The UAE is evolving into a beehive of entrepreneurship.
More small businesses and support organisations are looking to the country to build their networks. In the latest initiative, young entrepreneurs from Canada, Hong Kong, India, Jordan, Kenya, Peru, Russia and Saudi Arabia will visit next month for a four-day roadshow to network with UAE-based entrepreneurs.
Organised by London-based Youth Business International (YBI), the visit will gather entrepreneurs for a series of events in Abu Dhabi, Sharjah and Dubai from March 8 to March 11.
YBI is a network of 44 locally owned start-ups and organisations in countries such as Canada, Russia, India and Kenya as well as in Tunisia, Jordan, Saudi Arabia and Syria. It helps entrepreneurs aged from 18 to 35 to start and grow their business by giving access to training, capital and mentoring, among other initiatives.
Since 2006, YBI has been organising the Young Entrepreneur of the Year award. It also recognises Woman Entrepreneur of the Year, Social Entrepreneur of the Year, Start-Up Entrepreneur of the Year and Mentor of the Year. The winner of Young Entrepreneur of the Year will receive $5,000. All the other winners and runners-up will receive $1,000.
The category winners were selected in London last year. This year’s winners will travel to the UAE and will receive their awards in a ceremony on March 10 that will be supported by the Dubai Chamber of Commerce and Barclays.
Dubai Chamber is among the various government agencies such as Khalifa Fund and Dubai SME that look to encourage small and medium enterprises.
Dubai Chamber does not classify its members by company size, but a majority of its members are SMEs, according to Hamad Buamim, the president and chief executive of the chamber. Last year the number of its members increased by 10.6 per cent to 169,198 companies.
“SMEs form the foundation of modern economies, drive innovation, sustain economic growth and boost investment and employment,” he said.
Dubai Chamber’s Tejar Dubai initiative looks to develop entrepreneurship skills of young Emiratis through training and mentoring. In Dubai alone, SMEs account for 95 per cent of the total number of firms, according to Dubai’s Department of Economic Development.
This is the first time the YBI awards have been held in the Middle East.
“We hope to be able to use our initiative to build partnerships that can help us to support more young entrepreneurs in the UAE and further afield in the Middle East,” said Andrew Devenport, YBI’s chief executive.
The finalists this year are Judith Acurio Mendoza, founder of a business creating products from salt from Peru; Kendal Netmaker, owner of a lifestyle clothing brand from Canada; Viola Lam, founder of a maths teaching centre from Hong Kong; Igor Zaboev, founder of a recycling business in Russia; Arun Awatade, founder of an agricultural business in India; Sonal Patil, founder of a clothing business in India; and Susan Ogwengo, owner of a daycare centre in Kenya.
Last year’s winner was Sharad Tandale of India who, according to YBI, “turned a $20,000 loan in 2011 into an engineering company boasting a $500,000 annual turnover”.
During next month’s roadshow, the entrepreneurs will conduct a mentoring masterclass workshop in Dubai for business people who are interested in developing their mentoring skills.
The UAE government has pushed for SME development as a way to diversify the economy, generate jobs and promote Emirati participation.
A federal SME law currently under review aims to streamline the process of setting up a small business in the UAE and reduce start-up costs for entrepreneurs. It is also expected to streamline bank loans.
In its Economic Vision 2030, the UAE government urged banks to “utilise the present high liquidity levels to finance SME development rather than fund consumption patterns”.
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