The Mohammed bin Rashid Al Maktoum Foundation said it has signed an MoU with Syrian Computer Society to support its ICT incubator - Homs, as part of its efforts to further enhance the business culture in the Arab World.

The MoU was signed by Sultan Lootah, executive director Entrepreneurship Development at Al Maktoum Foundation and Rakan Razouk, chairman of ICT Incubator in the presence of Adel Al Shared, vice-chairman and MD of Maktoum Foundation and Salim Issa Alqtam Zaabi, UAE Ambassador in Syria.

As part of the agreement, the Mohammed bin Rashid Al Maktoum Foundation will provide Syrian entrepreneurs with access to its regional network of academic institutions, incubators, entrepreneurs, and potential funding vehicles.

The announcement was made during a ceremony held to announce the winners of ‘Start’ Competition which the Foundation launched last year in co-operation with the Syrian Computer Society to promote technological innovation through ICT in the Arab World.

The event was organised under the patronage of Dr Gheyath Barakat, Syrian Minister of Higher Education, Dr Imad Al-Saboni, Minister of Communications and Technology, and Mohammed Eyad Ghazal, Governor of Homs, along with a number of senior Syrian officials.

The MoU reflects the objectives of both organisations to set up regional incubation centres and develop entrepreneurship and educational programmes to encourage innovation in the region. It also aims to foster research and development for entrepreneurship and contribute to the creation of new jobs in Syria.

The MoU comes in line with the Maktoum Foundation’s efforts to build a regional network of Arab incubators through its Arab Incubators Network, said Al Shared.

The Foundation aims to build this network into a framework that fosters fruitful relationships between corporations and academic institutions to ensure that new companies being incubated receive appropriate industry know-how and financial support, he added.

The network also contributes to developing research methodologies and related studies that will be shared with relevant organisations.

'Our partnership with the Syrian Computer Society is in line with the Foundation’s priority to build a network of key stakeholders comprising major corporations, NGOs, associations, and education institutions across the Arab World for the purpose of encouraging and supporting Arab entrepreneurs,' Al Shared said.

'Entrepreneurship has become instrumental to the economic development of any country. Aware of its potential to enhance youth opportunities, the Foundation aims to spotlight the role of entrepreneurship as a new window of hope for tackling the overwhelming issue of unemployment.'

'Entrepreneurship is a key path to unleash the untapped potential of the Arab youth and ensure their contribution to the sustainable development of their respective countries,' Al Shared added.

Dr Razouk said: “Helping start-ups in the ICT sector is one of the main objectives of the Syrian Computer Society. Our co-operation with the Maktoum Foundation has helped us reach a good level of maturity in establishing ICT incubators and we are looking forward to better cooperation from other entities that can help in supporting such initiatives.'

“We are willing to support creative ideas and new companies that can help in the development of the ICT sector in Syria and the region which will help in the overall economic development of the Arab World.” Dr. Razouk added.

As part of its efforts aimed at establishing the Arab Incubators Network, the Mohammed bin Rashid Al Maktoum Foundation has signed a number of collaborative agreements with leading corporate and educational organisations across the Arab World.-TradeArabia News Service