Waterloo – Mennonite Economic Development Associates (MEDA) has hired a new communications professional to increase its profile during its current period of unprecedented growth and innovation.

Linda Whitmore has been appointed communications & media relations manager to expand MEDA’s image and exposure in the North American public at large. She will develop media contacts in print, radio and TV; prepare news releases; monitor MEDA’s activities for press opportunities; and provide support to MEDA staff on preparing press kits and incorporating media links in their work.

She has 18 years of experience in corporate communication, most recently with St. Joseph’s Health Care in London, Ont., where she worked in strategic communication, media relations, issues management, and publication development and management. Besides having worked as a radio reporter her background includes writing, editing, event planning and brand development/management.

Whitmore has a bachelor of arts degree in anthropology and a master of arts degree in journalism from the University of Western Ontario in London. She has won numerous community service and communications awards.

“We are delighted to have someone of Linda’s calibre and commitment join our communications team,” said Ed Epp, vice-president of resource development. “While MEDA is well‑known in many Canadian and American Mennonite communities, especially among Mennonite business people, her first priority will be to reach a wider audience and enhance MEDA’s influence in North America on key issues.”

MEDA, founded in 1953, has a dual thrust of promoting business-oriented solutions to poverty and encouraging a Christian witness in business. It is a global leader in microfinance, village-level agriculture and investment fund development, improving livelihoods for hundreds of thousands of impoverished people every year. Whitmore will be based in MEDA’s Waterloo office and will work closely with its member services and community economic development office in Lancaster, Pa., and its publications office in Winnipeg.

neurological diseases and has yielded new insight into brain cancer," explains Dr. Dirks.

Brain tumours are the leading cause of cancer death for children under 20. The only paediatric research centre is at Sick Kids Hospital in Toronto where researchers recently identified a potential cancer stem cell for brain tumours. There is hope that this discovery will have an enormous influence on how brain tumours are treated in the future and lead to new ways of thinking about cancer.

To make a donation or for more walk information people can visit www.jessicasfootprint.com.

The top ranked company was Royal Bank of Canada which distinguished itself through strong performance on the core baseline indicators (met 100 per cent of its statutory tax obligation paying $6.136 billion of cash tax over the past three years) and also excelled relative to its sector counterparts in sustainable finance with executed financial mandates of US $5 billion for alternative energy projects since 2003, including 26 wind farms in North America, U.K., France and the Republic of Ireland and one gigawatt (GW) worth of green power projects in Europe in just 2005, which will displace greenhouse gases equivalent to the emissions from over 4 million cars.

The number two ranked company was Alcan Inc, which knocked down its Canadian absolute greenhouse gases by 30 percent since 1990, while increasing production by 50 per cent, through energy efficiency programs and applying superior smelting technology to put the squeeze on PFCs, which are 6,500 times more potent a greenhouse gas than carbon dioxide.

Vancouver City Savings C.U. took third overall because of its targeted socially responsible investment offerings, in which its members and clients have invested $450 million. Vancity also offers Clean Air Auto Loan, a personal loan of up to $35,000 on the purchase of a new vehicle with interest rates that allow borrowers to save up to $3,000 over five years.

This year, in addition to generic citizenship indicators used in past years (pension fund quality, diversity, pollution, CEO-pay fairness, and tax dollar generation), sector specific indicators such as renewable energy investments (for financial companies) and fleet efficiency (for auto companies) were factored in to produce the most in-depth ranking to date.

On the less positive side, the executive suite and boardrooms with few exceptions are failing to reflect the rich diversity of Canada. Among TSX companies, there are 0 female CEOs and despite that half of Canada's population are visible minorities, 51 of the TSX 60 companies have no visible minority board members

In addition to a presentation of the Best 50 Corporate Citizens, The Ontario Minister of Environment, The Hon. Laurel Broten (Welcoming Address), Elizabeth May (Why it makes sense for business to lead on climate change, Johanne Gelinas (Sustainability factors as core business drivers), also delivered remarks at the Gala.


Highlights from the Best 50 Corporate Citizens

The 2007 Best 50 Corporate Citizens companies are not perfect in every way, but they are doing the best job at fulfilling their end of the social contract and managing their specific environmental, social and governance performance when going head-to-head with their sector peers.

Highlights from the S&P/TSX 60 companies in the 2007 ranking:

X 60 companies recorded net income before taxes of $95.7 billion in 2007 and paid $17.8 billion in cash taxes, which represented about 60 per cent of their stated statutory tax obligation, leaving an overall tax gap of $14.7 billion. Although the tax gap grew by $4.9 billion, TSX companies still actually meet about 20 per cent more of their tax obligation compared to US-based companies

TSX 60 companies really appear to have cleaned up the unfunded pension liability that has been hanging over CFOs necks like an albatross. The sum of unfunded pension liabilities shrunk a massive $7.3 billion (mostly due to superior returns by fund investments) to $9.3 billion.

