Dubai-based SMEs and entrepreneurs, both young and old, received a boost recently, with the news of the signature of a new Memorandum of Understanding between TECOM Investments and Dubai SME to improve the facilities and support for small businesses locating in free zones managed by the firm, and the launch in late January of the Young Entrepreneur Competition 2012.

TECOM Investments is a member of the global Dubai Holding group. One of TECOM's largest portfolio companies is TECOM Business Parks, which comprises 10 business parks under five industry clusters across the information and communication technology (ICT), media, education, sciences, as well as manufacturing and logistics sectors.

Free zones managed by TECOM Investments include Dubai Internet City, Dubai Outsource Zone, Dubai Media City, Dubai Studio City, the International Media Production Zone, Dubai Knowledge Village, Dubai International Academic City, Dubai Biotechnology and Research Park and Energy and Environment Park (ENPARK), and Dubai Industrial City.

According to the Dubai authorities, the collaboration between TECOM Investments and Dubai SME aims to encourage more UAE nationals to register and set up offices within TECOM free zones.

There was also good news for young entrepreneurs hoping to start out in the region, as registration of the 8th Young Entrepreneur Competition began on January 29.

According to Dubai SME, which launched the competition:

"YEC 2012 aims to inculcate and encourage entrepreneurial spirit among students in the public and private secondary schools and universities across the UAE. The competition will be an opportunity for the participants to learn the basic principles of starting and operating a private business."

The small business agency continued:

"Through the competition Dubai SME also aims to inspire and enable the younger generations to become entrepreneurs in the future by introducing them to the foundations of entrepreneurship and a real world of business to compete."

The competition has two stages of registration, Dubai SME explained; participants can register their basic information online (between January 29 and February 15), giving details of their business idea, after which they will be invited to participate in three web-based training sessions, to be held from February 12 till March 1, 2012. These sessions aim to help the participants learn how to develop their concept, team and project.

After attending the second web-based training session, participants can then register their team and project into the competition, again by March 1, 2012.

"The YEC initiative reflects our commitment to the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to sow the seeds of entrepreneurship at an early age. Dubai SME targets to help the youth to develop their business skills as part of our commitment to promote the small and medium businesses sector," explained Abdul Baset Al Janahi, CEO of Dubai SME, continuing:

"Dubai SME is keen to build a generation of entrepreneurs who are confident and determined, in addition to providing them with opportunities to test their projects in the real world of business by dealing directly with customers and acquiring the negotiation skills and marketing acumen needed to grow their enterprise."

Participation is open for both high school and university students, up to the age of 25.

According to Dubai SME, which is an agency of the Department of Economic Development (DED), the competition will feature a range of projects spanning fashion, fine arts, handicrafts, traditional or heritage products, health products excluding medicines, environmental awareness products (recycling, renewable energy), educational material (games, tools, modern teaching aids), interior design, cultural activities, and information technology.

A jury comprising specialists from Dubai SME and external agencies will observe and evaluate the projects and select the winners depending on creativity, innovation, marketing and customer service. Winners will be honoured later by Dubai SME.

The competition will feature a range of projects spanning fashion, fine arts, handicrafts, traditional or heritage products, health products excluding medicines, environmental awareness products (recycling, renewable energy), educational material (games, tools, modern teaching aids), interior design, cultural activities, and information technology.