Press Releases
print

International Finance Corporation Partners with the Mohammed Bin Rashid Establishment for Young Business Leaders to Promote SME Management Training in the UAE


In Washington DC:
Corrie Shanahan
Phone: +(202) 473 2258
Email: Cshanahan@ifc.org



In Cairo:
Michel Botzung
Phone: + 202 579 5912
Fax: + 202 579 6447
Email: mbotzung@ifc.org

In UAE:
Raihana Rabbany
Phone: + 9714 360 1021
Fax: +9714 360 1010
Email: rrabbany@ifc.org

Dubai, UAE., March 1, 2006— International Finance Corporation (IFC), the private sector arm of the World Bank Group and the Mohammed Bin Rashid Establishment for Young Business Leaders have decided to form a partnership to promote entrepreneurship programmes in the UAE.  This partnership aims to increase awareness and demand for Small and Medium Enterprises (SME) management training amongst entrepreneurs and SMEs in the UAE.

Abdul Baset Al Janahi, CEO of Mohammed Bin Rashid Establishment said, “The signing of this agreement is in line with the strategic mission of the Establishment to support and develop small and medium enterprises, and encourage young entrepreneurs particularly nationals to actively participate in this key economic sector through providing all possible support and enabling them to overcome obstacles.”

Al Janahi added, “The small and medium enterprises are one of the main foundations of economic growth and development, and this agreement with IFC, one of the leading international institutions to promote private sector development is to catalyze the development of this key economic sector. Our partnership aims to offer training programmes which would nurture entrepreneurial spirit through the enhancement of the skills and competencies needed to support entrepreneurs to successfully start and operate their business and hence activate their role in the development of the UAE.”

Azmat Taufique, Senior Regional Manager of IFC said, “IFC's strategy in the region is to promote entrepreneurship, assist in job creation to address unemployment issues and help improve the performance of and chances of success for SMEs. One of our broader goals is targeted, culturally adapted management training tools such as Business Edge. IFC is addressing issues from both sides of the equation, on the one side assisting in creating job opportunities and on the other side, creating appropriate expertise and skills to meet these demands. We expect this partnership to make a positive contribution towards the development of SME management capabilities in particular, in turn improving the sustainability of the UAE economy as a whole.”

Business Edge is a SME management training program focusing on many of the functional and operational deficiencies that prevail in SMEs. Specifically localized for the MENA region, Business Edge is a comprehensive training program that includes 36 management courses in 5 different topics namely: Marketing, Human Resources, Production & Operations, Finance & Accounting, and Productivity Skills (available in both Arabic and English), a delivery methodology (training of trainers, trainer manuals etc) and a technical assistance component. The Program's delivery vehicles are private training institutes that enter in to agreement with the IFC and in turn adopt Business Edge as part of their business model and offer it to the SME public. The IFC accredits these institutions, training their trainers and provides hands on support in helping them deliver the program. BE is currently available in seven countries in the region (Egypt, Saudi Arabia, Jordan, Yemen, Oman, Palestine and the UAE). For more information check out, www.businessedge-me.com

The Mohammed Bin Rashid Establishment for Young Business Leaders was launched on June 12, 2002 as the first initiative of the Dubai Development and Investment Authority. The vision of the Establishment is to nurture the domestic entrepreneurial spirit in Dubai and catalyze the development and growth of a key sector of the economy, the Small and Medium Business sector.  The Establishment's core mission is to encourage and facilitate the development of local businesses and entrepreneurial activity in the UAE. To this end, the Establishment offers various incentive measures and well co-ordinated programs to the local business community. The services of the SME extend to both entrepreneurs with an existing business and budding entrepreneurs.

The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C.  IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent.  Its 178 member countries provide its share capital and collectively determine its policies.

The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications.  For more information, visit www.ifc.org.

PEP-MENA is IFC’s technical assistance facility that supports private sector development in the Middle East and North Africa. PEP-MENA focuses on improving the business enabling and regulatory environment; strengthening the financial sector; promoting the growth of small and medium enterprises and their support services, such as business organizations and consulting firms; helping restructure and privatize state-owned enterprises; and developing viable private sector and public-private partnership projects, especially in infrastructure.

IFC press releases are available on line at http://www.ifc.org/pressroom