Impressively, this year marks a tipping point on sustainable governance: more than half of all TSX 60 companies now have a sustainability-related committee at the board level (31 to be exact).

On the not so good side, the executive suite and boardrooms with few exceptions are failing to reflect the rich diversity of our country.

Among TSX companies, there are 0 female CEOs.

Despite that over half of Canada's population are visible minorities, 51 of the TSX 60 companies have no visible minority board members.

Some numbers to consider

$14.7 billion: the tax gap in 2006

$4.9 billion: increase in the tax gap from 2005

$95.7 billion: corporate income before taxes in 2006

$24.6 billion: increase in corporate income before taxes from 2005

$9.4 billion: the pension gap in 2006

$7.3 billion: decrease in the pension gap from 2005

1.4 million: number of employees 2006

$72.6 billion: total profits 2006

67.1 million: total emissions (tonnes) of Greenhouse Gases in 2005

0.8 million: decrease in total emissions (tonnes) of GHG from 2004

$6.6 million: average CEO total compensation in 2006

0.54 percent: profits consumed by total compensation of top three paid execs from each firm

31: number of companies with SD-related board committees

10: companies with no female board members

51: companies with no visible minority board members

0: female CEOs

Selected Highlights by Sector

Healthcare

McKesson has embraced recycling-84 per cent of their waste is recycled-and energy efficient lighting programs, and has recently introduced a re-usable plastic tote program for its shipping

QLT has done extensive work on generic drugs development, and has made substantial community and social investment in Canada and abroad

Communications and Media

Transcontinental has made progress on integrating recycled fibre into its production and every one of its printing plants are assigned an environment coordinator to monitor implementation of Transcontinental's environmental policy

Telus has a sector-leading environmental management program and has recycled over

20,000 phones this past year in an attempt to reduce the e-waste that is sent to landfills

BCE issues formal annual environmental reports and continues to lead in terms of putting policy into practice, with priorities on energy efficiency and waste reduction

Financials

Since 2003, RBC has executed financial mandates of $5 billion for alternative energy projects

Vancity members and clients have invested

$450 million in socially responsible investment options; Vancity offers Clean Air Auto

Loan, a personal loan of up to $35,000 on the purchase of a new vehicle with interest rates that allow borrowers to save up to $3,000 over five years

Sunlife has invested $1.1 billion in renewable energy development

GWL Realty Advisors has taken an aggressive role on greening buildings including a commitment to apply LEED standards for all new buildings

Manulife has $1.3 billion currently invested in renewable power; and through its subsidiary Hancock Timber is the world's largest manager of timberland investments for private equity investors (all forests certified according to the Sustainable Forestry Initiative and in some cases the Forest Stewardship Council)

BMO has $1 billion of business with aboriginal customers, and a technology disposal program which safely disposed of 194 tonnes of e-waste in 2006.

CIBC has fully integrated environmental risk evaluations into its credit assessment processes, carrying out 320 evaluations in 2006.

Retail

The Canadian Tire Advance Green line of energy solutions for conservation, production and storage made the company the first big box to aggressively market decentralized renewable power; Canadian Tire also makes product safety information for chemical products it sells accessible to the public through web-based access to Material Safety Data Sheets (over 61,000 MSDS have been accessed on-line to date)

Tim Hortons is leading the coffee chains in environmental initiatives; it's the only coffee shop testing biodegradable cups, composting bins and beverage bottle recycling

Launched in Canada first, Home Depot has labeled more than 2,500 EcoOptions products, including all-natural insect repellents, compact fluorescent lightbulbs, cellulose insulation, front-load washing machines, and certified sustainable forestry products

Mountain Equipment Co-op is a global leader in ethical sourcing (27 factory audits in 2007 representing a significant portion of products); the ratio of the MEC CEO's salary (excluding bonuses) to all staff salaries (including executives and CEO) is 11:1

Loblaws offers the broadest selection of environmentally friendly food of any Canadian grocer, complete with a collection of President's Choice GREEN products, hundreds of President's Choice Organics products, and PC Blue Menu products which are lower in fat, calories and sodium, and higher in fibre

IT

IBM committed to investing $1 billion per year to make data centers more energy efficient

Dell offers a free recycling program for home computers and printers to consumer customers

HP has a sector-leading Design for Environment Program and the company reports it has recycled 920 million pounds of product since 1987

