@Khalifa_Fund Abu Dhabi Entrepreneurship Forum attracts regional and international delegates

                                                                             

Chad Hurley, co-founder of YouTube, urges youths to embrace creativity and innovation in entrepreneurship

The Abu Dhabi Entrepreneurship Forum 2013 (ADEF) has attracted massive attendance from regional and global delegates, under the patronage of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

During his speech, special guest Chad Hurley, co-founder of global social video-sharing giant YouTube said: “I would like to express my delight and honor at participating in this forum, as it gives me the platform to share some valuable insights that I have learned since I launched YouTube with my partners Steve Chen and Jawed Karim. Our brand has become a global icon, and I believe this forum can facilitate knowledge transfer that nurtures other global brands.”

He added that it is vital for business owners to give themselves the mental space to conceptualize big ideas and explore their creativity to its fullest. This would ultimately lead to innovative problem-solving, strong leadership, higher financial returns and eventually stronger economic growth.

According to Hurley: “When young people get access to such a pool of experience from established entrepreneurs, it accelerates their learning process since it means they don’t have to wait to learn everything the hard way. This will help the nation build a knowledge-based economy where intellectual assets are just as valuable - if not more valuable - than physical assets.”

Commenting on the event, Abdul Malek Al Jaber, Founder and CEO of MENA Apps said: “The magnitude and significance of this forum proves that we have reached a turning point in our region, with the youths taking on greater responsibilities. They form the largest proportion of the population, so they should also be allowed a greater proportion of the opportunities in entrepreneurship. I personally believe that this forum is the best possible platform to learn from success stories regionally and globally, so that we can create our own successes.”

Badr Jafar, Managing Director of the Crescent Group and co-founder of Global Gumbo Group said: “By hosting high-profile events like the Abu Dhabi Entrepreneurship Forum, the Khalifa Fund continues to pioneer new pathways in entrepreneurship, championing the role of a new breed of smart SME’s. In my view this forum is the ideal opportunity to transform fledgling ideas into successful market leaders.”

Jafar explained that today's global corporate giants were at one point only start-ups, citing the example of Gulftainer - a subsidiary of the Crescent Group, which began its operations as a small port operator in Sharjah in 1976: “By adopting the best practices in business and enhancing its efficiency and innovation, Gulftainer has today become the world’s largest privately-owned port operator, managing world-class terminals in the UAE, Saudi Arabia, Iraq and Brazil. The Abu Dhabi Entrepreneurship Forum can nurture similar success stories, helping emerging local companies to make their mark on the global economic landscape.”

Buthaina Al Mazroui and Princess Nora Bint Hashim, owners of Bretton Dinner Club, also concurred that this forum can bridge the gulf between local start-ups and the more established market leaders, as delegates benefit from the decades of experience of world-renowned speakers.

Faisal Al Hammadi, co-founder of Slices, said: "Our region has one of the most promising and fastest growing economies in the world. Added to that, we also benefit from highly supportive government mechanisms that facilitate end-to-end opportunities - from start-up funding right up to the launch of the projects, and favorable terms for their operations.”

He added that the main obstacles include streamlining the procedures for launching new projects, reducing the operating expenses and revamping the bankruptcy policies. However he conceded that these obstacles are outweighed by the positive factors such as business incubator centers that empower entrepreneurs to fully develop their ideas.

Sana Bagersh, CEO and founder of ‘Tamakun’, said: “The SME sector is one of the key growth engines that shapes the economic landscape, and is also a major driver of job creation. There is a wealth of fresh ideas and ambitious visions, if we can only give entrepreneurs the opportunity to contribute to our socio-economic infrastructure.”

She added that the big advantage of SME’s is that their owners have more leeway and freedom to innovate and take calculated risks with new ideas, whereas bigger companies might not have as much flexibility and are more risk-averse.

Commenting on his experience at the forum, Rabea Ataya, CEO and Chairman of Bayt.com said: "It is quite evident from this forum that the entrepreneurial spirit is deeply rooted in the region. At Bayt.com we have a proud track record of assisting emerging companies to recruit top-notch talent. Human capital is a crucial make-or-break area for the success of any business, so we are proud to be professional matchmakers helping young entrepreneurs to find compatible candidates who can elevate them into a sophisticated, advanced operation.”

