(MENAFN- Khaleej Times) MasterCard and the Dubai Business Women Council, or DBWC, a part of the Dubai Chamber of Commerce and Industry, on Friday announced a collaboration to drive entrepreneurship among women in the emirate.
The move builds on the efforts of both organisations to mobilise and encourage women to participate in the economic sector by realising their entrepreneurial ventures.
The long-term agreement was formalised at a recently held meeting between Raja Easa Al Gurg, president of the DBWC, and Ann Cairns, president for International Markets at MasterCard, at the Dubai Chamber's premises.
Under the landmark collaboration, MasterCard and the DBWC will organise an annual event where aspiring women entrepreneurs will present their business proposals to a panel of judges and the winners will be mentored and guided by MasterCard to implement their business models. The screening process for this event will commence during the first quarter of 2014.
"Since 2002, the council has been providing businesswomen in the country with opportunities to develop and enhance their business enterprises. Women in the UAE are playing an increasingly important role in driving the economy, and we have taken it upon ourselves to support these entrepreneurs in their undertakings. By joining hands with MasterCard, we can now offer the much needed support to our members and ensure that even more women get the opportunity to participate in and contribute to the UAE's booming economy," Al Gurg said.
In the Middle East and North Africa, small and medium enterprises, or SMEs, comprise the most substantive part of the economy; around 95 per cent of the private sector is owned by SMEs, according to the findings of the Carnegie Endowment Centre. However, only 2.5 per cent of this total is women-owned "formal" SMEs. When one compares this figure with the findings of the International Finance Corporation that state that approximately 37 per cent of enterprises are owned by women globally, there are still significant inroads to be made in the region.
"Across the globe, MasterCard has been working with our partners to empower women, as disparities and obstacles to equal opportunities still exist... Encouraging women to participate in their local communities is not only a social cause, but has tremendous economic implications for these markets. The Dubai Business Women Council has significantly advanced the cause for more than 10 years, and we are eager to work with them to ensure that women across the UAE and the wider region have the opportunity to develop their skills and pursue their dreams," Cairns said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.