Mentorship sessions for MITEF Saudi Startup competition conclude in Dammam

The mentorship sessions of the third MITEF Saudi Startup competition are being held in Jeddah, Riyadh and Dammam.
Updated 19 February 2018
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Mentorship sessions for MITEF Saudi Startup competition conclude in Dammam

The mentorship sessions of the third MITEF Saudi Startup competition conclude today in Dammam at the Aramco Center for Entrepreneurship.
In partnership with Olou, the permanent partner for guidance and consulting, the mentorship program focuses on a range of topics pertinent to any individual or company seeking to begin a business.
Each team has been provided with mentors and guides specializing in all aspects of entrepreneurship who cover topics including the art of brainstorming, how to design business models, customer discovery, and marketing and financing. Entrepreneurs also study unique business models and inspiring entrepreneurship stories.
The first session was in Riyadh and hosted by Dulani Business Center, one of the key Social Development Bank programs, supporting and advising the 45 teams who have qualified for the first stage of the competition. Following the Riyadh leg of the orientation, the program moved on to the Abdul Latif Jameel Center for Continuous Learning in Jeddah.
The 45 teams qualifying in three categories — Ideas, Startups, and Social Enterprise — will face the second round of judging later this month when the 27 finalists will be announced. The winners will be announced on March 3 in Riyadh at a function in honor of Majid bin Abdullah Al-Qassabi, minister of commerce and investment.


ADIB becomes first bank to join UAEIIC

Updated 23 June 2018
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ADIB becomes first bank to join UAEIIC

Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has joined the UAE International Investors Council (UAEIIC), making it the first bank in the UAE to become a member in the council. This comes following an approval from the board of directors of the UAEIIC, headed by Sultan bin Saeed Al-Mansoori, UAE minister of economy.

Through this membership, ADIB will join government decision-makers, locally and internationally, with the support of the UAE’s minster of economy, to help remove obstacles, strengthen foreign investment relations and support sustainable economic development.

Khamis Buharoon, vice chairman and acting CEO at ADIB, said: “We are proud to be the first bank to join the UAE’s Investors Council. We are also committed to the development of Emirati investments, which are critical to economic diversification and the UAE’s global economic competitiveness. Important measures have already been taken to secure support and protection and to overcome any challenges faced by Emirati investors abroad, and we look forward to playing an instrumental role in building on these efforts.”

He added: “The establishment of the UAE International Investors Council forms part of broader efforts to advance economic diversification policies that complement the expansion and growth of the UAE’s private sector as well as create a favorable environment that supports national companies investing abroad. The council provides a vital link between investors interested in promising opportunities available in countries with close ties to the UAE and governmental and semi-governmental entities to streamline the investment process. It also serves as a pillar for ensuring the protection of UAE capital abroad through advice, guidance, and logistic support.”

Jamal Saif Al-Jarwan, secretary-general of the Emirates Council for overseas investors, said: “We have the honor to join Abu Dhabi Islamic Bank as an active member of the council, which contributes to enhancing the role of the council’s working environment to support the state’s economic development and to keep pace with developments in the economic, investment and banking sectors in general, since the measure of success depended not only on financial results but also on how it dealt with the needs changing markets, innovative and sophisticated solutions that keep pace with rapid global changes and shifts in those sectors.”

He added: “Emirati investment abroad plays a vital role in more than 70 countries in the world and has a great impact on the soft and reputed power of our young state in the world, which is a great achievement and a strong demonstration of the path of investment of the Emirati investors in the right direction.”