The Mohammed bin Rashid Al Maktoum Foundation (MBRF) has announced plans to establish a new centre for Entrepreneurship and Innovation at the Olayan School of Business, American University of Beirut (AUB), in Beirut.

The initiative is as part of its continuous efforts to instill the spirit of entrepreneurship in the Arab world.

The Mohammed bin Rashid Al Maktoum Centre for Entrepreneurship and Innovation, aiming to serve as a regional nucleus for entrepreneurship research and knowledge dissemination in the Arab world, will be established in collaboration with AUB with an endowment of Dh18.3 million ($5 million).

A MoU was signed on Thursday in Beirut by Sultan Lootah, vice president, MBRF (Employment and Entrepreneurship) and George K. Najjar, dean of the Suliman S. Olayan School of Business at the AUB in the presence of high-ranking officials from both sides.
 
Under the agreement, the Foundation and AUB’s Olayan School of Business will combine forces to support and develop entrepreneurship-related research, training material and expertise in the Arab world.

Through the new centre, the Foundation and AUB will also work towards enhancing regional business capabilities, leading to a better understanding of current and future entrepreneurial activity and challenges in the region.

Mohammed AlGergawi, chairman of MRBF, said: “Established under the directives of Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and prime minister and Dubai ruler, the centre will further his vision of facilitating synergetic knowledge creation and dissemination in all fields across the Arab world."
 
"The new centre complements the Foundation’s strategy to promote Arab capabilities and provide enhanced opportunities for the Arab youth," he commented.

Sultan Lootah said: "We are glad to join hands with a pioneering educational body that enjoys a long standing history of milestone achievements. We are confident the outstanding research competencies of the AUB will significantly solidify our efforts to promote entrepreneurship as a strategic solution to the overwhelming problem of unemployment in the Arab world."

“Our agreement with AUB underpins the Foundation’s efforts to catalyze the development of a regional network for Arab entrepreneurs and nurture entrepreneurship as an effective alternative for sustainable economic development across the region.” 

The MRBF will develop and provide research and training materials fostering entrepreneurship and innovation in the Arab World, thereby contributing to creating conditions conducive to furthering employment and supporting economic activity across the region.

Additionally, it will conduct regional entrepreneurship studies to identify barriers to entrepreneurship that individuals, business leaders, corporations and governments can help alleviate.

The centre will also serve as a knowledge centre for e-students, entrepreneurs and policy-makers by providing entrepreneurship sector analysis, country analysis, profiling and policy recommendations, regular data surveys, as well as relevant business case studies, Lootah added.

George K. Najjar said, "The Olayan School of Business at AUB is profoundly grateful for this major vote of confidence from the Foundation, which proactively leads human development in the Arab World."

Aimed at promoting job growth and business creation in the region, the Foundation seeks to develop entrepreneurship programmes that facilitate business mentorship, expertise and services among successful and aspiring entrepreneurs.-TradeArabia News Service