The Mohammed bin Rashid Al Maktoum Foundation has announced the launch of the Regional Academy for Young Entrepreneurs (RAYE) in association with Lebanon-based Berytech Technological Pole.

A pioneering initiative, Raye is aimed at helping aspiring young people to pragmatically explore business opportunities and develop their potential.

As a first initiative on its agenda, the academy is hosting a one-week programme in Beirut till November 20. The programme, to be conducted at Berytech’s incubator, is open to all Arab nationals with promising project concepts looking to explore the entrepreneurship option.

The programme, which will be guided by a dynamic team of instructors, professors and renowned business leaders, will allow participants to hone their business skills, creative thinking, leadership, and awareness of today’s challenging entrepreneurial landscape.

Effective ways to turn ideas into feasible business opportunities will also be part of the intensive programme through training sessions, case studies, discussions, networking, mentoring and presentations.

Adel Al Shared, managing director and vice chairman at Mohammed bin Rashid Al Maktoum Foundation, said: “RAYE provides a unique opportunity for regional entrepreneurs to come together and exchange know-how and experience. It also offers them the opportunity to adequately equip themselves for growing into successful entrepreneurs.”

Maroun N. Chammas, president and CEO of Berytech, said: “We have been running successful entrepreneurial programmes at the national level for many years now. Through the partnership with Maktoum Foundation, we have been able to take this programme to a regional level. Interaction between different Arab nationals will be one of the great values this programme will bring.”

At the conclusion of the programme, participants will be able to produce a rough business plan and perfect their business models. Each participant will then defend his/her project in front of a jury, highlighting its innovation and feasibility aspects, he added.

The projects will benefit from appropriate professional feedback and guidance to help participants turn their concepts into realistic and profitable proposals.  A certificate of participation will be awarded to participants who successfully complete the programme requirements.

The Maktoum Foundation organises several programmes for the benefit of regional entrepreneurs through the Sawaed initiative that awards non-refundable grants to regional projects. It also spearheads the Arab Incubators’ Network for fostering enhanced synergy between start-up companies and potential investors.

In July 2008, the Foundation and Berytech signed an MoU for developing broader innovation capabilities throughout the region, contributing to sustainable growth, and the creation of new employment opportunities.

The partnership also aims to drive regional entrepreneurship-related research and the establishment of centres of excellence. Through this partnership, a successful Entrepreneurs Forum was held in Beirut Lebanon in May and a second edition taking place in March in under preparation, Chammas added.-TradeArabia News Service