Giving an insight into the benefits of participating in the event, Ala’a Eraiqat, CEO of ADCB said:

 “It gives us utmost pleasure to have been part of the Abu Dhabi Entrepreneurship Forum 2013; we look forward to tackling the next stage in the evolution of the SME segment in the country. The Government of Abu Dhabi and the United Arab Emirates are already playing an internationally commendable role in supporting rising entrepreneurs, and as part of Abu Dhabi’s Economic Vision 2030, the Emirate has already put in place economic policy priorities, in favor of Small and Medium Enterprises.

We at Abu Dhabi Commercial Bank believe that this segment will significantly contribute to, if not lead the growth trajectory towards the ‘New Normal and Sustained Economical Boom’. We pledge to continue supporting this vital segment, as SMEs are the lifeline to strong, competitive and thriving economies.

His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth & Community Development, officially opened the forum in the presence of His Excellency Sultan bin Saeed Al Mansoori, Minister of Economy; His Excellency Mohammed Omar Abdullah, Undersecretary of the Department of Economic Development; and a number of senior officials, decision-makers and entrepreneurial specialists from across the region and beyond.

The opening session of the forum focused on the theme of "Transforming economies through entrepreneurship.” Renowned speakers explained how entrepreneurs can lead a renaissance in the region's economies by promoting strong leadership and innovation that achieves prosperity for all segments of society, while taking advantage of the available international opportunities.

The agenda also included a comprehensive presentation on the development of successful SME’s, highlighting the role played by the Khalifa Fund in helping numerous SME’s to adopt the latest technologies of e-learning and business management.

A panel discussion entitled "Foreseeing a new wave of entrepreneurs" highlighted the sectors that are forecasted to thrive with the next generation of entrepreneurs, provided they receive administrative, intellectual and financial support to create employment opportunities and economic diversification.

Another dialogue session on "Accelerating the pace of entrepreneurship in the Arab world"  shed more light on the importance of entrepreneurship in transforming the image of the Arab world and giving it renewed hope; as well as the need for collective action to transform the region into an incubator for innovation and progress.

The closing session included a discussion featuring business leaders who gave insights on their success in the business world, so that other entrepreneurs can learn from it.

There were numerous workshops, the most prominent being "Financing for SME’s”, which focused on the key challenges faced by entrepreneurs in terms of funding, and how they can grow their business in line with the latest financial best practices.

A session on "Microfinance" reviewed the challenges and opportunities in microfinance in the UAE and the region, enabling other entrepreneurs to benefit from the experiences of successful SME’s who have utilized micro-financing.

A workshop on "Youth and Entrepreneurship" tackled pressing issues faced by young entrepreneurs in the UAE, spreading the culture of leadership and instilling the values ​​of creativity, innovation and efficiency.

The final panel discussion was on "Social integration", exploring how economically vulnerable segments of the UAE can benefit from a culture of entrepreneurship, through material and moral support.

The Khalifa Fund for Enterprise Development has signed a cooperation agreement with the Lulu Hypermarket Group, in which projects supported by the Fund will receive special privileges such as exemptions on registration fees for suppliers in the first year, shorter collection times, and discounts of up to 50% on the supply fee at Lulu Hypermarket Group during the year.

Khalifa Fund also entered a strategic partnership with IBM, in which projects will benefit from the "Toolkit" electronic program designed to encourage creativity among entrepreneurs, and provide them with all the necessary knowledge to launch their projects and network with fellow entrepreneurs around the region and the world.

On the sidelines of the forum, Star Safety & Security Consultancy Company in Abu Dhabi has signed an agreement with Canada’s Fire & Emergency Services Training Institute, based in Toronto and owned by the Airports Authority of Toronto and Pearson International Airport. This agreement will provide special services for the management of airports as well as emergency and rescue operations, while providing consultancy and training.

The forum brought together numerous local, regional and global entrepreneurs such as: Abdullatif Alsayegh, CEO of Alsayegh Media; HE Abdul Baset Al Janahi, CEO of Mohammed Bin Rashid Establishment for SME Development; Badr Jafar, Managing Director of the Crescent Group and co-founder of Global Gumbo Group; Hala Fadel, Chair of the MIT Enterprise Forum in the Pan-Arab region; and Clare Woodcraft, CEO of the Emirates Foundation for Youth Development.

Various leading companies from around the region participated, notably: Abu Dhabi Tawteen Council (ADTC), National Entrepreneurship Institution, Organization for Economic Co-operation and Development (OECD), Noor Islamic Bank, ‘Sanabel’ - The Microfinance Network of Arab Countries, Al Amal Microfinance Bank from Yemen and Bedaya Center from Qatar, among others.

The sponsors of the event included Abu Dhabi Commercial Bank, ‘Senaat’ General Holding Corporation and British Petroleum, among others.