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Dubai: Forsa, a Dubai World investment firm, on Sunday partnered with Mohammad Bin Rashid Establishment for Young Business Leaders on a project to provide financial support for UAE national women entrepreneurs.
Akil Kazim, director of operations department at Mohammad Bin Rashid Establishment for Young Business Leaders, told Gulf News that the two entities signed a Memorandum of Understanding (MoU), to offer "a financing product of venture capital or private equity stake in the business," to help UAE national entrepreneurs start businesses, especially the small and medium enterprises (SMEs).
Focus
While working with Forsa, a firm focused on businesswomen, the venture will seek to encourage and support national women in line with the Dubai Strategy 2015, officials said.
Manal Shaheen, vice-chairman of Forsa board of directors, told Gulf News that they will be using the government establishment's five year's experience in the SME sector, to help establish new businesses for women entrepreneurs.
Subject to other criteria, any female UAE national can approach the support of the venture, as long as the business will be set up in the emirate of Dubai, officials said.
In the early stages, they will be flexible in the criteria for accepting business plans as well as the required funding, Kazim said.
"The role of women entrepreneurs and employees is, without a doubt, a priority for this country and for Dubai. This MoU is a leap towards that direction," Kazim said.
While the establishment only provides financial supports to UAE nationals at the moment, Kazim said that, "This is likely to change in the future."
Speaking on the investment firm's progress, Shaheen said, "We have brought great returns for shareholders," and added that the company has aggressive plans for this year.
The investment firm provides a portfolio of investment opportunities aligned with the growth sectors most significantly contributing to the region's GDP.
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