FORSA joins forces with Mohammed Bin Rashid Establishment to support women entrepreneurs Memorandum of understanding signed to facilitate close cooperation

July 13 2008:
Dubai
FORSA, the Dubai World company that offers premium investment opportunities for women, and the Mohammed Bin Rashid Establishment for Young Business Leaders (SME), the pioneering governmental organization that supports small and medium enterprises run by UAE nationals, today signed a memorandum of understanding (MoU) designed to promote value-added investment opportunities for women entrepreneurs in the country.

The MoU was signed by Manal Shaheen, Vice Chairman of FORSA Board of Directors, and Akil Kazim, Director of Operations department at Mohammed Bin Rashid Establishment for Young Business Leaders, during a press conference held at the SME head office. Also in attendance were Adel Al Shirawi, Vice Chairman, Istithmar World, and Chairman of the FORSA Board of Directors, and Abdul Baset Al Janahi, Chief Executive Officer of SME.

Under the terms of the MoU, SME will promote FORSA as the preferred strategic partner among its members and facilitate alliance opportunities for investment between FORSA and the young entrepreneurs. FORSA, with its profound understanding of the region’s investment potential, comprehensive knowledge of the business landscape and skilled management team, will offer “smart capital” to fund startup companies and play a key role in adding further value and realizing the true growth potential of portfolio companies.

Heralding the benefits of the agreement, Adel Al Shirawi, said: "As the major stakeholder and a vital partner in the growth of FORSA, Istithmar World is very supportive of this unique venture capital initiative that will create exceptional investment opportunities for FORSA, while further nurturing and developing the entrepreneurial spirit of young nationals.

“This agreement represents a union of forces between two highly focused and dynamic institutions, which have a proven track record of applying combined strengths, talents and knowledge across a range of industries and markets. This agreement is well poised to bring huge benefits to women entrepreneurs and investors especially, as the MoU are geared to participate in new business ventures at the launch stage, with a special focus on women-led enterprises, thereby enabling them to be part of high-growth opportunities aligned with the sectors most significantly contributing to the region's GDP.”

Akil Kazim concluded: “At SME, we strongly believe that encouraging the entrepreneurial spirit is the basis of success in today's economic environment. We are honored to work with a pioneering organization like FORSA, which is opening up new avenues of opportunity for UAE businesswomen. This MoU fits in well with the SME’s goal of encouraging the next generation of business leaders. We are confident this agreement will yield great results.”

Manal Shaheen said: “We believe this MoU has forged a perfect match between FORSA's new Venture Capital investment initiative and a proven business incubator like the Mohammed Bin Rashid Establishment for Young Business Leaders. This is a collaboration that provides an ideal platform for aspiring women entrepreneurs of this country, reflecting our commitment to contribute to the UAE society by creating opportunities that will help empower women through market enterprise.”