Dubai-based  Mohammed bin Rashid Al Maktoum Foundation has signed a memorandum of understanding with Qatar's ‘Silatech’ Initiative for Youth Employment, to co-ordinate efforts for overcoming the unemployment challenges in the Arab world.

Silatech was launched in 2008 by Sheikha Mozah Bint Nasser Al Missned of Qatar, to create new jobs and opportunities for young people in the Arab World, which has one of the world’s greatest rates of youth unemployment.

The agreement was signed by Sultan Lootah, vice president – entrepreneurship and employment, Mohammed bin Rashid Al Maktoum Foundation, and Rick Little, chief executive of Silatech, at the Doha Summit on ‘Young People and Employment in the Arab World’, which ended on Monday in Doha.

As per the agreement, the Foundation and Silatech will support the development of training programmes, co-ordinate with financial institutions to offer attractive incentives for small and medium enterprises (SMEs), and increase the young people’s access to job opportunities, capital and markets.

Sultan Lootah said the Al Maktoum Foundation was keen to build an effective network of strategic partners who share its vision of ensuring a sustainable future for youth across the Arab world. 

“Enhancing the average Arab youth’s access to job opportunities and promoting entrepreneurial activities as an effective alternative to regular employment are important goals that we will drive through tangible programmes.” 

The foundation pursues a multi-tier strategy to create knowledge-based societies across the Arab world and foster the region’s knowledge capabilities for overcoming developmental challenges.

'Entrepreneurship and employment are key focus areas of the foundation. Our partnership with Silatech will support the foundation’s strategy and foster job creation opportunities for young people. We believe our co-operation will significantly contribute to economic development across the Arab World,' Lootah added.

Little pointed out that Silatech and the Maktoum Foundation were ideal partners in this effort due to their shared belief in the tremendous potential of Arab youth and joint commitment to developing that potential – for the good of the individual, the Arab nations and the region as a whole.

The Mohammed bin Rashid Al Maktoum Foundation was launched in May 2007 with an endowment of $10 billion to invest in a series of programmes that provide the necessary infrastructure and set the appropriate environment for knowledge creation in the Arab world.

Encouraging Arab intellectual output, facilitating knowledge transfer, nurturing young talent, and setting the right environment for cultural development are among the key strategic objectives of the foundation.-TradeArabia News Service