DUBAI // A support network for start-up entrepreneurs, that includes a website and funding, will be launched next month at an event hosted by Abraaj Capital, one of the world's biggest private-equity groups.
The new website, Wamda, which means flash of light in Arabic, is intended to create a platform to facilitate entrepreneurship in the region. Arif Naqvi, the founder and chief executive officer of the Dubai-based Abraaj, said the scope for development in this area had been overlooked. "Entrepreneurship is as old as time itself, especially in this region. We want to provide a support network to focus on the youth and give them the chance to learn from the example of others."
On November 8 and 9, Abraaj will host Celebration of Entrepreneurship. At the two-day event, 1,200 guests will hear success stories from 160 speakers. All entrepreneurs in the region can communicate on the Wamda website and come up with collaborative business ideas. "Ideas are much more valuable than money," said Fadi Ghandour, a member of the Abraaj board of directors. "The region is swamped with money, what we want to do is back ideas. The only way for us as a region to grow is to look at the community and bring people together."
He said the website was the ideal way to accomplish this goal.