Entrepreneurship Program for Women Trains 23 Women Entrepreneurs
Supported by Citi Foundation and Provided at CMPD, University of Dubai for 5th Straight Year
Dubai- “I believe that I’m much more confident and competent of what I will introduce in my field of work. Applying a business, market and financial plan of which are partially ready…I've learnt the fundamentals of becoming an entrepreneur and I was guided to realize the proper way to start a business. I've started by applying what I have learnt into my own business plan; doing market researches and market segmentation to develop a real business plan.”
Hessa Mohammad’s thoughts resonated well with the other 22 women who attended a rigorous 3 month training program on “Entrepreneurship and Business Plan Development” at the Center for Management & Professional Development, the community outreach arm of the University of Dubai (UD). Held for the 5th year in a row, the program was concluded recently through a certificate award ceremony held at the Samaya Hotel next to the Dubai Chamber. All participants were felicitated, while awards were presented to the three best business plans.
The Entrepreneurship program for women initiative is part of the Joint Venture for Finance & Entrepreneurship (JVFE), which was established in January 2005 as a joint venture between UD and Citi through an equal grant from the Citi Foundation. The JVFE aims at enhancing the qualifications and skills of UD’s merit students specializing in Management, Marketing, Finance & Banking and Accounting, and addresses the entrepreneurial qualifications of women through specialized and focused workshops.
The initiative allows for potential women entrepreneurs to enroll in a fully sponsored training program which shows them how to develop their business ideas into functioning enterprises managed by them on a full time basis, the necessary skills, and knowledge base.
The program covered topics such as screening of business ideas, understanding the industry and competition, elements of marketing and understanding how consumers buy, importance of cash management, product pricing, various marketing dimensions, how to do simple market research, cash flow management, financial planning, business plan development, putting the plan to work, and looking at ethical and legal concerns as well as the regulatory environment.
This year’s program also featured acclaimed trainers and guest speakers who enriched the program by sharing their valuable experiences with the trainees, including:
- Ms. Rama Chakaki, founder and CEO of Baraka Group, a management and consulting firm in Dubai.
- Ms. Sarah Feyling – a one time trainee of the 2006 batch and currently a successful entrepreneur and managing director of her own company called The Wedding Planner.
- Ms. Azza Al Qubaisi, UAE's premier jewelry designer- who has created and launched the brand Arjmst.
- Feroz Sanaulla, Director at Intel Capital covering the Middle East, Turkey and Africa (META) region.
- Fred F. Korangy, founder of Venture Capital firm New Enterprise East Investments.
- Ms. Tasneem Mayet, Senior VP and Head of investments for Forsa.
“Our ongoing strategic alliance with UD means that more deserving students as well as aspiring entrepreneurs will have the chance to succeed and excel in the UAE,” said Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE. “The success of the JVFE sets a benchmark for a working alliance between academic and business institutions in the UAE.”
Dr. Omar Hefni, President of UD, said: “JVFE has proven to be a unique proposition designed to address UAE’s labor market need for the right talent, and to enhance entrepreneurial skills. The scholarship program as well as the Entrepreneurship workshop have already brought many UAE nationals and residents closer to realizing their post-academic work plans.”
Usha Saraf, Manager, CMPD at University of Dubai said: “I can proudly say that this is a one of a kind program being delivered in this region. Although it is the fifth consecutive year, the content of the program has evolved considerably with every passing year making it more relevant, practical and hands-on with full applied content. The rigor of the program demands that participants as well as the trainers (who are industry practitioners) are pushed to yield results and the quality of the individual business plans submitted speak volumes. It is extremely rewarding to be instrumental in enabling the women to realize their dreams.”
Citi has been present in the Arab World for nearly fifty years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco,Algeria, Bahrain, Qatar and Kuwait.
Participants’ Comments on 6th Entrepreneurship and Business Plan Development Seminar:
“The ‘Entrepreneurship Training Program’ is an excellent initiative for women empowerment and encouragement to move forward in the professional arena. The course had well-coordinated moderators, exceptional teaching skills, good class mix, apt course material and faultless time schedule, keeping in mind every minute details of a woman’s daily routine.
This course not only will help me to work out my business plan but also gave me deeper insights to market its services in the Middle East region and defined International markets.
The most measurable benefit is that I have already opened my company in India and will shortly be opening a branch in Dubai in early 2010. The wealth of knowledge shared during this course and to look at a business from varied perspectives (legal, marketing, operations, HR, finance and business strategy) will stay close to my heart always.”
