Potential, a business development company headquartered in Dubai, has tied up with AllWorld Network, a US-based global economic development firm, to honour the most dynamic entrepreneurs in the Arab world as part of UAE 25.

Through this strategic partnership, Potential is inviting Small and Medium-sized Enterprises (SMEs) to apply for the UAE 25 where the winner will be recognized as a global standard entrepreneur leading one among the fastest-growing and best performing private companies in the UAE.

Prof Michael Porter of the Harvard Business School will also join the duo to launch the UAE 25, part of the Arabia 500 covering the Middle East and North Africa.

Companies compete for a spot on the UAE 25 based on their growth rate recorded in their annual revenues for the years between 2007 and 2009, said a statement from Potential.

The criteria for qualification in Arabia 500 include:

•Be an independent, private, and for-profit corporation or partnership or proprietorship
•Must not be a non-profit, holding company, franchise, bank or utility company.
•Have six or more full-time employees in 2009
•Have a minimum 3-year operating history, and revenue of at least $100,000 in 2007 and $500,000 in 2009. Younger or smaller companies can be recognized as companies to watch.
•Provide audited statements or an audit letter to confirm the company’s revenues.

They should prove that they have been able to grow at a very fast rate during these years while meeting the international standards of competitive entrepreneurship, it added.

Companies can visit the Arabia 500 web page at AllWorldLive.com to find out more and to apply for no cost. The last date for receiving the applications is October 1, the statement said.

Other Arabia 500 programs including the Saudi 100, Jordan 25, Lebanon 25, Egypt 25, Algeria 25, Morocco 25 and Tunisia 25, are meant to highlight the outstanding business performance of the most recognized companies in this region.

Becoming part of the UAE 25 enables companies to earn powerful local and global endorsement and boost the morale of their employees and investors. The top 5 winners from each country will be invited to participate in the AllWorld Leadership Summit at Harvard University to meet winners from around the world.

“Encouraging SMEs to take part in the UAE 25|Arabia 500  goes in line with Potential’s strategy to develop organizations’ capabilities to achieve their business objectives and help them move to the Next Generation Business,” said Shadi Banna, co-founder of Potential.

He pointed out that the UAE 25|Arabia 500 was a very important opportunity for fast-growing companies to gain the local and international recognition they deserve and shed light on their business performance. It also opens up an access for entrepreneurs to capital markets.

“It will be wonderful to see some of the best and most successful UAE SMEs that we worked with competing for excellence and recognition on the regional and international levels,” said Banna, adding that companies applying for the UAE 25 should have the potential to represent the leading edge of competitiveness.

Some of the UAE contenders who have submitted their applications for the UAE 25 include Lammtara Pictures - the studio behind the Emirati hit animated series “Freej”, Fast Rent a Car - a local agency that has over 18 offices in the UAE and Qatar and a fleet of over 900 vehicles, and job site Bayt.com.
 
Commenting on the significance of the UAE 25, Anne Habiby, co-founder of AllWorld Network, said the UAE 25 will demonstrate that emerging company owners are true corporate heroes.

'These men and women represent the leading edge of a new approach to job growth and competitiveness and we are honored to be working with Potential, itself a terrific entrepreneurial company,' Habiby added.-TradeArabia News Service