JEDDAH, 10 January 2007 — The Jeddah Economic Forum (JEF) Collegiate Business Venture Award was instituted at a signing ceremony held at the Jeddah Chamber of Commerce and Industry (JCCI) yesterday.
The launch of the award, which presently covers 20 colleges and universities in nine countries, followed a signing ceremony participated in by JEF Chairman Sami F. Bahrawi and Al-Baik Food Systems CEO Rami S. Abu-Ghazaleh.
“This prestigious award targets students in order to establish entrepreneurial training as a new discipline that will ultimately benefit both the public and private sectors in the region and create recognition of entrepreneurship as a dynamic factor in economic growth,” Bahrawi told a press conference.
“The JEF Collegiate Business Venture Award is a unique initiative. It demonstrates our care and concern for the development of talent among the region’s students so that they may become our future business leaders,” he added.
As an exclusive partner, Abu-Ghazaleh said “this agreement is a long-term investment for the youth of the region. We are confident that there is a lot of hidden potential and that this award will unlock and evoke the students’ innovation and creativity in various business management fields.”
With a prize of SR40,000, the award is open to all junior and senior level students in local and regional colleges and universities across the GCC countries, Lebanon, Jordan and Egypt.
The Kingdom’s institutions include King Abdul Aziz University, Effat College, Dar Al-Hekma College and King Fahd University for Petroleum and Minerals. The winner will also be enrolled in an intensive one-week training program at London Business School – the forum’s academic partner and one of the top 10 business schools in the world – and a two-week training program at Al-Baik.
Undergraduate students will have the opportunity to develop and present a business plan for an existing or a proven local service concept that can be successfully expanded nationally and regionally.
Vehicles of expansion of such a concept shall be either through company-owned outlets, franchising, or through joint ventures. Students are expected to explain why they chose one method over others. All entries will be evaluated according to the highest standards by a preliminary judging panel provided by JEF, including JCCI officials, business leaders and academicians.
Organized by the Jeddah Marketing Board, a department of JCCI, the forum is now firmly established as a prestigious annual fixture in the calendar of international events. The JEC has become one of the most prestigious and highly anticipated events in the Kingdom and throughout the Middle East and is expected to attract more than 2,000 delegates from around the world.
The JEF 2007 is set from Feb. 24-27 at the Jeddah Hilton. As in previous years, the event will feature a roster of distinguished speakers and attendees including global leaders, international decision-makers, economists, leading businessmen and women and academic specialists.
“As the official sponsor of JEF Collegiate Business Venture Award 2007, Al-Baik is an icon of the highest quality and best value in the restaurant industry. Al-Baik is also a leader in presenting programs that are educational, entertaining and geared to developing the minds and creativity of the youth in the Kingdom,” Abu-Ghazaleh said.
