Dubai, June12, 2002 (WAM) -- The Dubai Development and Investment Authority, DDIA, has announced its first development plans in the UAE by launching the +Mohammed bin Rashid Establishment for Young Business Entrepreneurs+ and the installation of DHs700 million fund to finance projects of the establishment in cooperation with the Dubai Islamic Bank, DIB. The new initiative, which is in line with the directives of General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Deputy Ruler and UAE Minister of Defence, seeks to provide material, administrative and consultancy support to UAE national youths, both males and females, to establish their own business ventures. Speaking during a ceremony held here at the Burj Al Arab Hotel to launch the ambitious programme, Sheikh Mohammed said that he was very pleased to launch such a distinct and ground-breaking programme, which, he said, was directly related to the national youths and the nation's future. +It is by their involvement and the contributions of the past generations that the nation has been able to achieve its current success and prosperity,+ Sheikh Mohammed said, adding +The nation continues to prosper because the new generations have followed the path shown by President H.H. Sheikh Zayed bin Sultan Al Nahyan and the late Sheikh Rashid bin Saeed Al Maktoum, May his soul rest in perfect peace.+ Sheikh Mohammed reiterated that the Dubai government was ready to stake all available resources to support and finance the business projects of the young ambitious entrepreneurs. +We have nurtured promising ideas and initiatives by providing for all the prerequisites for success. The dozens of successful projects, which have been established are a testimony to the collaboration between the public and private sectors. Some of these projects executed by enterprising nationals have been exemplary both at the regional and international levels,+ he said. Sheikh Mohammed stressed that the government had taken full responsibility to provide all the prerequisites for the success of indigenous ideas in the private sector and it will take extra care of the ideas and projects of young UAE nationals. --MORE-- WAM/SA