The Mohammed bin Rashid Al Maktoum Foundation has announced the names of two companies as the recipients of the Sawaed non-refundable grant for the year 2009.

Ideas Company for Information Technology in Bahrain, a regional leader in software development and IT solutions and Hindawi Publishing Corporation of Egypt, leaders in electronic publishing, have been selected as the two winners.

The Sawaed programme seeks to support and develop the capabilities of talented entrepreneurs across the region by awarding non-refundable grants to projects that make a positive contribution to the region’s growth.

In July 2008, the Sawaed Programme invited the private sector to develop innovative products and ideas that improve the development of the Arab world through ICT by creating and providing access to high quality online Arabic content, and developing technology resources that support education and learning for the promotion of Arab culture.

“The two winners of the Sawaed programme this year will set a new trend in entrepreneurship in the region,” said Sultan Lootah, vice-president for Mohammed bin Rashid Al Maktoum Foundation - entrepreneurship and employment sector.

“At a time when jobs are getting scarce, they will generate employment through fostering ideas and knowledge, the pillar of a knowledge based economy,” he added.

“We are proud to be supporting such start-ups that are so well-run and well managed. We believe the companies concur with our vision of developing a knowledge-based society. In addition, this initiative will support willing entrepreneurs to make a significant impact in the region through innovation and active engagement in the market place and the community.”

The Sawaed Programme is a novel opportunity for businesses to develop commercially sustainable enterprises, while addressing development challenges of the Arab world.

To be eligible for the Sawaed Programme, bidders must complete a two-stage application process that includes the submission of a brief ‘concept note’, which will be reviewed by the assessment panel, and if selected, a company will be invited to complete a full application form.

The assessment panel that includes private sector representatives eventually select the winning proposals. – TradeArabia News Service