Saud Bin Saqr Foundation for Youth Project Development Organizes RAK SMEs Forum

Ras Al Khaimah, UAE, May 3, 2016: The Saud Bin Saqr Foundation for youth project development organized the forum of Ras Al Khaimah SMEs at Al Hamra Convention Centre, under the sponsorship of the Chamber of Commerce and Industry. The forum aimed to achieve the goals of the organization in developing the SME business sector and contributing to achieving the government’s policy to develop youth projects in Ras Al Khaimah. 

This achievement will be in line with the nation’s endeavors and interests regarding youth projects, through designated national entities and institutions, to use programs and meaningful initiatives to achieve development in this area. This ties in with the importance of promotional exhibitions and forums held by the UAE - and its role in promoting services and products, establishing communication channels between vendors and target audience and affording an opportunity to present all products of the foundation's members. 

These activities provide an opportunity for youth to showcase products/services from their projects within a promotional environment, which attracts targeted local, federal government bodies and major organizations and corporations to promote their products and services in different commercial, service and industrial spheres, besides establishing communication channels between the various projects.

Youssef Ismail, Head of the Supreme Committee of the Foundation, stated that the UAE is witnessing a significant economic upswing in line with its well-studied plans and insightful vision. The UAE Economy has several favorable qualities such as a diverse economy based on knowledge, innovation, competitiveness and competence - besides providing all necessary facilities for entrepreneurs, i.e. technical and administrative support through establishing specialized institutions to sponsor and develop youth projects. This includes the Saud bin Saqr Foundation for the development of projects - which started operating in 2008 as an initiative of the Chamber of Commerce and Industry in Ras Al Khaimah to develop SMEs in the Emirate. The foundation contributes to encouraging UAE nationals to operate their own businesses, diversify the economy, and achieve sustainable development. He added: “SMEs in the UAE contribute with more than 80% of our national income, which takes our interest in the youth and their projects beyond mere encouragement to actual participation and sustainability of the national economy. The foundation has supported 488 projects which have benefited from the services of foundation, besides the 800 plus young participants in the fields of training, development and human resource development. Active projects of present members came to 138.

The Foundation’s annual plans include evaluating members’ projects and highlighting the outstanding ones. Thus far, eight projects have attained excellence criteria in several fields. These projects were honored during the forum by Mr. Youssef Al Nuaimi, Chairman of RAK Chamber. 

The “Initiative of Government Procurement Program” was launched during the venue. This initiative enables youth-run SMEs to have a chance to develop through supplying the Ras Al Khaimah government and affiliates, in addition to support organizations, by meeting supply needs of products/services for contracts and procurements.

A number of agreements were signed in different cooperation fields with a number of local parties operating in the Emirate. In 2015, the foundation achieved numerous achievements, including more than 370 consultations for members in management, technical and financial fields among others. Compared to 2014, members’ growth increased to 36%. The projects were divided into 4 classes; vocational projects – 55%, commercial projects – 41%, industrial projects – 3% and agricultural projects – 1%. Eight industrial units of land were granted to UAE nationals after submission of competent feasibility studies for their projects.

The foundation has also implemented 9 training courses for members in order to enable entrepreneurs to manage their projects effectively. Educational forums were also established, with the aim of increasing awareness on the importance of SMEs and in the exchange of ideas, suggestions and expertise.