Mohammed bin Rashid Al Maktoum Foundation launches: Philips Innovation Program

Beirut, Lebanon: 18^th February, 2009 – Mohammed Bin Rashid Al Maktoum Foundation together with Royal Philips Electronics and in local partnership with Berytech Technological Pole announced today, during a major press conference held at le Vendome Intercontinental hotel, the launch of a competitive process aiming at stimulating local talents and young innovative entrepreneurs to develop solid business concepts supported by advanced technology innovations.

The conference was attended by Alaa Al Afifi, Director-Entrepreneurship for Mohammed bin Rashid Al Maktoum Foundation, Louis Hakim, Vice President of Royal Philips Electronics and CEO of Philips Middle East, Maroun N. Chammas, President of Berytech, representatives of major Lebanese universities, students, aspiring entrepreneurs as well as media personalities.

The objectives of the “Research Innovation Program” are to promote the development of broader and deeper innovation capabilities throughout the Arab region, which would contribute to future sustainable economic growth and the creation of new employment opportunities. The Foundation and Philips will offer access to sophisticated technology facilities and cultivate innovative concepts from the Arab world with the access to the local partner incubator facilities and technical assistance of Berytech.

Alaa Al Afifi, Director-Entrepreneurship, Mohammed bin Rashid Al Maktoum Foundation, declared in his speech: “Through this program, we aim at empowering the new Arab generation to innovate and create, which will open new opportunities of a brighter future for the Arab World”.

Louis Hakim, Vice President of Royal Philips Electronics and CEO Philips Middle East, confirmed during the press conference: “We strongly believe that the capabilities of the young people in this region will meet the highest standards of professionalism in the field of technological innovations.” And to add: “The winning innovators will have the opportunity to develop their business case during an internship within Philips’ High Tech Campuses, R&D and incubator facilities, all expenses paid”.

“We, at Berytech, strongly believe in giving entrepreneurs chances. We are proud to be partners in this venture to offer a platform of creativity and a think tank where entrepreneurs can nurture their ideas and from there, run the chance of getting worldwide exposure”, declared Maroun Chammas, President Berytech.

Three winning innovators will be selected annually to be hosted at Philips R&D sites for up to six months to develop their innovation into well developed cases. Arab nationals, primarily university students of engineering schools and universities as well as independent entrepreneurs can apply by visiting http://www.berytech.org/innovation.