The Mohammed Bin Rashid Establishment for SME Development said more than 1,500 ambitious young industrialists have submitted their entries for the Young Entrepreneur Competition 2010 (YEC).

The contest, to be held from March 31 to April 3, is being organized under the patronage of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and is supported by du as the main sponsor.

MBRE, part of the Dubai Department of Economic Development, said it will collaborate with the Dubai Mall for the second year to host the exhibition where students can display their products and ideas.

Participating projects will be assessed based on different standards, marking the students’ first step towards becoming a part of the small and medium business sector. As the main sponsor, du will be setting up four kiosks offering a chance to University students to get a first-hand experience of retailing telecom products and services to visitors at the exhibition.

A jury of specialists from the Mohammed Bin Rashid Establishment for SME Development, Knowledge and Human Development Authority, the UAE Ministry of Education, SS Lootah and Aswaq will evaluate the projects and select the winners according to creativity, innovation, marketing and profitability standards.

Abdul Baset al Janahi, CEO of MBRE for SME Development said the overwhelming response to Entrepreneur Competition was a great sign that the contest successfully reached young people from all different age categories.

'This comes in line with the vision of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to support the development of the small and medium businesses sector, which now accounts for 98.5 per cent of the registered businesses in Dubai,” Janahi noted.

'By addressing one of the most crucial segments of the society – the youth, who are our future business leaders – YEC encourages creativity in students and encourages them to participate in supporting the economic growth in Dubai,' he added.

The event provides a competitive environment, which educates students on the basic principles of starting and operating a private business, and inspires them to become entrepreneurs by creating a simple entrepreneurial environment.

Hala Badri, EVP Brand and Communications, du, said: “We are honoured to be a part of this key initiative. As a UAE national company, we identify and encourage promising young talents to realise their potential and become business leaders of tomorrow. We hope that our efforts in offering retail sales experience to students at the exhibition will equip them with essential work skills.”

Nasser Rafi, CEO of Emaar Malls Group, said: “The YEC is a prestigious and tremendously valuable initiative that promotes a robust business outlook among enterprising youngsters. Dubai’s success is marked by innovative entrepreneurship, and by offering youngsters the incentive to fulfill their dreams, the Awards set the base for powerful business ventures in the future.'

'The Dubai Mall is honoured to once again support the future leaders of this nation at the Young Entrepreneur Competition, which will reach out to tens of thousands of mall visitors, he remarked.-TradeArabia News Service