The UAE Global Management Challenge asks young business people to take over the reins of a virtual company.
Competition offers Emirati entrepreneurs an insight into private sector
DUBAI // A competition offering young Emirati entrepreneurs a glimpse at what it takes to manage a private company has kicked off for the first time in the UAE,
The UAE Global Management Challenge asks young business people to take over the reins of a virtual company. The event is targeted at young UAE nationals who are keen to experience life in the private sector.
Emiratis who enter the competition will have the chance to experience how the management of a private company operates, while gaining insight and expertise into management so they can make a better career choice.
Emiratis currently occupy only 43,000 of the 2.2 million jobs in the private sector, while the public sector employs 495,000 UAE nationals.
The challenge consists of a management simulation in which teams of up to five people are given control of a virtual company with the objective of obtaining the highest share price on a simulated stock exchange.
Competitors are taught to analyse financial and economic indicators, thus gaining an in-depth understanding of the market conditions in which their companies compete.
So far 75 participants grouped in 15 teams have signed up for the event, said organisers.
“The competition is the largest international event based on a business simulation, with more than 30 countries taking part in the contest,” said Mian Muneer Uddin, managing partner of Beaufort Associates, a consulting and advisory services firm bringing the competition to the UAE.
The winning UAE team will be decided on 23 March 23 next year and will go on to represent the Emirates at the global competition for the world title, held in Sochi, Russia in April 2014. More than 30 countries will take part in the initiative.