Mohammed bin Rashid Al Maktoum Foundation Joins Hands with Higher Colleges of Technology to Support Emirati Entrepreneurs

Foundation Signs MoU with HCT for ‘Philips Innovation Programme’ 

Dubai-UAE: 1 February, 2010 - The Mohammed bin Rashid Al Maktoum Foundation today announced that it has signed an MoU with the Higher Colleges of Technology (HCT) in the United Arab Emirates to be one of its partners in the ‘Philips Innovation Programme’, the leading platform for encouraging innovation in the region.

The agreement was signed by HH Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, Chancellor of the Higher Colleges of Technology and Adel Al Shared, Vice-Chairman and Managing Director of the Mohammed bin Rashid Al Maktoum Foundation.

Adel Al Shared said: “The Mohammed bin Rashid Al Maktoum Foundation is committed to empowering Emirati entrepreneurs to innovate and facilitate job creation. Our partnership with the Higher Colleges of Technology will ensure that entrepreneurs will gain access to current, full-featured tools and technologies that help translate their ideas into thriving businesses.”

According to the MoU, HCT will be a strategic partner and will benefit from the ‘Philips Innovation Programme.’ The Foundation signed an agreement with Philips, one of the largest global diversified industrial companies and a global leader across its Healthcare, Lighting and Consumer Lifestyle portfolio, back in February 2009 to support and develop innovation and entrepreneurship across the Arab World.

Al Shared added: “We are delighted to sign this agreement with one of the leading educational establishments in the UAE and look forward to working closely with them to support aspiring entrepreneurs through our cooperation with Philips.”

Speaking on the occasion, Dr Tayeb Kamali, Vice Chancellor of the Higher Colleges of Technology said:”HCT and the Mohammed bin Rashid Al Maktoum Foundation are working closely on several initiatives to promote entrepreneurship.  The Philips Innovation Programme presents an excellent opportunity for our students to turn their ideas into successful business.  We are very pleased to launch this Programme at the Higher Colleges of Technology in partnership with the Mohammed bin Rashid Al Maktoum Foundation.”

Three applicants to the ‘Philips Innovation Programme’ will be selected annually, to be hosted at Philips Research and Development sites for up to six months to improve their innovative ideas into matured business cases.