Khalifa Fund launches third annual Venturist camp for young UAE entrepreneurs

Participants will be trained in business segments and will have the opportunity to pitch their ideas to a committee of entrepreneurs

Alia Al Mazrouei, the adviser to the chairman of the Khalifa Fund for Enterprise Development. Photo: Khalifa Fund

The Khalifa Fund for Enterprise Development's third annual Venturist Entrepreneurship Spring Camp for young entrepreneurs is open for registration.

The camp, which runs from March 28 to April 7, is open to those aged 10 to 17 and will offer workshops and private sessions with speakers focused on business, marketing and public relations, considered as essential to forming a fast-progressing business, the fund said on Saturday.

“We want to encourage idea generation, collaboration and create an acute understanding of what’s required to be successful in business,” Alia Al Mazrouei, adviser to the chairman of the Khalifa Fund, said in the statement.

The government created several initiatives to encourage entrepreneurship, with a focus on the younger generation to equip them with the skills and aptitude needed to thrive in business and become the industry leaders of tomorrow.

In February, in an online forum hosted by the Atlantic Council, ministers from the Middle East encouraged the region's youth reassess their mindset when it comes to entrepreneurship, do away with the “fear of failure” and take a more positive approach to bring their ideas to life.

Government support is also crucial in developing entrepreneurship, they said.

Also last month, consultancy firm Crimson Education announced a new internship scheme that offers UAE students the opportunity to gain experience in jobs of the future, including in emerging technologies such as artificial intelligence and cryptocurrencies.

The programme, aimed at pupils aged 13 to 20, gives the opportunity to secure online internships at global companies such as HSBC, Uber Technologies, Weiss Asset Management, KPMG and Dentons.

Ms Al Mazrouei said the Venturist programme will encourage young people to “think outside the box”. It will initially be open to 100 students who meet the criteria, with an additional 100 on stand by depending on demand.

Participants in this spring's camp will work in groups with specialist tutors and build on their business ideas. The programme also aims to teach innovation, invention, logo design, marketing, promotion, prototyping, budget, finance and business plan development.

Participants will have the opportunity to pitch their business ideas to a committee of entrepreneurs and representatives at the camp.

“The Khalifa Fund is always identifying new ways to empower the UAE’s youth. It’s imperative that we serve the next generation with resources and efforts which will enable them to unlock their entrepreneurial potential,” Ms Al Mazrouei said.

The Khalifa Fund for Enterprise Development was established in 2007, and works as an independent, non-profit economic development agency of the Abu Dhabi government for the development and support of small and medium enterprises.

It was founded with a total capital of Dh300 million, which was increased to Dh1 billion in 2008 to meet the growing demand for the fund’s services. In 2011, its total capital was raised to Dh2bn, covering the entire UAE through a network of branches.

As of 2019, it had activated loans totalling Dh1.32bn and has facilitated more than 900 workshops, according to its website.