Oil and Gas

Petro-Canada provided seed capital and is an investor in Iogen Energy Canada, a company which is pursuing a proprietary technology to convert biomass (cellulose) waste into ethanol

Suncor has 41 MW of installed wind capacity and all Sunoco retails stations sell gasoline containing 10 per cent ethanol

Syncrude is the most efficient user of water in the oil sands industry using 2.26 cubic metres of water per barrel of production Nexen is a 50-per-cent partner in a 70.5 MW wind project opened this year in Alberta

Autos

Honda's fleet efficiency adjusted by sales is 29.3 MPG, the best in the auto sector

Toyota has an overall fleet efficiency of 28.9 MPG and a car recyclability rate of 90 per cent; the company has sold a million hybrid vehicles to date Mining

Alcan has knocked down its Canadian absolute GHGs by 30 percent since 1990, while increasing production by 50 per cent Chemicals

Potash is the only chemical company that has introduced social policy in its supply chain, by formalizing local purchasing and sourcing whenever possible. On the environmental front, Potash has committed to green energy, and currently one third of its energy consumption comes from green sources and co-generation Utilities

Between now and 2015, Hydro-Quebec will add 4,000 MW of wind generation capacity 880,000 of Hydro One's customers participated in one of its conservation and demand management programs and the company is leading the way in deploying smart meters in Ontario homes and businesses Manitoba Hydro offers homeowners Residential Earth Power Loans of up to $20 000 at an interest rate of 4.9% to cover the additional cost of installing a geothermal heat pump, rather than a conventional heating and cooling system Industrials

In the past year, GE sold $12 billion worth of its environmentally superior ecomagination line of products Husky Injection diverted 94 per cent of its Bolton factory waste from the landfill this year Forestry

Every year, Cascades handles 2.7 million short tons of recycled fibre; close to 70 per cent of its product content is from recycled materials, saving 30 million trees annually Since 1990, Catalyst has slashed its GHG emissions by about two-thirds and cut its carbon intensity emissions by 71 percent Alpac forests are 100 per cent FSC-certified, and the company generates 100 per cent of its energy from biomass (including selling 2.8 MW of Eco-Logo certified power to theAlberta Grid)

WASHINGTON, DC- - Ambassador Hope, Chair of Prosperity Studios, Inc., the private sector partner who wrote the plan, built the technology, and raised the funding, has united Wall Street, Silicon Valley, Hollywood and Capital Hill to support The President's Legacy - Hope on AFRICA is calling socially-conscious billionaires from around the world to act this week.

Prosperity Studios subsidiary Hopeandcare International researched over 2,000 billionaires and multi-millionaires worldwide and produced a short-list of 24 who had a unique combination of compassion, global vision and appreciation of international finance. Ambassador Hope wrote to over 2,000 individuals and organizations asking for them to provide guarantees so she could complete the Term Sheet offered by the private sector financiers.

In 2001, Hopeandcare International Inc. was asked to apply its technology and methodology to the HIV/AIDS pandemic in Africa. Ambassador Hope quickly saw that a solution that included all the stakeholders was vital and that 25 million needed treatments and 13 million orphans required support. She wrote a report that was submitted to Congress and the Senate, and completed 600 briefings on Capital Hill. The report was later published in 2004 as a book "Hope on AFRICA - a divine plan for Africa and your role in it."

Ambassador Hope was invited to the White House in August 2006 where she was told by Tony Snow, his Press Secretary, that President Bush 'wanted to do the right thing.' She asked that he hurry up and do the right thing as one orphan was dying every 3 seconds and over 650,000 had died since he signed the Emergency law HR1298 in May 2003. President Bush increased the public sector budget again to $30 billion on 30 May 2007.

Prosperity Studios re-submitted the request for the Executive Order to be signed in early June and on the 18th of June 2007, Ambassador Hope received a 'congratulations call' from the Senate on the same day and the financiers flew in to complete the funds release with bankers in New York.

Ambassador Hope is meeting with Speaker Pelosi again this week to ensure that the signed Executive Order is published and submitted to Treasury for execution. States Hope, "Both President Bush and Speaker Pelosi appreciate how important this is for America. The President's Legacy-Hope on AFRICA Program will change the global dialogue from 'problems' to 'solutions' and from 'talk' to 'walk'... We all need that shift, being part of a solution is always uplifting and empowering."

