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Dubai: A new programme is set to challenge the private sector in the region to develop innovative business concepts to drive the development of the Arab world.
The Mohammad Bin Rashid Foundation launched 'Sawaed', which operates as a "challenge fund" to encourage businesses to compete for funding in response to an annual and specific regional development goal.
The launch of the event on Monday saw the signing of a memorandum of understanding (MoU) by Sultan Lootah, vice-president of Entrepreneurship and Employment, and Assem Kabesh, CEO Young Arab Leader (YAL).
YAL an independent, not-for-profit organisation will leverage the experience of 30 active members who will serve as mentors and support eligible businesses across the region.
The programme will award non-refundable grants of between Dh100,000 and Dh1 million to projects implemented by private sectors entities, aiming to increase the amount of high-quality Arabic online content, develop and improve access to education, knowledge and information.
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