Dubai Islamic Bank (DIB) has announced that 10 per cent of its total annual purchase requirements will be directed to businesses registered under the newly created Mohammed bin Rashid Establishment for Young Busi-ness Leaders.

The DIB, in co-operation with the establishment, is also in the process of setting up an Islamic fund to finance projects under the body.

Mohammed bin Rashid Esta-blishment for Young Business Leaders is the first initiative to be launched by the Dubai Develop-ment and Investment Authority (DDIA).

It aims to support UAE nationals to launch business initiatives and transform them into profit-making ventures.

Affirming DIB's support to the initiative, Butti Khalifa bin Darwish, general manager of DIB, said the initiative was in line with the bank's mission to contribute to the development of the country.

"While the private sector is increasingly playing an important role in the national economic growth of the country, there is an inherent need for greater participation of young UAE nationals in this process," he added.

In addition to finance, the DIB will provide these businesses with other value-added services, including free project consultancy and subsidised rates on various bank fees and levies, including letters of credit, deposits, profits and murabaha, and foreign exchange services.

Each business will also be provided with a dedicated relationship manager to manage its various banking and finance needs on a day-to-day basis.