Dubai-UAE: 28 September, 2016 – Awqaf and Minors Affairs Foundation (AMAF) has signed a Memorandum of Understanding (MoU) with Dubai SME to strengthen Dubai's position in the entrepreneurship and waqf sectors in a way that reflects positively on the economy and society at large.
The agreement was ratified by His Excellency Tayeb Al-Rais, Secretary General of AMAF, and His Excellency Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME, at AMAF's headquarters in Dubai, in the presence of senior officials from both organizations.
The agreement seeks to improve collaborations and synergies between the two entities in supporting SME projects and offer all necessary assistance to Emirati entrepreneurs seeking to launch their own businesses. The partnership will also include providing consultation services to AMAF's minors once they reach majority towards encouraging them to launch their own enterprises.
For its part, AMAF will offer priority registration and leasing in its stores to members of Dubai SME - including the waqf stores and mosque sites that are under its management.
Speaking on the agreement, His Excellency Tayeb Al-Rais said: “Dubai has become a global hot spot for entrepreneurs keen to launch their businesses and get them off to a great start. Through this agreement, Emirati youth can seamlessly leverage AMAF's waqf stores to launch new projects or expand existing ones."
He added: “The agreement marks an important first step in partnering with Dubai SME. We hope to increase our synergies with this entity and like-minded organizations to support Dubai's strategy of shaping an enabling entrepreneurial environment in the emirate. We also aim to generate waqf revenues to allow AMAF to continue its efforts in enhancing social solidarity, providing care to orphans and minors, and implementing humanitarian projects that improve people's lives across the globe."
For his part, Abdul Baset Al Janahi said: "At Dubai SME, in addition to regular assistance with setting up start-ups, we provide entrepreneurs with a range of services such as counseling, supervision and technical support for the success of their businesses – from inception to the eventual scaling up of the project. As part of our agreement with Awqaf and Minors Affairs Foundation, Dubai SME will assist AMAF's registered members and provide them with the required licenses and opportunities to benefit from the Government Purchasing Program (GPP). It will also facilitate project management training for the minors and caregivers at AMAF.
“The Foundation's role is not limited to social aspects alone, but is vital in creating a spirit of entrepreneurship in Emirati minors that will help them forge independent start-ups once they reach the legal age."