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Dubai: Al Islami Foods and Alf Yad, a Dubai-based venture capital fund for young Arab entrepreneurs, yesterday said Alf Yad will raise Dh100 million for promising Arab entrepreneurs in the region.
Al Islami Foods and Alf Yad will establish a business base for young Arab entrepreneurs, offering franchise opportunities that encourage them to get into the halal food industry and initiating food-business ventures.
Initially, Alf Yad will support Al Islami with the introduction of a business franchise for fast foods - the Al Islami Cart - a business franchise for fast foods primarily distributed in major co-operative supermarkets, high traffic mall outlets as well as the Global Village and university campuses.
Saleh Abdullah Lootah, chief executive of Al Islami Foods, said, "Young entre-preneurs are the foundations of a sound economy. Al Islami's commitment to reinforce a healthy and safe marketplace is the cornerstone of the company's strategy and is in line with our vision, which seeks to build a strong and sustainable nation."
According to 2005 figures of the Arab Labour Organisation, the number of unemployed in the Arab world is 16 million.
This number is estimated to increase to 25 million by 2010 and 80 million in 2020, with 60 per cent of the unemployed ages 15 to 24.
Unemployment
The GCC population will shoot up to 40 million by 2010, the highest ratio in the world. The labour force will reach 21 million. Every one per cent of the unemployed will result in an aggregate loss of 2.5 per cent in GDP, which equals $115 billion.
Al Islami and Alf Yad will later announce a consolidated plan to reach untapped human capital and the unemployed through franchising opportunities such as Al Islami Cart.
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