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Can entrepreneurship create equilibrium in the Arab World with a CSR initiative?

On Thursday, September 29th, 2011, the Massachusetts Institute of Technology (MIT) Enterprise Forum of the Pan Arab Region, in partnership with Abdul Latif Jameel Community Initiatives (ALJ) and a joint initiative with Global Innovation through Science and Technology (GIST), will bring together regional business leaders, policy-makers, students and budding entrepreneurs from the Arab world to officially launch the fifth MIT Enterprise Forum Arab Business Plan Competition.

The event is open to members of the public, and entry is free.

Founded in 2006, the aim of the MIT Enterprise Forum is to develop and nurture a culture of entrepreneurship across the Arab region by providing a platform for networking, knowledge sharing, showcasing new concepts, and the coaching and mentorship of the next generation of entrepreneurs. 

The annual business plan competition, which garners more than 2000 new business plans annually in the form of applications from across the Gulf, Levant and North Africa, kicks off with a brainstorming session highlighting the current state of entrepreneurship in the Middle East, including its shortcomings and growth opportunities.

The 2011 launch will take place at the Radisson Blu Hotel, Yas Island in Abu Dhabi, and throughout the course of the evening the region’s leading minds will gather to debate relevant business topics, while encouraging the Middle East’s rising business intellects to enter the prestigious competition.

The comprehensive agenda is set to include discussions on the changing role of entrepreneurship in the Middle East, the tools and avenues for advancement of new ideas, and the challenges facing start-ups and how to address them.

“We are at a critical juncture in the Arab world, with new employment opportunities vitally needed to address the rapidly-developing landscapes within several key economies.  Innovative thinking and hard work, combined with the opportunities that budding companies receive by taking part in the MIT Enterprise Forum Arab Business Plan Competition, are key ways to address the unemployment and other tough issues facing the wider Middle East region at present,” said Hala Fadel, Chair of the MIT Enterprise Forum of the Pan Arab Region.

Previous competition winners from Egypt, Jordan and Lebanon will share their firsthand perspective on creating new business opportunities in the Arab world, while established decision-makers from the Gulf and beyond will provide commentary on what’s needed today for young entrepreneurs to succeed in the Middle East. 

Following the launch event in Abu Dhabi on 29 September, aspiring entrepreneurs can enter the competition and win a USD 50,000 first prize to launch their business. Deadline for applications is January 12, 2012, and additional information can be found on:http://www.mitarabcompetition.com.

About the MIT Enterprise Forum of the Pan Arab Region

The MIT Enterprise Forum of the Pan Arab Region is one of the 11 international chapters of the MIT Enterprise Forum Global that is headquartered in Massachusetts Institute of Technology in Cambridge.

It has a proven record in promoting MIT-style entrepreneurship by organizing and managing each year the MIT Enterprise Forum Arab Business Plan Competition in partnership with ALJ Community Initiatives and a joint initiative with GIST, targeting 21 countries of the Arab region and bringing in more than 2,000 applications a year.

About Abdul Latif Jameel Community Initiatives

The competition has partnered with Abdul Latif Jameel Community Initiatives (ALJ), and Mohammad Abdul Latif Jameel, President of ALJ Community Initiatives and an MIT alumni from the class of 78, believes this partnership “reflects our belief in young entrepreneurs as future leaders in the Arab World. Entrepreneurship, education and promotion are fundamental for a healthy and growing Arab ecosystem able and willing to create new jobs, and this competition is at the heart of it”.

About Global Innovation through Science and Technology

GIST was launched by CRDF Global in 2010 to advance technology commercialization and entrepreneurship in the Middle East, North Africa and Asia.

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