The Arab Business Angels Network’s pan-Arab business plan competition – the Arab Business Challenge (the ‘Challenge’) - is entering its second Phase, with 200 teams qualifying into the next round.Contestants in the First Phase, which ended 31st March 06, submitted a five-page summary of their business idea.These were reviewed by the Challenge Assessors, PricewaterhouseCoopers, on the basis of scoring criteria provided by the Challenge’s Technical Advisors, McKinsey & Company.Details of the qualifying teams are published on the Challenge website: www.abchallenge.org
Submissions for the Arab Business Challenge began in January of 2006. Over 1,000 teams registered to take part with representation from all 18 countries targeted by the Challenge. (Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, UAE, Yemen).
The Challenge offers the two winning business plans the funding necessary to start up their business. Capital funding of up to US$ 1 million for each plan will be provided by Dubai International Capital (DIC), the organization entrusted with founding the Arab Business Angels Network and also represents one of the Challenge’s Organizing Partners.
“DIC takes pride in its role in helping aspiring entrepreneurs realize their goals,” said Sameer Al-Ansari, Young Arab Leader and CEO of DIC.“Through ABAN we hope to provide aspiring entrepreneurs with a credible network of resources for mentorship, education, networking and capital.”
The 200 qualifying teams will be eligible to participate in training workshops to be implemented by the Challenge’s University Partners – the Lebanese American University in Beirut, Yarmouk University in Amman, the American University in Dubai and the American University in Cairo.These will take place during the first two weeks in May.
The Young Arab Leaders (YAL), the Challenge’s other Organizing Partner, has identified a pool of leading businessmen and women from among its members who will offer coaching to teams from this stage until the final evaluation in September 2006.
Teams will also take part in presentations to a panel of judges in each centre and get feedback from prominent and respected regional business leaders. These events will be filmed by Al-Arabiya TV whose program is due to be aired between June and September 2006.
BACKROUND:
The Arab Business Challenge is the first initiative of the Arab Business Angels Network (ABAN), both of which were conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005.Dubai International Capital was entrusted with the roll out of both initiatives.
The Challenge is supported by the following partners: Dubai International Capital, the Young Arab Leaders, Al-Arabiya TV, McKinsey & Company, PricewaterhouseCoopers, the American University in Cairo, the American University in Dubai, the Lebanese American University and Yarmouk University.
About ABAN:
The Arab Business Angels Network (“ABAN” or the “Network”) was conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005, with Dubai International Capital as its founder and lead Angel.
As a Business Angels Network, ABAN is the link between entrepreneurs and Angel Investors. It acts as a vehicle to promote entrepreneurial endeavors and to build a community of Angel Investors across the Arab region.
Based in Dubai, ABAN aims to have a network of subsidiary offices across the region. It will complement the economic development objectives of the Arab World by facilitating the development of creative and exciting entrepreneurial ventures.
About Young Arab Leaders:
The Young Arab Leaders is a network of Arab men and women who have seen the power of action in their own lives, reached unprecedented levels of success for their age, who are positive and can see beyond today’s difficulties to that vision of a prosperous Arab future. These leaders are currently in prominent positions of responsibility and are destined for extraordinary achievement, and they believe that their efforts today can have an impact on their communities, countries and the region as a whole.
Better opportunities for education, new means of income generation and a belief in the ability to achieve is what will help Arab youth become tomorrow’s leaders. Members of Young Arab Leaders bring together their capabilities and resources to building the necessary environment that will facilitate the way for tomorrow’s young Arab leaders.
Each year, the Young Arab Leaders commit to implementing an Action Plan that sets the strategic vision of the organization. They undertake projects focusing on mentorship and education, while producing sector-specific plans that aim to increase income generation opportunities for youth.
About Dubai International Capital:
Established in 2004, Dubai International Capital (‘DIC’) is a Dubai-based, international investment company that primarily focuses on private equity. It is a wholly owned subsidiary of Dubai Holding.
DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, strategic investments and relationships.
In its first year of operation DIC’s portfolio comprises:
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US $1.5 billion acquisition of The Tussauds Group (UK), the largest operator of visitor attractions in Europe. |
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US$ 1.2 billion acquisition of Doncasters Group (UK), an industrial manufacturing firm that produces precision engineering components across various industrial sectors. |
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US $1 billion investment in DaimlerChrysler, making it the company's third largest shareholder. |
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US$ 300 million in commitments to private equity funds, across the Middle East, Asia, Europe and North America. |
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US$ 294 million investment company ‘JD Capital’ (Jordan), targeting investment opportunities in Jordan. |
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US$ 200million joint venture bringing the world’s leading budget hospitality brand, Express by Holiday Inn, to the GCC. |
Dubai International Capital is poised to expand its investment base to early stage investment opportunities by founding ABAN and positioning itself as its lead Angel Investor.