Sagarika S Khalkho
“I have always wanted to be an entrepreneur and thus have greatly benefited by the opportunity to pursue this course at Dubai University.
I have gained a lot of knowledge on the subject of successful entrepreneurship and how to become one myself. It has also helped me to look at my business idea in an improved manner, especially concerning legal and practical factors relevant to U.A.E and even worldwide. The lecturers were very helpful and always open to discussions.
After having completed this course, I feel confident in implementing my business plan as I would be looking at every little thing carefully. I believe now I am better prepared at starting my own business."
Pallavi Padmanabhan
“The course helped me sharpen my marketing and focus on the core of my brand - Blossom Education. Whilst simultaneously opening a business and taking the course I was enabled to put into practice the theories we discussed and get practical advice on the does and don't's of doing business in the UAE.”
Zahra Andalusia Hamirani, Esq.
The Knightsbridge Nursery
“Before starting the course my idea seemed out of reach and a bit blurry as to how I was going to pull it all together. The course has made it so clear and the once dream is so realistic it's hard to contain the excitement of knowing exactly what I want and how I am going to achieve it. As the course went along with such inspiring lecturers, so many more ideas popped up and the small idea grew rapidly.
The most valuable parts I learnt were the regulations for expats, also the marketing strategies and financial planning, for someone who is not great with figures I was surprised at what I had achieved.
Successful entrepreneurs, who previously attended the course, came in to visit and advised us that the process of setting up is not easy and no matter how many times we get turned down or suffer a set-back we need to keep pushing. I will definitely benefit from that advice by remembering what they had to go through and not let that divert me or lose faith from my goals and my dream.”
Kim Wilson
Fashion Designer
Retail Entrepreneur
Notes to the Editors:
Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com
Citi Foundation The Citi Foundation is committed to the economic empowerment of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving on its priority focus areas: Microfinance and Microenterprise, Small and Growing Businesses, Education, and Financial Education and Asset Building. The Citi Foundation works with its partners in Microfinance and Microenterprise and Small and Growing Businesses to support environmental programs and innovations. Additional information can be found at www.citifoundation.com
Citi Financial Education Program
Based on the belief that knowledge is your greatest asset, the Citi Financial Education Program is a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citi's ten-year, $200 million global commitment is focused in three areas: Personal, Small Business and Institutional Financial Education. Additional information about Citi Financial Education Program, including Citi Foundation guidelines, links and resources and the Citi Financial Education Program Curriculum and Facilitator's Guide may be found at http://financialeducation.citigroup.com
University of Dubai (UD)
UD a leading university in the country has quickly developed into an active member of the community in Dubai over the last 11 years and today stands as one of the fastest growing universities in the country. Established in 1997 with the guidance and support of the Dubai Chamber of Commerce and Industry, since inception, the university has built a strong reputation of excellence in the field of academia.
The UD’s degree programs have been recognized by the UAE Ministry of Higher Education and Scientific Research. The College of Business Administration has programs leading to the degree of: Bachelor of Business Administration with majors in Management, Marketing, Finance & Banking, and Accounting. The College of Information Technology offers a Bachelor of Science in Computing and Information system. There are opportunities for students to earn double majors and double degrees across the two programs.
International accreditations - The College of Information Technology received the accreditation of its CIS program from the Computing Accreditation Commission (CAC) of ABET in August 2008 and the College of Business Administration received the most coveted AACSB accreditation in April 2009. These international accreditations place UD on the world map among the best Business and Information Technology Colleges.
The Center for Management and Professional Development (CMPD).
CMPD is the professional management development training arm of the University of Dubai. It delivers accredited and non accredited management training programs in Management, Accounting, Finance & Banking, Marketing, Procurement & Logistics, Human Resources, Retailing & Customer service etc. It also offers English language courses, short courses, Seminars and Conferences to the Public and the Business Community. It works closely with the various business groups at the Dubai Chamber and Industry (DCCI) in delivering tailor-made programs to the DCCI’s members and business groups. The Center is also concerned with the development of the UAE national work force, and provides specific work oriented training programs for this segment of society. Research and consultancy related activities at University of Dubai are coordinated with the Center to ensure maximum fit with the requirements of the public and private sectors in the UAE.
For further details on this press release, please contact:
Usha Kaul Saraf
Manager, Center for Management & Professional Development (CMPD)
University of Dubai
Tel: +9714-2211187 extn. 226
Mob: 050-5147549
Fax: +9714-2225441
Email: ukaul@ud.ac.ae
Aisha Ali
Media Relations
Citi
Tel: +971 4 604 4250
Email: aisha.mohammad.ali@citi.com
