Young entrepreneurs get big boost

Following are excerpts from the speech of General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister, at the announcement of the 'Mohammed bin Rashid Establishment for Young Business Leaders' — the first initiaitive under the newly-created Dubai Development and Investment Authority.

Ladies and gentlemen, distinguished guests:

We are here today to announce a new initiative, which is distinct from past initiatives because it is ground-breaking and long-term; it concerns the national youth, the future of the nation. It is by their involvement and the contribution of the generations that came before, that the nation has been able to achieve its current success and prosperity.

The nation continues to prosper because the new generations have followed the path shown by His Highness Sheikh Zayed, may God bless him and his brother Sheikh Rashid, may his soul rest in peace.

I announce today a new promising initiative especially for our young men and women, which will be a benchmark for future generations. This initiative is a new challenge, and God willing, it will be fruitful because we are determined to succeed. It is the first programme launched by the Dubai Development and Investment Authority.

We have nurtured promising ideas and initiatives by providing for all the prerequisites for success. The dozens of successful projects, which have been established, are a testimony to the collaboration between the public and private sectors. Some of these projects executed by enterprising nationals have been exemplary both at regional and global level.

I announce today the launch of 'Mohammed bin Rashid Establishment for Young Business Leaders' whose objective is to support the projects of the young UAE nationals. I also announce today the setting up of a Dh700 million Islamic Fund to finance projects of the establishment in cooperation with Dubai Islamic Bank.

As you know, the government has taken full responsibility to provide all the prerequisites for success of ingenious ideas in the private sector and it will take extra care of the ideas and projects of young nationals.

As usual we will not hesitate to support promising projects that help in the development of the country. The government is ready to put all available resources to support and finance the business projects of young ambitious entrepreneurs.

The support that I'm talking about today will not only include financial, material and motivational support, but will be an on-going process that aims to guarantee success and guide youth towards business and enterprise.

We are executing massive projects some of which we have already implemented and others that will be gradually implemented to achieve greater prosperity of the nation. These strategic plans create the need for dozens of medium and small-scale industries that can profit from these ventures.

For that reason I order all governmental and semi-government departments to allocate a minimum of five per cent their total purchases to the projects registered under the establishment.

This will guarantee marketing channels for the products of the establishment, which are going to be implemented and which will seek to achieve high levels of quality and service in the face of fierce global competition.

Economic prosperity in the country can only be achieved though self-reliance and encouraging the private sector and the responsibility to continue the economic process rests on the shoulders of the youth who are the nerve of the society.

The youth are invited to actively interact in the national economy through participating in 'Mohammed bin Rashid Establishment for Young Business Leaders'. They should present their projects to the establishment, which will provide them with the right support and guidance.

The initiatives and ideas of the UAE youth will be the foundation for huge projects, which will play an active role in the national economic development. I am confident that these projects will effectively contribute in diversifying the national income resources.

The establishment will be a milestone in our efforts towards social and economic development. This is a new initiative for enterprising youth and a step towards realising their ideas and dreams. The establishment has been set up to support the youth to launch their business initiatives and to transform them into profit making ventures.

We are looking through this establishment to establish more than 200 young business leaders during the first year of operation. We are hopeful that this number will multiply many folds in the coming years.

The new initiative is not the first of its kind. We supported the Tomooh and Intelaq programmes two years ago, which helped to launch many projects. This initiative would certainly not be the last in this sphere.

There are many programmes and specialised projects, which are currently under consideration to support the youth and to open new avenues for them so that they can play an active role in the society and contribute in the national economic development.