Sheikh Mohammed backs initiative which aims to encourage youths to launch their own start-up projects
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has launched a Youth Hub which aims to encourage youths to launch their own start-up projects.
The Federal Youth Authority initiative will be the largest open trade incubator in trade centres, markets, airports, cultural and tourist facilities in the country, a statement said.
It added that the initiative will provide free spaces with key services and facilities to support youth launch their own start-up projects. Incentives also include guidance and mentorship, flexible modern designs and marketing and brand identity.
The launch ceremony was also attended by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, chairman of Mohammed bin Rashid Al Maktoum Knowledge Foundation, Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, and Shamma bint Suhail Faris Al Mazrui, Minister of State for Youth Affairs.
The initiative aims to support young entrepreneurs and is part of the Government of UAE's decision to foster and support start-ups and accelerate their pace of growth.
The initiative will - in partnership with a group of strategic stakeholders - directly connect youth trade projects with clients in order to provide them opportunities to evaluate their products and performance.
The youth incubator will bear the cost of leasing spaces to reduce potential risks and challenges that young entrepreneurs may face and make them concentrate on investing in points of strength in their products and services.
The Youth Hub will allow young entrepreneurs aged 18 to 35 to launch new companies in six months, with the Federal Youth Authority along with its partners providing spaces in major shopping malls and trade centres across the UAE.