Dubai: The Mohammad Bin Rashid Al Maktoum Foundation on Monday 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.
Educational mandate
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 fund-raising entities on the importance of entrepreneurship as a strategic resource to drive job creation in the region.
Sultan Lootah, Vice President at the Entrepreneurship and Employment sector at the 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 entrepre-neurial 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 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."
Over the last few months, the foundation has entered into cooperation agreements with several leading Arab universities and incubators including Morocco's Al Akhawayn University, and Bahrain Business Incubator Centre.