Mohammad bin Rashid Foundation signs MoU with Syrian Computer Society’s ICT Incubator

17 Nov, 2008


The Mohammad bin Rashid Al Maktoum Foundation,  today announced it has signed a Memorandum of Understanding (MoU) with the Syrian Computer Society’s Information and Communication Technology (ICT) Incubator.

Established to build the information society in Syria and nurture entrepreneurial ideas, the ICT Incubator currently provides a variety of services and training to projects that are commercially viable.

This announcement came during the fourteenth annual Information and Communication Technology exhibit which was held at Exhibition City in the Syrian capital Damascus. The MoU was signed by Sultan Lootah, Vice President of Mohammed bin Rashid Al Maktoum Foundation – Entrepreneurship and Employment sector, and Dr. Rakan Razouk, Chairman of the ICT Incubator, Syrian Computer Society, in the presence of senior Foundation officials and key Syrian officials from the private sector, public sector and academia.

The agreement marks a new milestone in the Foundation’s Entrepreneurship and Employment sector, which seeks to develop cooperative programmes to advance the creative talents of Arab entrepreneurs and create new job opportunities, as well as enhance research methodologies and information exchange.

The agreement mandates the creation of an extensive online network for regional incubators to encourage interaction, share experiences, discuss best-practices and exchange information between entrepreneurs and incubators throughout the Arab World.

The Foundation aims to build the Arab incubator network into a framework that fosters fruitful relationships between corporations and academic institutions to ensure that new companies being incubated receive appropriate industry know-how and financial support. The network will also contribute to developing research methodologies and related studies that will be shared with relevant organizations.

Sultan Lootah said the MoU would serve as a pivotal element to achieve the ultimate goals of the Foundation, which seek to spread knowledge, encourage creativity and innovation, and develop human resources.

He said:  “The Foundation is inspired by the strategic vision of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which recognizes the importance of empowering Arab entrepreneurs to effectively lead the development process in the region.”

“Our research outcomes indicated entrepreneurship is on the rise among the Syrian youth. Based on this, we are confident our cooperation with the Syrian Computer Society will prove highly beneficial and guarantee strong economic growth,’ he added.

Dr. Rakan Razouk said: “The Syrian Computer Society is committed to cooperating with the Foundation and supporting its efforts to promote entrepreneurship and create more job opportunities in Syria and the Arab world.”

“The Society will work to hosting the network’s workshops and forums, as well as competitions, while actively sourcing investments for seed ventures. It will also provide the human resources needed to implement best-practices that can compete on a global level, besides working with the Foundation to enhance the online platform for regional incubators,” he added.

In its efforts to empower the Arab youth to better contribute to the region’s overall growth, the Mohammed bin Rashid Al Maktoum Foundation has, to-date, launched collaborative ventures with Morocco, Lebanon and Bahrain.

Earlier this year, the Foundation today signed an agreement with the Palestine Information and Communications Technology Incubator (PICTI) to initiate joint efforts for encouraging and stimulating entrepreneurial activity within Palestine and across the Arab world.

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