Mohammed vows all help to entrepreneurs

General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, has reiterated that the Dubai government was committed to providing all available resources that support the projects of young national entrepreneurs.

Yesterday, Sheikh Mohammed visited the offices of the Moha-mmed bin Rashid Establishment for Young Business Leaders, which are located on the 24th floor of the Emirates Towers.

Mohammed Al Gergawi, chairman of the Dubai Development and Investment Authority, said, "Sheikh Mohammed on his visit to the establishment has emphasised that there is full government support for ambitious and innovative ventures by UAE national youth who can contribute to the growth of the national economy."

He said the establishment had received 1,000 applications and out of them 25 had been approved for financing.

A hundred others were asked to submit feasibility studies which will then be reviewed by a special committee.

The most promising ones will be granted approval.

In all, 60 entrepreneurs have been enlisted in the Business Centre.

He said the establishment, which encourages small and medium business ventures of UAE national entrepreneurs, was launched on June 12 under the directive of Sheikh Mohammed.

It offers many advantages including personalised consulting services from an advisory team to help entrepreneurs develop their implementation plans, weed out problems, and brainstorm strategies that help propel businesses to a profitable future.

Al Gergawi pointed out that a Dh700 million Islamic Fund had been set up to finance projects under the establishment.

"The large number of applicants reflects the importance and demand for such an establishment, especially with the numbers of new graduates from universities and colleges entering the workforce every year."