Korean-Arab Business relations strengthened by Memorandum of Understanding

Dubai, June 30th 2008: Mohammed Bin Rashid Establishment for Young Business Leaders (SME), Korea Venture Industry Association (KOVA) and Young Arab Leaders (YAL) signed an MoU at the Young Arab Leaders Delegation Program in Korea on June 10th.

The MoU was signed by Mr. Abdul Baset Al Janahi, CEO of Mohammed Bin Rashid Establishment for Young Business Leaders (SME), Mr. Mohammed Khammas, Vice-Chairman of YAL and Chairman of KOVA.  As per the MoU, all three parties will support entrepreneurs within the Korean and Arab regions through a network of collaboration.

Commenting on the recently signed MoU, Mr. Abdul Baset Al Janahi, CEO of Mohammed Bin Rashid Establishment for Young Business Leaders (SME), who attended the three day Young Arab Leaders Delegation Program, said: “By working in full mutual cooperation, the signing of the MoU in Korea will play a fundamental role in strengthening Arab and Korean relations. By understanding the growing needs of Korean-Arab businesses all three parties can link well suited companies together and promote new economic opportunities.”

As stated in the agreement, SME, YAL and KOREA Venture Industry ASSOCIATION (KOVA) will assist each other to forge and expand relationships between Korean and Arab ventures and start-up companies and exchange knowledge in various fields. Furthermore, YAL shall allow KOVA to use the networking and database of the trip Arab Chairman’s and Coe’s of the Middle East and North Africa region (“MENA”). KOVA, on the other hand will encourage Korean venture companies to bring technological know-how to the Arab region.

Supported by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, the Mohammed Bin Rashid Establishment for Young Business Leaders, (SME) strives to help young entrepreneurs in the UAE realize their potential and ambitions.