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This is very intersting and my friends and I have decided to partipcate in it. Here are the details.

The MIT Business Plan Competition in the Arab World is the first of its kind in the Arab region. It is designed to encourage all entrepreneurs in the region to start their own company and ultimately create a nest of leading firms in the Arab world.

EVERYBODY is elligible. The only requirement is to be part of a team. You cannot enter the competition as one person. We feel that the minimum viable team should be comprised of three individuals. At least two members of the team must meet one of the following criteria.

1) Be a citizen of the Arab World - see eligible countries below - living in the Arab world

2) Be a citizen of the Arab World living abroad with a business concept that is implemented from a country within the Arab World Citizens of the following countries can participate:
Lebanon (host country)
Algeria
Bahrain
Djibouti
Egypt
Iraq
Jordan
Kuwait
Libya
Mauritania
Morroco
Oman
Palestine
Qatar
Saudi Arabia
Somalia
Sudan
Syria
Tunisia
UAE
Yemen

Participation in the competition is independent of age, gender, religion, or political affiliation. These things are irrelevant to the jury and the competition organizers.

During the final ceremony, the nine teams will have a chance to make a 5-7 minute presentation on their business. After the presentations, the judges will meet and pick their top three teams. The audience will also pick their favorite businesses.

The event is broadcasted on a Television Network, LBC.

The winners will be announced at the end of the ceremony.

The winner of the contest will receive US$50,000 in cash.

The three top winners will benefit from the coaching and support of the MIT Enterprise Forum team to get their business funded further.We will introduce them to Bader, Berytech, Kafalat and similar institutions.

http://www.mitarabcompetition.com/