Global Management Challenge (GMC), the world’s largest strategy and management competition will kick off for the first time in the UAE in January.

GMC UAE comes at the right time to the region when UAE students are opting for university courses in the business and finance field. In a recent HSBC report, 84 per cent of UAE students chose finance subjects compared with 60 per cent in developed countries such as the UK, US and Canada.

The competition consists of a management simulation in which teams of 3 to 5, comprising of university students and corporates, are given complete control of a virtual company with the objective of obtaining the highest investment performance for its shareholders. More than 30 countries around the world participate.

Competitors analyze financial and economic indicators, expand their views on corporate strategy, interact with functional areas of a company and gain an in-depth understanding of the market conditions in which their companies compete.

“Students want to know exactly what their career entails and those who have a flare for business can discover if the corporate world is for them and this makes this competition ideal,” said Ibrahim Moosa Jamil, director of Operations, Education Cluster – Tecom Investments-DIAC and UAE GMC partner.

“It is great news for the region that students are opting for careers in finance and business and competitions such as GMC are encouraging this. We also encourage students to enroll in Islamic finance and banking programs as it going to be in high demand after the announcement of HH Shaikh Mohammed” he added.

UAE students looking for a career in finance have already shown interest in the competition with more than 30 teams from universities across the region including; AUD, AUS, HCT, UOWD, NYIT, Abu Dhabi University, Al Ghurair University and Masdar Institute of Technology.

“This is the first time that this competition will take place in the UAE and we anticipate great things from participants,” said Mian Muneer ud din managing partner of Beaufort Associates, a consulting and advisory services firm that is bringing Global Management Challenge to the UAE.

“We have entered an era where traditional forms of education need to be complemented with innovative learning methods that stimulate both young managers and students through practice and first-hand experience.

“Not only does this competition contribute to developing the next generation of business leaders but it will also increase job opportunities for graduates in the UAE,” added Muneer.

Aligned with the UAE’s vision of Emiratisation, the competition aims to encourage UAE nationals to seek careers within the region’s private sector. The competition will give students practical experience of managing a private company.

The initiative begins in January next year. It comprises a programme with the aim of determining a winning team across the UAE. The winning team then competes with national winners of several other countries in the global competition for the world title which will be held in Sochi, Russia in April 2014.

“The competition is unlike any other, it tests the competitors in challenging ways and each decision made creates a ripple effect as it would in the real world. This is a representation of the business environment in the UAE where companies have to face increasing competition, while innovating constantly in order to grow,” added Muneer. – TradeArabia News Service