Arab Youth Survey: Young entrepreneurs should be given easy access to capital, says expert

Dubai - Many no longer want a steady government job like their parents had. Instead, they want to do what they are passionate about.

The Arab youth are optimistic about the future but they need all the support that they can get to succeed, experts have said.

Speaking during a panel discussion at the launch of the 13th annual Asda’a BCW Arab Youth Survey on Tuesday, the experts from the Middle East said ‘financial inclusion’ must be among the priorities to help young Arabs become successful entrepreneurs.

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“A rising spirit of nationalism is gaining resonance for Arab youth. This generation is increasingly looking inward at their Arab brethren for leadership. Growing self-reliance on ourselves, especially model Arab nations like the UAE, is fuelling this pride,” said Yousef Al Otaiba, the UAE’s Ambassador to the US and Minister of State.

Jihad Azour, director of the International Monetary Fund (IMF) for the Middle East and Central Asia Department, said decision-makers must closely examine the impact of survey’s the findings on government policy.

“To achieve the aspirations of Arab youth, we must increase financial inclusion, providing our young Arab entrepreneurs ready access to affordable finance. They must have a level playing field, where red tape and the interference of the state in economic management is kept to a minimum. And we need a new, citizen-based social contract,” he said.

He called for investing in the youth — which makes up a large chunk of the region’s population — by improving education and introducing capacity development programmes.