Business

Dubai SME - an entrepreneurship division of the Department of Economic Development - has launched the second phase of the 12th edition of the Young Business Owner Competitors (YEC), with the occasion being held under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.

An overall of 580 projects will certainly be shown in the 2nd phase of the competitors, which has been established to encourage young people engagement with business, particularly shopping, as a business activity. The effective principles will be showcased at an exhibition at Dubai's City Walk from April 5-7, with individuals utilizing an entrepreneurial stand platform to market their merchandises.

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum released the very first stage of YEC in December, with the effort seeing Dubai SME working in partnership with the popular shopping portal souq.com to make it possible for competition participants to retail their products through the website. As the Arab world's largest on-line store drawing in more than 23 million visitors a month, souq.com provided a remarkable digital platform for the individuals to show their e-vendor capacities. The first stage of the contest included the rivals presenting and offering their products via the interactive platform, completing to reach the largest number of targeted customers and offering the logistical support required for sales.

Talking about the initiative, H.E Abdul Baset Al Janahi, CEO of Dubai SME, said: "The fact that the second phase of YEC has brought in such a great deal of young people and students from across the UAE emphasizes their deepness of awareness of the entrepreneurship market and its capability to supply them with excellent possibilities. The strong involvement in the very first phase of the competitors was a rejuvenating testimony of Arab youth's capacity to handle shopping, which has actually come to be a major part of the retail sector in the UAE and across the region."

"YEC remains in line with the UAE technique for digital transformation by giving an affordable trading platform for youngsters, allowing them to start their tasks and businesses from an early age. It offers them with all the support they require for development and contributes to the creation of a sustainable economic climate. The contest aligns with the approach of our government, which supports the principles of creative thinking and innovation and overviews the powers of youths to participate properly in the advancement of their country."

Abdul Aziz Al Mazam, general organizer of YEC, said that the second phase of competitors attributes entrepreneurs participating in two groups. The initial sees children from 5 to 11 years old participating with 200 tasks; the 2nd sees older children and young people aged 12-25 years taking part with 380 projects.

Al Mazam mentioned that Dubai SME's option of City Stroll for the event was made based on a variety of aspects; it stands for a vital turning point in the advancement of the Emirate of Dubai, it brings in a lot of site visitors daily and it has an integrated infrastructure which sustains the principle and concept of YEC.

The YEC business categories include arts and crafts, devices, product design, children's products, digital photography, standard products, optics, personal care, books, education, mobile and tablet computers, electronics, sport and fitness, playthings and video games, songs, car devices, house decoration and furnishings, and yard and exterior. Innovative activities within YEC consist of: Artificial Intelligence, renewable energy, innovation, transport, education, health, water and space.

Stage two of YEC is open to all nationalities staying in the UAE. For the age 5-11 years, the variety of individuals in each project ought to not go beyond 2 and the group leader or guardian ought to register the project in the application of the competitors. For the age 12-25 years, the variety of individuals in each project should not surpass four and the group leader should register the project in competition application.

Because its launch in 2005, YEC has spread out extensively among students and youths in the UAE, attracting more than 4,000 tasks and 11,000 individuals. The competitors's new digital platform has contributed to the growth of individuals this year and has brought their jobs to the biggest possible section of customers.

Dubai SME is examining the jobs associated with the last stage by computing details performance points made. Competitors winners will certainly be picked based upon these factors and those awarded during the 2nd phase at City Stroll. The champions will be announced on April 14, 2018, at the annual YEC awarding event that will certainly happen at Dubai World Trade Centre.

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