456 entries received for the Mohammed bin Rashid Award for Young Business Leaders

Winners for the annual entrepreneurship award will be announced on January 8, 2018
Dubai SME chief executive Abdul Baset Al Janahi.
By Lubna Hamdan
Sun 07 Jan 2018 09:04 AM

Dubai SME has received 456 entries for the 10th edition of the Mohammed bin Rashid Award for Young Business Leaders (YBL), which recognises innovative projects in the Arab world by young entrepreneurs.

Over half of the entries, 251, are from the UAE, while 78 entries and 127 nominated supporters are from the Arab world.

Of these, 76 businesses are by Emirati entrepreneurs, who garnered a combined revenue of AED963m, generated AED180m in profit and created over 4,000 jobs.

The other 47 are Arab entrepreneurs who generated a combined annual revenue of AED230m and AED26m in profit while creating 1,400 jobs.

Furthermore, the number of supporters from the Arab World is 39.

The award categories include trading, manufacturing, home-based services, innovation and more. Participants are evaluated based on several factors such as performance, creativity and corporate social responsibility.

The winners will be announced on January 8, 2018.

To be eligible for the award, businesses should be 100 percent owned and run by nationals of the country of origin.

Dubai SME is part of the governmental Department of Economic Development (DED). It aims at developing a competitive SME sector in the city.

In the span of three years, the annual YBL award has supported nearly 195 SMEs, created 240,000 jobs and facilitated funds of up to AED4m.

It is in line with Dubai’s vision to promote investment in human capital, and encourage entrepreneurship among youth in accordance to the Dubai Plan 2021, said Dubai SME chief executive Abdul Baset Al Janahi.

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Last Updated: Sun 07 Jan 2018 10:12 AM GST

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