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Lebanon's Butterfleye named winner of MIT Enterprise Forum Arab Business Plan Competition
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Sun July 1, 2012 12:15 pm

 UAE. In the presence of HE Sheikha Lubna Al Qasimi, the UAE’s Minister of Foreign Trade, fourteen teams of Arab entrepreneurs gathered at the Meydan IMAX Theatre, Dubai, for the final decision-making of the fifth annual Massachusetts Institute of Technology (MIT) Enterprise Forum Arab Business Plan Competition, in partnership with Abdul Latif Jameel Community Initiatives (ALJ) and a joint initiative with Global Innovation through Science and Technology (GIST). 

A record 4,500 applications were submitted to the MIT Enterprise Forum, whose aim is to develop and nurture a culture of entrepreneurship across the Arab region and provide a platform for networking, knowledge sharing and the coaching and mentorship of the next generation of entrepreneurs.

Of the fourteen finalists, Butterfleye from Lebanon were named winner of this year’s MIT Enterprise Forum Arab Business Plan Competition, receiving USD $50,000 in start-up funds to help realise their dream.

Showcasing equally impressive business plans, Qabila Media Productions from Egypt were awarded with US$10,000 in start-up capital for second place, and SilGenix from Egypt were presented with US$5,000 for third place. Identifying entrepreneurial women across the region, Perihan Abou-Zeid was also recognized as this year’s ‘Best Woman Entrepreneur’, receiving a special prize of US$15,000 to help seed her innovative business plan.

This year, half of the final business plans included technology or telecommunications start-ups. Media, social networks and agriculture made up the additional fledgling business schemes, highlighting the innovative, entrepreneurial spirit throughout the Middle East region.


About the MIT Enterprise Forum of the Pan Arab Region

The MIT Enterprise Forum of the Pan Arab Region is one of the 11 international chapters of the MIT Enterprise Forum Global, which is headquartered at the Massachusetts Institute of Technology (MIT) in Cambridge. It has a proven record in promoting MIT-style entrepreneurship by organizing and managing each year the MIT Enterprise Forum Arab Business Plan Competition in partnership with ALJ Community Initiatives and a joint initiative with GIST, targeting 21 countries of the Arab region and bringing in more than 4,000 applications a year.

About Abdul Latif Jameel Community Initiatives (ALJ)

Abdul Latif Jameel Community Initiatives is committed to the development of the Arab region. Mohammad Abdul Latif Jameel, President of ALJ Co. and an MIT alumnus from the class of 78, believes this partnership “reflects our belief in young entrepreneurs as future leaders in the Arab world. Entrepreneurship education and promotion are fundamental for a healthy and growing Arab ecosystem able and willing to create new jobs, and this Competition is at the heart of it”.

About Global Innovation through Science and Technology (GIST)

The Global Innovation through Science and Technology (GIST) initiative forges links at the individual and institutional levels among technology entrepreneurs, angel investors, and the marketplace to improve quality of life through economic prosperity. The GIST initiative builds entrepreneurial ecosystems in 43 countries across the Middle East, Central and South East Asia, and Africa by identifying, coaching, funding most promising entrepreneurs through its competitions, start-up acceleration services, online social media platform and interactive mentorship programs.

The GIST Initiative is implemented by CRDF Global and funded by the U.S. Department of State. www.gistinitiative.org

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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QATAR. The turmoil in financial markets at the beginning of this year has prompted some to question whether the US Federal Reserve should have increased interest rates in December.
date:Posted: February 13, 2016
KUWAIT. Kuwait has built up very large fiscal and external net asset positions over many years, which will continue to help it weather the current low oil price environment; The overall fiscal and external balance sheets will remain strong, backed by a significant stock of financial assets.
date:Posted: February 12, 2016
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
KUWAIT. Kuwait has built up very large fiscal and external net asset positions over many years, which will continue to help it weather the current low oil price environment; The overall fiscal and external balance sheets will remain strong, backed by a significant stock of financial assets.
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