The Mohammed bin Rashid Al Maktoum Foundation (MBRF) has shortlisted 29 project concepts from 131 submissions, from 16 countries for its flagship  ‘Sawaed’ grants.

The fund program that seeks to promote entrepreneurship across the Arab world, offers grants ranging from Dh100,000 ($27,224) to Dh1 million ($272,242).

The annual programme will address a specific regional challenge every year, inviting participants to submit business concepts that provide successful solutions for overcoming the challenge.

This year, the private sector was invited to submit innovative project ideas that promote online Arabic content and leverage the IT sector to raise the standard of education in the Arab world.

Shortlisted participants are required to submit detailed business plans by January 29, 2009. The final winners of the ‘Sawaed’ contest will be announced in April. 

“We are highly optimistic about the future of entrepreneurship in our region as indicators reveal an increasing awareness of its importance as a fundamental strategic choice for supporting economic growth,” said Alaa Al-Afifi, director of entrepreneurship, employment and entrepreneurship sector, MBRF.

Launched last June, ‘Sawaed’ offers non-refundable grants for innovative business ideas from across the Arab world.-TradeArabia News Service