Expanding its regional co-operation outreach, the Mohammed bin Rashid Al Maktoum Foundation on Saturday signed an agreement with Al Akhawayn University to promote business initiatives and entrepreneurship among the Arab youth.

Al Akhawayn University is Morocco’s leading not-for-profit institution of higher education and scientific research.

Sealed under the Foundation’s Entrepreneurship and Employment sector, the MoU was initialled by Dr. Rima Khalaf, CEO of Mohammed bin Rashid Al Maktoum Foundation, and Rachid Benmokhtar, president of Al Akhawayn University.

The agreement complements the foundation’s strategy to consolidate efforts of key regional stakeholders to cut unemployment and promote development in the Arab world, said a top official. 

The agreement mandates both organizations to identify areas of mutual growth to encourage business acumen amongst the Arab youth, establish an Arab incubators network, and facilitate the exchange of information and best practices among the decision makers to foster regional job creation.

The Foundation and Al Akhawayn University will additionally promote the development of highly competent innovation facilities throughout the region, contributing to sustainable economic growth. The agreement will also drive the establishment of research and excellence centres for entrepreneurship across the region, said Dr Rima Khalaf.

She said the Foundation was keen to engage prominent educational institutions in the wider Arab region in its significant endeavour to enhance the commercial skills of the youth and encourage entrepreneurship as a viable career option.

“As nerve centres for research, higher education institutions play a vital role in promoting overall regional development. We believe universities are best positioned to serve as our key partners for advancing entrepreneurship through activities that may include patenting, venture funding, developing incubators, and the commercialization of innovative concepts."

"We look forward to working with Al Akhawayn University in Morocco for achieving our common goals," she added.

Under the agreement, Al Akhawayn University will provide human resource support to prepare business concepts for potential selection by international high-tech campuses and research facilities.

Rachid Benmokhtar, president of Al Akhawayn University, said: “We look forward to working closely with the Foundation and other stakeholders on designing and hosting a series of events aimed at fostering entrepreneurship in the Arab world."

"Through joint seminars, workshops and training programmes, we will endeavour to create an appropriate enabling environment that catalyses the growth of entrepreneurial activities," he observed.

In collaboration with leading international research centres, Al Akhawayn University will also participate in developing innovative business ideas, besides sharing its expertise with the Foundation to generate content for an online network.      

Sultan Lootah, vice president for Entrepreneurship and Employment at Foundation, said: “Under the agreement, the Foundation will create an online platform to help establish a synergy among the Arab entrepreneurship network and academic, institutional and corporate entities for the benefit of acquiring adequate knowledge and financial support. The Foundation will also facilitate partnerships with its regional network of academic institutions, incubators, entrepreneurs, corporations and relevant stakeholders.”

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 ta