Sawaed to reward innovative concepts

Dubai: A new programme aims to challenge the private sector to develop innovative business concepts for driving the development of the Arab world.

The programme, 'Sawaed', operates as a 'challenge fund' by offering businesses a regional issue that needs a solution, in which the project concepts should be submitted to the Mohammad Bin Rashid (MBR) Foundation - the launchers of the event said yesterday in a press conference in Dubai.

According to the International Labour Organisation, unemployment across the region is the highest in the world, with the lowest rate of labour force participation for a region where 60 per cent of its population is under 25.

"The 'Sawaed' programme will have a remarkable impact on the knowledge landscape and enable youth in the Arab World. Programmes like this will go a long way in influencing policies and overcoming development challenges in our region," said Assem Kabesh, CEO of Young Arab Leaders (YAL).

The memorandum of understanding was signed by Sultan Lootah, vice-president, entrepreneurship and employment at MBR Foundation and Kabesh.

Through this programme talented entrepreneurs will be granted with a non-refundable Dh100,000 to Dh1 million across the Arab world aiming to increase the amount of high quality Arabic online content, develop and improve access to education, and information of ICT platforms to promote Arab capabilities.

"Arabic online content remains relatively low compared to other languages.

"In its endeavour to change this situation, the MBR Foundation will join hands with the private sector and be a key partner and seek to boost the development of informative and useful online Arabic content," said Lootah.

Programme: Eligibility criteria

Candidate businesses should meet the following requirements:

• Be registered in one of the 22 Arab countries of the League of Arab states.
• Demonstrate a track record of at least two years of successful operations in areas such as leadership and management development, learning and education, information technology, and media.
• Demonstrate a sound financial position.
• Be able to demonstrate that the project can be legally undertaken in the target country.
• The project must involve a product, service, system or procedure that is innovative and one that is not able to obtain commercial funding.
• The project must be sustainable or result in sustainable impact, at the end of the grant period.
• Project must be led by for-profit private sector entrepreneurs, NGOs and other groups may be partners in a consortium led by a for-profit business.