Mohammed Bin Rashid Al Maktoum Foundation signs MOU with PICTI

Dubai's Mohammed Bin Rashid Al Maktoum Foundation and the Palestine Information and Communications Technology Incubator (PICTI) have signed an MOU to work together on projects and opportunities for economic development.

Under the MOU, the two will co-operate on initiatives to encourage young entrepreneurs in the region and across the Arab world and identify promising technology projects for incubation.

PICTI will also support the Foundation's aims of establishing an Arab Incubators' Network, which will provide an online resource and collaboration for new businesses and other interested organizations.

Sultan Lootah, vice president of Mohammed bin Rashid Al Maktoum Foundation - Entrepreneurship and Employment sector, commented: "With a remarkably large proportion of youth, the Arab region offers huge untapped opportunities. The Foundation endeavours to support individual efforts while creating a network of leading incubators such as PICTI to provide integrated resources for promoting entrepreneurial activity across the Arab world.

Laith Kassis, general manager of PICTI, said: "PICTI is fully committed to the Mohammed bin Rashid Al Maktoum Foundation's noble cause, which aims at creating better opportunities for the youth, both within Palestine and across the Arab world. "The Foundation's proactive approach for tackling the issue of unemployment mirrors PICTI's aspirations towards promoting sustainable economic development in the Arab world. We believe PICTI's expertise, accrued over the years, will catalyse the Foundation's efforts to alleviate unemployment and enhance youth involvement as a key engine for economic and social development across the region," he added.