The Mohammed bin Rashid Al Maktoum Foundation has launched ‘Sawaed’, a first of its kind programme that will challenge the private sector to develop innovative business concepts for driving the development of the Arab world.

Operating as a ‘challenge fund’, ‘Sawaed’ will encourage businesses to compete for funding in response to a specific regional development goal.

Each year, the program will promote a regional challenge and invite businesses to submit competitive project concepts dedicated to addressing the challenge.

Sultan Lootah, vice president- entrepreneurship and employment, Mohammed bin Rashid Al Maktoum Foundation, and Assem O. Kabesh, CEO, Young Arab Leaders (YAL) signed a memorandum of understanding (MoU) at Sawaed launch.

As per the agreement, YAL, an independent, not-for-profit organization with a strong membership base across the Arab region, will leverage the experience of 30 active members who will serve as mentors and support eligible businesses across the region throughout the process of applying to the fund.

As the first initiative under the Foundation’s entrepreneurship and employment sector, ‘Sawaed’ seeks to promote business excellence, empower young Arabs to innovate, while facilitating job creation in the region.

The  program will award non-refundable grants of between Dh100,000 to Dh1 million ($27,227 to $272,272) for projects implemented by private sector entities that aim to increase the amount of high quality Arabic online content, develop and improve access to education, knowledge, and information on ICT platforms to promote Arab capabilities, said LOotah.

'In the first phase, the Sawaed Program will challenge the private sector to develop unique ways of creating and sharing knowledge in the Arab world through ICT. Knowledge creation and dissemination are key pillars for economic and social development in any society and should be in the Arab world as well,' Lootah noted.

He pointed out that Arabic online content remained relatively low compared to other languages.

'In its endeavour to change this situation, the Foundation will join hands with the private sector and be a key partner and seek to boost the development of informative and useful online Arabic content,' he added.

Kabesh said YAL was proud to partner with the esteemed Mohammed bin Rashid Al Maktoum Foundation for the unique initiative, Sawaed that reflects and echoes YAL vision and objectives.

“We are certain that the ‘Sawaed’ programme will have a remarkable impact on the knowledge landscape and enable youth in the Arab World. Programmes like this will go a long way in influencing policies and overcoming development challenges in our region,” he added.

Application for Sawaed programme will open on Foundation website (www.mbrfoundation.ae) from September 1.

Interested applicants can download and fill electronic forms of “Concept Note Proposals” and submit them online before October 12. Winners will be announced towards the end of March 2009.

Launched with an endowment of Dh37 billion ($10 billion), the Foundation aims to develop future leaders and create a knowledge-based society in the Arab world through the key components of knowledge creation, culture, as well as entrepreneurship and employment generation.-TradeArabia News Service