Hope says, "The public/private funding model has been successfully used in the US Defense sector since 1945. Steven Spielberg and other financially savvy Hollywood Producers use it to fund their movies. Donald Trump uses the model to fund property developments. Fortune 500 companies leverage their Balance Sheet to fund acquisitions every day on Wall Street." She concludes: "This is about the power of knowledge, combining established methods in the investment banking sector to fund healthcare and orphancare for the poor... It's what 191 world leaders voted for at the UN in September 2005 and Prosperity Studios has assembled all the components to make it work for 38 million people in desperate need."

The other 'Heroes' that were asked to provide guarantee are: Sergey Brin and Larry Page, Michael Bloomberg, Bono(group of stars), Richard Branson, Warren Buffet, John Chambers, Kenneth Chennault, David Filo and Jerry Yang, Steve Forbes, Bill Gates, Steve Hilton, Elton John, Michael Milken, Rupert Murdock, Narayana Murthy, Dave O'Reilly, Howard Schultz, Martha Stewart, Rex Tillerson, Ted Turner, Oprah Winfrey, and Cheng Yu-Tung.

Prosperity Studios, Inc. is a Delaware Corporation which manages Intellectual Capital and provides international public/private partnerships for social transformation. The company combines innovation, collaboration, technology, global supply chains and private sector funding. The company has a stakeholder business model which values every contribution of its stakeholders including customers, volunteers, consultants, service providers, vendors, private sector, associations, and governments. The global health care market is valued at $3.7 billion. Prosperity Studios solves global challenges at the scale and speed of the need. (www.prosperitystudios.net).

The University of Guelph community helped raised $30,000 to support national spinal cord research and address high-priority needs in the community during this year’s Wheels in Motion.

In addition, the U of G team headed by president Alastair Summerlee, who also served as the event’s honorary chair, placed second in the relay challenge. The new event involved teams competing against one another to complete everyday tasks like grocery shopping and getting dressed from a wheelchair.

“The relay was a big success and certainly a wonderful opportunity to have people spend time in a wheelchair doing everyday tasks,” said Cyndy McLean, director of U of G’s Health and Performance Centre (HPC) and a member of the event organizing committee.

Wheels in Motion was held on campus Sunday, attracting more than 300 participants and volunteers. McLean said she was impressed by the turnout, which she attributed to the increased awareness and media coverage leading up to the event.

“We had a week of people spending a day in a wheelchair, including Mayor Karen Farbridge and president Summerlee,” she said. “The increased awareness of the issues that are faced by people with spinal cord injuries and other physical disabilities and the knowledge of the event are priceless.”

McLean was also captain of the HPC team, which raised more than $11,000, and was the top individual fundraiser, bringing in close to $3,000.

As part of Wheels in Motion, people obtain pledges individually or as part of a team and then wheel, bike, skate, run or walk a 2.5-kilometre course. Summerlee participated again this year from a wheelchair, completing the course twice.

The annual fundraiser was initiated by Rick Hansen, the Canadian Olympic wheelchair marathon champion who wheeled 40,000 kilometres to raise money and awareness for spinal cord research. This year’s event marked the 20th anniversary of his groundbreaking journey.

Half of the funds raised remain in the host community to address high-priority needs and services; the remaining funds go to the foundation to support research. Locally, the funding has gone to provide services, assistance and resources to people with spinal cord injuries.

The main sponsors of the Guelph Wheels in Motion event were the University, the Athletic Club, the Centre for Students With Disabilities, Scotia Bank, HPC and CIBC Wood Gundy.

South African social entrepreneurs are exceptional individuals who implement practical and sustainable solutions to tackle the challenges faced by South Africa today - for example in health, education, economic empowerment and the environment. They embrace business principles, setting up for profit and not-for-profit organisations that generate revenues and achieve fundamental social change.

The First Lady of South Africa, Mrs Zanele Mbeki, who has been an active Board Member of the Schwab Foundation since its inception, will recognise the achievements of the finalists during the World Economic Forum on Africa in Cape Town.

The Schwab Foundation’s Dr. François Bonnici said “The finalists are change agents in the social sector. Their success is measured not by profit but to the extent they generate social value. Their dynamism and energy have allowed them to find new solutions which are critically needed to improve South Africa’s problem solving capacity on key issues such as skill development and service delivery.”

