Emirates Foundation embraces UAE Innovation Week

DUBAI 24th November 2015 (WAM) -- Emirates Foundation the national foundation of the UAE established to facilitate public-private partnerships for empowering youth is engaged in a range of activities during UAE Innovation Week to encourage young Emiratis to embrace enterprise and creative thinking for personal and professional development.

On 24th November the foundation is co-hosting its quarterly business platform for social investment with its partner MasterCard. The forum focuses on the findings of Master-Card's latest report in its Leadership Knowledge series entitled 'Inclusive Growth in the Middle East: the Challenge of Transforming Demographic Burden into Dividends' looking specifically at the implications for youth.

Authored by Yasar Jarrar and Yuwa Hendick-Wong the report raises salient questions about the nature of economic growth in the MENA region and argues that it must change to accommodate the region's 'youth bulge' and address the 'youth quake' of social unrest that the region has witnessed. The report noted that a slowdown in trade means that regional economies must depend on domestic consumption and investment for future growth. This in turn may help create more inclusive economies which create sustainable output growth that is broad-based across all sectors and creative productive employment opportunities for the majority of a country's working population. Ultimately the report calls for action in three key areas for youth better economic opportunities and access to markets going beyond government funds and soft loans to promote enterprise and education reform that focus on teaching quality rather than technology and infrastructure. This further supports the authors' argument that inclusive growth reduces poverty.

Clare Woodcraft-Scott CEO of Emirates Foundation who moderated the panel debate noted the importance of Innovation Week in the UAE happening at the same time. "We believe that the leadership of the UAE has a clear vision for youth and for adopting policies and frameworks relevant to youth development. Innovation Week reflects this." She said that the foundation's programmes focus on empowering youth for better access and understanding of the labour market and for more engaged citizenship.

Raghu Malhotra President Middle East and North Africa MasterCard said "The research emphasises inclusive growth as a solution to support economic and social development in the MEA countries. When income distribution and opportunities are equalised countries will be able to boost local consumption reduce poverty and unemployment. Such changes will aid a rise in social and economic mobility leading to an expanding dynamic and increasingly prosperous middle class. In order to achieve these changes it is important for governments to foster an independent pool of young local entrepreneurs to drive diversification and have positive multiplier effects on the wider economy".

The panel also included Tarek Hajjiri Director Legal Policy Dubai Economic Council and Dr. Najat Benchiba-Savenius Head of Social and Economic Research Oxford Strategic Consulting.

The report noted the importance of governments fostering an independent pool of young local entrepreneurs that can drive diversification saying "Entrepreneurs play a vital role in their country's socio-economic development by creating new jobs stimulating demand for new products and introducing new technologies to the market. Entrepreneurship will also help youth move away from the sense of entitlement which prevails amongst young Arab people nowadays with nearly 75% believing that energy electricity and transport should be subsidised by their government."

On the same day Emirates Foundation signed a Memorandum of Understanding with the Mohammed bin Rashid Establishment MBRE for collaboration in the field of enterprise. Speaking at the event Maytha Al Habsi Chief Programmes Officer at the foundation noted that the challenges raised at the forum can only be addressed through effective collaboration for scale. "We believe in empowering young Emiratis to think creatively and to think entrepreneurially" she said. "Our own programmes are run like small businesses so that we can maximise their impact and scale. By working with like-minded organisations such as MBRE we hope to nurture young local entrepreneurs who can play a key role and have a positive multiplier effect on the wider economy."

Emirates Foundation's Think Science programme is particularly focused on innovation given its core purpose of encouraging youth in the UAE to consider Science Technology Engineering and Mathematics STEM as an academic and a career option. The programme comprises an annual competition and ongoing engagement with private sector companies interest in STEM.

During Innovation Week which runs from 22nd to 28th of November Think Science Youth Ambassadors will participate in several events across the UAE to showcase their own innovation and specific projects that deploy STEM to create scalable solutions for specific sectoral challenges in the UAE.

"Think Science is a great example of Emirates Foundation's efforts to unleash the creative potential of our youth. The programme has been gaining momentum since its launch and has now engaged with over 200 innovative projects submitted by young Emiratis. Last year our competition winners even went on to win an innovation award at the international level" Al Habsi confirmed.

"We are keen to work with the private sector to create opportunities for youth and notably to help them think about enterprise" said Mohanna Al Muhairi the Chief Operating Officer of the foundation who is also responsible for corporate partnerships. "This forum is a great example of how we can deploy expertise from the private sector to support both our programmes and potential policy recommendations in the field of youth. Research such as this is very valuable for helping us refine our business model and better empower youth."

As part of Emirates Foundation's contributions to supporting innovation and in line with the UAE government's vision of building a knowledge-based economy and promoting innovation as a key driver of sustainable development the foundation is hosting a youth mentoring and innovation roundtable this week which will bring together pioneering mentors and mentees to share their experiences and gain valuable insights for a positive sustainable impact in the life of UAE youth. The half-day session will be facilitated by innovation experts and will aim to grasp the wealth of experience of the mentors through giving their insights to youth on their innovative ideas.