The current issues facing young Arab entrepreneurs in the region were identified and discussed at an ongoing summit in Dubai, said a report.

 

The three-day ArabNet Digital Summit 2014, which runs till tomorrow (June 5) at the Atlantis the Palm, also highlighted gaps that need to be addressed to allow an entrepreneurship ecosystem to grow and flourish, said the Zawya report.

 

Noura Al Kaabi, chief executive officer of twofour54, the commercial arm of the Media Zone Authority – Abu Dhabi, opened with a keynote address, which spotlighted the creation of a thriving entrepreneurship ecosystem.

 

She stated that 94 per cent of the 300,000 enterprises in the UAE are SMEs and these companies employ 90 per cent of the nation’s workforce and contribute 40 per cent towards GDP, which enhances the development of the UAE.

 

However, unemployment is currently at a significant high and is considered as a major stumbling block to regional development, she said.

 

"SMEs are key drivers of economic and social progress and sources of innovation, productivity growth and employment. Reinforcing and empowering the Arab youth to fulfil their creative potential is vital to building and sustaining our media and entertainment industries," said Al Kaabi.

 

The establishment of a proper entrepreneurial environment is key to the success and growth of any economy adding that entrepreneurship flourishes when there are success stories, culture, education, training, government support, access to funding, suitable salary and taxation levels and support systems, she said.

 

The conference has brought together leaders in digital business and entrepreneurship and is being held in strategic partnership with Digital Media Services (DMS). It has attracted more than 1,000 digital business professionals, investors, entrepreneurs and media from all over the world.

 

The summit features more than a hundred international and regional expert speakers discussing the latest developments in digital business. 

 

It includes 50 panel discussions, talks, and workshops covering the trends and opportunities in the sector, including 3D printing, wearable technology, e-commerce and payments, branded content as well as digital marketing.

 

"At twofour54. we are contributing to the growth in opportunities for young people by supporting our brightest young entrepreneurs and start-ups who share our vision for a vibrant media and creative industry. As the region's driving force behind media and entertainment entrepreneurs in Abu Dhabi, our main objective is to foster Arab-focused media and digital businesses in the UAE and part of accomplishing that goal is supporting youth in starting their own businesses," said Al Kaabi.

 

Twofour54 is building a media and entertainment hub in the Middle East by promoting talent development and content creation by Arabs across all media platforms, including film, broadcast, music, digital media, events, gaming, and publishing, she added. - TradeArabia News Service