The launch of the Mohammed bin Rashid Establishment for Young Business Leaders

The following is the translated transcript of Sheikh Mohammed's speech announcing the Mohammed bin Rashid Establishment for Young Business Leaders.

In the name of Allah, the most merciful, the most compassionate.

Peace and blessings of Allah be upon you.

Brothers and sisters, we meet today to announce a new initiative that differs from previous ones as it is renewable and continuous because it is related to the nation's young people, whom we nurture because they are the country, in their arms and those of their predecessors our country has achieved success and progress and it continues to prosper because the new generations have followed the path shown by H.H. Sheikh Zayed, may Allah protect him and H.H. Sheikh Maktoum, may Allah protect him.

Today I am announcing a promising new initiative for our young people - it will be an outstanding mark for future generations and a real challenge in and of itself.

It will succeed, if Allah permits, because we have the determination to realise it. It will be the first programme executed by the DDIA.

We have provided all the prerequisites for the success of creative new ideas. The dozens of successful projects that have been established are evidence of the collaboration between the public and private sectors. Some of these projects executed by enterprising nationals have been exemplary at both regional and international levels.

Today I announce an establishment called the Mohammed bin Rashid Establishment for Young Business Leaders to support young people's projects and I also announce a Dh.700 million Islamic Fund, set up in cooperation with Dubai Islamic Bank, to finance the Establishment's projects.

As you know, the government has taken the responsibility for ensuring all the elements required for the success of the private sector's creative ideas and it has paid even more attention to those of the nation's young people. As usual, we will not spare any effort in facilitating projects that promise to contribute to the advancement and progress of the country. The government is ready to provide ambitious young people with all available means and resources to support and finance their projects.

The support to which I refer today will not be limited to the financial or material, or to encouragement. We want it to take a new enduring form - to ensure continuity and success and to bring our young people into the business world so they can benefit from the opportunities provided by our huge projects, some of which have been executed and others of which are in progress, to ensure the ultimate prosperity of the country.

I call on all government and semi-government departments to make at least five per cent of their total purchases from projects under the new Establishment - this will guarantee markets for the young people's products and they will work to high international standards and produce quality, competitive goods and services.

The country will not achieve economic prosperity unless it can count on itself and encourage the private sector. Young people are in charge of pursuing the route to economic development because they are an effective and productive force and the pulse of society.

Today, young people are called to contribute to the national economy by participating in the Establishment, and they must present projects to the Establishment for the necessary support.

The initiatives and ideas of the UAE's young people will be the nuclei of giant projects that will play an effective role in the development of the national economy.

Certainly, these projects will help to diversify the sources of national revenue and the Establishment will be a luminous sign on our path to economic and social growth - it is an addition that will help creative young people make their dreams come true.

The Establishment is founded to help young people launch their ideas and transform them into profitable businesses rapidly.

Our goal is to prepare over 200 young businesspeople in the first year in the hopes that this number will increase several times over in upcoming years.

Finally, I have to confirm that this is not the first such initiative - two years ago we supported the Tumouh and Intilaq programmes, which yielded numerous projects - and it will not be the last. Many other programmes and projects to support the country's young people and offer them new ways of participating in society and in the growth of the national economy are being studied.

Peace be upon you.

Question: Your Highness, we have a question from the English side finally, if you can just answer our question. You're putting a lot of investment into this sort of authority and into young entrepreneurs - what do you hope to achieve from that? You're saying you want to diversify national incomes - what do you hope to achieve from this kind of a project?

Sheikh Mohammed: Well my aim is our investment in our people. That is what we are doing. We want to encourage young people to work and we use all these projects, because we have a lot of projects coming and we need our people - our young people - to join in.