: “The SME Award allows young investors to showcase their projects and ideas, and provide them an opportunity to expand their business. We are extending the registration period to further strengthen participation and open doors for more entrepreneurs to benefit from the initiative.”

The SME Award aims at creating a competitive environment among young business leaders and in honoring them for their exceptional performance. It is also part of a concerted strategy to support small and medium businesses in Dubai and provide entrepreneurs with adequate encouragement to develop their businesses.

Sixteen awards are distributed this year including Best Start-Up Business of the Year 2008 (Male/Female) for applicants from outside the UAE,   Best Arab Start-Up Business of the Year 2009 (Locally/Regionally), and Best Business Project Award in the following sectors: Information Technology, Manufacturing, Marketing and Promotion, Electronics, Education, Tourism, Consulting, Professional Services, Retail, Design, Food and Beverage, Real Estate, Facility Management, Transport & Logistics Services.

To compete in the awards, entrepreneurs can visit the SME award website, www.smeawards.ae, and fill the application form latest by November 15, 2009.

A committee of business and economic leaders in Dubai will choose the winners in three phases. The first evaluation phase will be based on the written project description submitted. The second phase is a site visit by the arbitration committee and the final phase includes interviews with project owners.

About Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises:
In September 2009, His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai issued Law No.23 of 2009 concerning the Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises, recently renamed the Mohammed Bin Rashid Establishment for Young Business Leaders.

The law defines the goals of the establishment for strengthening Dubai’s position as a centre for entrepreneurship and allows for the setting up of projects which encourage entrepreneurship and the innovative ideas of youth. This move seeks to motivate youth to work, as well as to pursue economic activity, such as the development and organisation of programmes and initiatives.

About SME Award:
In 2003 Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises launched a one of its kind program in the UAE and the Arab World, which recognizes young entrepreneurs.

SME Award is supported by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai. The Award focuses on recognizing distinguished business leaders and organizations that support small and medium sized businesses. SME Award has attracted a lot of media attention. Applications submitted locally and from the Arab World to the fourth edition of the award in 2008 exceeded 50% the number of applications compared to previous years.

About Mashreq:
Mashreq is one of the largest banks in the UAE and the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch such products as travelers’ cheques, credit cards and ATMs.

The bank’s total assets by the end of June 2009 reached AED96.7 billion. Mashreq has received numerous international awards such as the Best Bank in the UAE in 2008 from Euro money and various awards particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin. It’s most recent acknowledgement was Best Consumer Internet Bank in Qatar and Best Consumer Internet Bank regionally by Global Finance Awards 2009.

As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.