DUBAI, 5th April, 2018 (WAM) — H.H. Sheikh Mansour bin Mohammed bin Rashid Al Maktoum visited the venue of the Young Entrepreneur Competition (YEC 2018), organised by Dubai SME – an agency of the Department of Economic Development – at the City Walk in Dubai today.
Being held from 5th to 7th April 2018, the 12th cycle of the YEC draws participation of 580 projects from competitors in the age group from 12 to 25 years and from 5 to 11 years in addition to ten projects for the People of Determination.
”It is important to instil the spirit of development and entrepreneurship in the young Emirati generations and give them the opportunity to develop competitive projects that contribute to the local economy growth,” H.H. said.
He was accompanied by Sami Al Qamzi, Director General of the Department of Economic Development, Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME, and Abdul Aziz Al Mazem, General Coordinator of the YEC, while touring the exhibition.
The YEC has had a significant impact on potential entrepreneurs since its launch in 2005, attracting more than 4,000 projects and 11,000 participants. The new electronic platform seeks to drive participation further and offer practical experience of e-commerce.
Winners will be announced on 14th April.
The competition is designed to encourage and facilitate the delivery of the idea of entrepreneurship and the trading to the youth of the future by providing a truly integrated business environment that ensures that generations of entrepreneurs are able to innovate and be creative within a competitive business environment.
This year’s Young Entrepreneurs Competition is different from previous years through the cooperation of the Mohammed Bin Rashid Establishment for the Development of Small and Medium Enterprises and Souq.com to launch an electronic platform through Souq.com and give the opportunity to all the youth from different nationalities in all of the UAE to showcase and sell their products through an interactive online platform of the Young Entrepreneurs Competition. Participants will experience the e-commerce process and compete through souq.com benefiting from displaying their products through their own stores on the site of souq.com where the participants can reach out to the largest number of targeted customers through this platform, souq.com will also provide logistical support for the sales of participating projects.
The participants in the Young Entrepreneurs Competition will be qualified to establish their online stores on souq.com by offering the necessary courses and seminars. Participants will also have the opportunity to see the volume of their daily sales, quantities available, quantities sold and returns, as well as customer feedback.
The participants will be given the opportunity to market their projects through the exhibition to that will be held City Walk Dubai, in order to create a competitive environment between participants simulating the real world of business.