The Mohammad Bin Rashid Al Maktoum Foundation has announced it has signed a Memorandum of Understanding (MoU) with the Dubai-based Higher Colleges of Technology (HCT) to set up a business incubation centre at the Dubai Women's College to support aspiring student entrepreneurs.

The MoU comes in line with the Foundation's ongoing efforts to establish an Arab Incubators' Network (AIN) that will focus on supporting and developing existing incubators across the Arab world. AIN will provide extensive benefits to its members ranging from training to knowledge sharing and education on relevant topics.

The network will also have an educational mandate to increase the awareness among regional fundraising entities on the importance of entrepreneurship as a strategic resource to drive job creation in the region.

Sultan Lootah, Vice President of the Entrepreneurship and Employment Sector at the Mohammed bin Rashid Al Maktoum Foundation said: "We are privileged to cooperate with the Higher Colleges of Technology to develop an important initiative that will allow young UAE nationals and Arab students to explore valuable entrepreneurship opportunities.

"The agreement with HCT will enable us to jointly work towards creating new enterprises while supporting and empowering emerging businesses across the UAE and beyond."

Applauding the Foundation's role in promoting and nurturing entrepreneurial activities across the Arab world, Dr Tayeb Kamali, Vice Chancellor, Higher Colleges of Technology, said: "Today marks a significant step in the ever increasing relationship between the Foundation and HCT in preparing young UAE nationals for the increasingly competitive global business environment.

"The collaboration with the Mohammad Bin Rashid Al Maktoum Foundation represents a milestone in promoting Entrepreneurship in the UAE. The initiative is a further proof of the commitment of the leadership to nurture and encourage UAE nationals to build on their dreams. We are very pleased with this collaboration and look forward to working closely with the Foundation on several more initiatives that deliver on the mission by building on our strengths," Kamali added.

Over the past few months, the foundation has entered into cooperation agreements with several leading Arab universities and incubators including Morocco's Al Akhawayn University, Bahrain Business Incubator Centre, Bahrain Development Bank, Palestine Information and Communications Technology Incubator (PICTI), Lebanon's Berytech, and Syrian Computer Society, ICT Incubator.

In its aim to foster job creation and drive sustainable economic growth, the Foundation pursues a vigorous strategy that also seeks to sharpen the Arab youth's business acumen through facilitating exchange of information and best practices with key decision makers and thought leaders.