More than 1,500 young industrialists entered the Young Entrepreneur Competition 2010 (YEC), organised Under the Patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and is supported by du as the main sponsor.
An exhibition of students’ products and ideas has been held at the Dubai Mall, which for the second year collaborated on the displays with the Mohammed Bin Rashid Establishment for SME Development, part of the Department of Economic Development.
Assessment of participating projects is based on different standards, marking the students’ first step towards becoming a part of the small and medium business sector. As the main sponsor, du had four kiosks offering a chance to University students to get a first-hand experience of retailing telecom products and services to visitors at the exhibition.
His Excellency Abdul Baset al Janahi, CEO of MBRE for SME Development said: “The overwhelming response to the YEC 2010 is a great sign that the contest successfully reached young people from all different age categories. This comes in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to support the development of the small and medium businesses sector, which now accounts for 98.5% of the registered businesses in Dubai.”
“By addressing one of the most crucial segments of the society – the youth, who are our future business leaders – YEC encourages creativity in students and encourages them to participate in supporting the economic growth in Dubai. The event provides a competitive environment, which educates students on the basic principles of starting and operating a private business, and inspires them to become entrepreneurs by creating a simple entrepreneurial environment,” he added.
Since its inception in 2005, YEC has succeeded in encouraging entrepreneurial spirit within youngsters from high schools and universities across the UAE. The large and growing turnout at the competition reflects that it has effectively succeeded in preparing young business leaders. The number of participants at YEC has increased from 84 in the first launch of the competition to reach 700 participants 2010.