Foundation ties up with Morocco university

Dubai: The Mohammad Bin Rashid Al Maktoum Foundation on Saturday signed a Memorandum of Understanding (MoU) with Al Akhawayn University, Morocco's leading non-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, the foundation said in a statement

Sealed under the Foundation's Entrepreneurship and Employment sector, the MoU was signed by Dr Rima Khalaf, CEO of the foundation, and Rachid Benmokhtar, President of Al Akhawayn University.

The agreement mandates both organisations 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.

"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," said Dr Khalaf.

Enabling environment

Under 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.

"We look forward to working closely with the Mohammad 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," said Benmokhtar.

The Mohammad Bin Rashid Al Maktoum Foundation was launched in May 2007 with an endowment of $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.