DUBAI, Dec 22 – The American University of Sharjah (AUS) has announced the setting up of a fund to develop entrepreneural skills among women after a leading private equity firm made an endowment of $1.3 million to the varsity.
The Peter Heath Women’s Entrepreneurship Fund, supported by the Abraaj Group under its Strategic Stakeholder Engagement Track programme, will aid up to 10 students annually, according to the varsity.
“This endowment will support women in developing new, innovative, high value-added businesses and to that extent unlock fresh potential and opportunities for talented young women at AUS,” AUS acting chancellor Thomas Hochstettler said.
Students will be selected through a competitive process that recognises and rewards creativity, innovation and entrepreneurial initiatives. Abraaj executives will work closely with AUS in reviewing project proposals and selecting the successful candidates.
“At Abraaj, our support for nurturing entrepreneurial networks and businesses in the markets in which we invest is embedded within our investment philosophy and we are proud to support such initiatives,” said Arif Naqvi, founder and group chief executive officer of the Abraaj Group.
The fund is named after Peter Heath who for four years served as AUS chancellor and has been especially supportive of the initiatives and endeavours of women entrepreneurs.