Dubai Crown Prince launches 12th Young Entrepreneur competition

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has stated that the UAE was one of the first countries in the region to take an interest in e-commerce as it started preparing technical and legislative framework, as well as the infrastructure to facilitate and support the e-commerce sector long ago.

His remarks came while launching the 12th cycle of the Young Entrepreneur Competition, YEC, on Souq.com, the largest e-commerce portal in the Arab world. The YEC will give the youth of all nationalities in the UAE the opportunity to showcase and sell their products through an interactive online platform.

Sheikh Hamdan added that the focus on e-commerce was an extension of the UAE’s heritage as an advanced centre for trade and business and an important link in global trade lines, as well as part of the efforts to keep pace with the digital transition and create a smart environment that is among the best in the world, like the diverse industry sectors in the emirate.

He explained that trade is an important part of the UAE's social and cultural heritage, adding that it is also an opportunity for the youth to enter the business world, launch their own projects, benefit from the supportive environment provided in the country, and become successful instead of waiting for government jobs.

Sheikh Hamdan emphasised the importance of introducing the young from an early age to the benefits of trade and the new tools of e-commerce. "It will have an impact on their education and inspire them to take advantage of the optimistic projections on the growth of e-commerce globally," he added.

"Educating young people about e-commerce, its tools and strategies for success is important to developing the next generation of entrepreneurs. We are pleased to see such initiatives, which contribute to stimulating a positive spirit of competition and encourage the young to be innovative, thereby grooming entrepreneurs capable of enhancing the SME contribution to economic development. The UAE will always be a role model for development, motivating young people, and preparing and assisting them to benefit from such development," he continued.

According to Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise, SME, sector and organiser of YEC, the competition has moved from traditional selling to being digital and smart, in light of the growth witnessed in selling online over the past few years. The UAE is ranked high in terms of the volume of e-commerce.

Recent studies indicate that the value of the UAE’s e-commerce sector is expected to reach US$10 billion or AED36.7 billion by 2018. As a result, retailers in the region are consolidating their presence online to maintain competitiveness and profitability. Currently, e-commerce in the UAE is valued at $2.5 billion or AED 9.2 billion and analysts say that regionally the e-commerce market is witnessing fast growth and significant innovations.

YEC will have two phases of registration, spread over 14th December, 2017, to 30th January, 2018, after which participants will be invited to courses and seminars on joining Souq.com. Participants will also have the opportunity to see the volume of their daily sales, quantities available, quantities sold and returns, as well as customer feedback.

The competition is open to all nationalities residing in the UAE. The 12-25 age group will be eligible to compete on Souq.com. Each participating project is entitled to a maximum of four members. The team leader will register the project on the competition app. Those aged from 5-11 can participate in the exhibition, which will be held later to showcase their projects