Mohammed bin Rashid Establishment for Young Business Leaders signs MoU with S.S. Lootah Group
Agreement calls for mutual cooperation in training and professionalism

July 2 2008:
Dubai
The Mohammed bin Rashid Establishment for Young business Leaders (SME) has recently signed a memorandum of understanding (MoU) with the S.S. Lootah Group. Based on the agreement, the two sides will draw plans with clearly defined objectives for the monitoring and evaluation of performance in the area of supporting small and medium-scale businesses for their mutual benefit.

The agreement also calls for mutual cooperation between the two sides in the areas of science, training, various professions and sharing of experience.

SME CEO, Mr. Abdul Baset Al-Janahi, signed the agreement for his side, while the board member of S.S. Lootah Group, Mr. Rashid Saeed Lootah, also signed for his out fit in a short ceremony which was attended by members and representatives of the two sides.

In a statement, Al-Janahi said: “We are happy to sign this agreement with a leading national trading group which is doing everything it can to support government projects that aim at developing the sons and daughters of this country and young business leaders.”

He said according to the agreement, SME will furnish S.S. Lootah Group with a list of SME registered members.

He added that the SME will embark on a monthly update of the list of its members and will hold with them regular meeting every six months. He said priority would be given to the Group’s staff in the special training courses on business leadership being conducted by the SME.

The board member of the S.S. Lootah Group, Mr. Rashid Saeed Lootah, for his part, expressed profound gratitude to the SME board members for the trust they reposed in his company through the signing of what he described as “a very important agreement” with his company.

He said based on the agreement, his out fit will be providing support for the government procurement Program by giving advantage to members of the SME regarding his Group’s purchasing and contracts, for which, he hinted, members of the SME would be given advantage on condition they present competitive prices for their goods and services.

He added that his company will nominate some staff from the purchasing, contract and projects sections to coordinate and follow-up this issue with the SME and its members while the SME will also appoint an executive who will be tasked with following up all issues related to its members and the updating of the members register. “But in the case of other issues like complaints, for example, they will be handled by government procurement Programme department and the Group’s purchasing section,” he further explained.

Meanwhile, a report will be released every six months to highlight the level of cooperation between the two sides to ensure it falls within the ambition of the agreement. The report will be presented to the board chairman of the Group and the Chief Executive of the SME. The Group will also provide counseling to the SME members in the areas of science, training and various professions to boost their skills, innovative applications and creative thinking.