AUB School of Business and Al Maktoum Foundation Establish Center

Najjar and Laotah lauding the new agreement...

The Suliman S. Olayan School of Business (OSB) recently signed a memorandum of understanding with the Mohammed bin Rashid Al Maktoum Foundation, UAE, to establish a center for entrepreneurship and innovation at AUB.

The memorandum provides AUB with an almost $5 million endowment to establish the center, which will serve as a regional nucleus for entrepreneurship research and knowledge dissemination in the Arab world.

The agreement was signed on July 10 at AUB by Sultan Lootah, vice president of the Mohammed bin Rashid Al Maktoum Foundation, and George K. Najjar, dean of the Suliman S. Olayan School of Business at AUB. The signing ceremony was attended by a significant gathering of high ranking officials from both sides.

Operating as an open source institution for its published output, the center will offer access to its resources to eligible entrepreneurs, researchers, and relevant stakeholders as determined through mutually agreed criteria set by the foundation and AUB.

Dean Najjar said: "The Olayan School of Business at AUB is profoundly grateful for this major vote of confidence from the Foundation….We will do all we can to function as a major vehicle for achieving the worthy goals of the Foundation in promoting entrepreneurship know-how in our part of the world."

On his part, Sultan Lootah said: "We are glad to join hands with a pioneering educational body that enjoys a long-standing history of milestone achievements. We are confident the outstanding research competencies of AUB will significantly solidify our efforts to promote entrepreneurship as a strategic solution to the overwhelming problem of unemployment in the Arab world."

In a statement on the signing, Mohammed Al-Gergawi, chairman of Mohammed bin Rashid Al Maktoum Foundation, said: "The new center complements the foundation's strategy to promote Arab capabilities and provide enhanced opportunities for Arab youth….We are confident the foundation's partnership with AUB's Olayan School of Business will prove instrumental in exploring and unleashing the untapped potential of youth in this part of the world."

Under the agreement, the Al Maktoum Foundation and OSB will combine forces to support and develop entrepreneurship-related research, training material, and expertise in the Arab world. The foundation and AUB will also work towards enhancing regional business capabilities, leading to a better understanding of current and future entrepreneurial activity and challenges in the region.