The finalists are:

Cedric Buffler, Trident Institute

Cedric Buffler’s Trident Institute offers the Micro-MBA programme which has helped to create or improve over 160 000 small businesses since 1991. To date Trident has trained over 4800 Trainer - Mentors, representing some 350 organisations. Recognising the challenge of funding for education, Trident also established the Micro-MBA Bursary (Scholarship) Fund, to provide an avenue to donors to provide funding for people who could not afford to attend the courses to have full access. Link: http://www.micro-mba.com

Helen Lieberman and Sipho Puwani, Ikamva Labantu

Helen Lieberman and Sipho Puwani are the driving force behind Ikamva Labantu which was celebrates 45 years of existence this year. Ikamva Labantu functions as a development catalyst for community-based social service programmes in South Africa. Working in partnership with the community, Ikamva Labantu (which means ‘The Future of Our Nation) strives to improve the quality of life for South Africa’s underprivileged communities by providing a holistic approach to capacity building, social development and other services. Today, its primary focus falls on four main areas of social development: health (focusing on primary health interventions); education and skills development; food security and enterprise development; access to land and buildings. Link: http://www.ikamva.com

Nathalie Killassy, Stitch Wise

Natalie Killassy’s Stitch Wise is an internationally recognised producer of backfill products and a broad range of protective wear with registered patents and innovative ranges. The company had its beginnings when Killassy, noting the prevalence of disabling injuries in mineworkers, sought to design equipment which would enhance underground support, and personal protective equipment that would help prevent these injuries. The majority of employees are paraplegics who – having suffered disabling injuries underground – are employed by the company to produce equipment that will ensure that their colleagues underground are protected from similar injury. Link: http://www.stitchwise.co.za

Taffy Adler, Johannesburg Housing Company

Taffy Adler is changing the face of downtown Johannesburg and reversing the apartheid city while providing safe, affordable and comfortable housing. His organisation, Johannesburg Housing Company (JHC), is refurbishing occupied buildings and constructing new ones in the inner city; its 24 buildings, offer a home to more than 8500 people. Focusing on long term maintenance and sustainability while working with the communities around the buildings and mobilising commercial funding for social housing, JHC delivers housing with sensitivity to social and economic realities. Link: http://www.jhc.co.za

The winner will be selected on 15 November 2007 and will gain access to the Meetings of the World Economic Forum as well as the Schwab Foundation’s global network providing unprecedented opportunities to engage global decision takers from the public, corporate, media and academic sectors to strengthen and expand their models. The jury members choosing the winner will include Professor Gill Marcus, Gordon Institute of Business Studies and future Chairperson of ABSA Bank; Garth Japhet, Founder of Soul City and other prominent leaders.

Candidates interested for the “Social Entrepreneur Awards South Africa 2008” can send an email to info@schwabfound.org. Further information on the Schwab Foundation’s international network of social entrepreneurs can be found at http://www.schwabfound.org.

THE SCHWAB FOUNDATION FOR SOCIAL ENTREPRENEURSHIP identifies, selects and provides recognition for the most outstanding social entrepreneurs around the world whose work has significantly improved people’s lives. It builds a strong fellowship among them. The Foundation provides a global platform where currently 115 social entrepreneurs from 40 different countries promote social entrepreneurship as a key element to advance societies and address social problems in an innovative and effective manner.

Founded by Klaus and Hilde Schwab in 1998, the Foundation is a non-profit organization based in Geneva, Switzerland. In addition to the Founders, its Board Members include Paulo Coelho (Brazil), Quincy Jones (USA), Zanele Mbeki (South Africa), David Gergen (United States), Stephen Brenninkmeijer (Germany), Lord David Puttnam (UK), and Muhammad Yunus (Bangladesh). Pamela Hartigan is the Foundation’s Managing Director.

Since the program’s expansion from a single market to an international effort in 2001, 40 agencies have joined the CreateAthon network, holding CreateAthon events in their cities. This effort has benefited 650 nonprofit organizations with 800 projects valued at $5 million.

The Co-operators Donates to 183 Charities

GUELPH - The Co-operators announced donations totaling more than $220,000 to 183 Canadian charitable organizations. The contributions were part of the Directed Donations program, in which each staff member directs $75 of corporate funds to the charity of his or her choice.

"We're proud to stand behind the dedicated men and women who work tirelessly to improve the lives of people in real and measurable ways," explains Kathy Brunswick, president and CEO of The Co-operators. "With so many of our staff using their paid volunteer day and much of their own time to serve at charities and other worthy organizations right across the country, we see very clearly how much of a positive difference this kind of assistance makes."

A list of staff-chosen charities was compiled and each participating staff member then selected which organization his or her designated $75 of corporate funds would go towards. With an overall staff participation rate in the program of 84%, The Co-operators is sending a clear signal of support to Canada's charitable sector. The new allocation of $75 per staff member represents a substantial increase in the level of funding each member can donate, rising from $50 per staff member just last year. Also new this year, each member of the The Co-operators Board of Directors and every Co-operators delegate representing the various regions in Canada was encouraged to direct $125 to charity, as opposed to last year's $100 per director and delegate.

To further emphasize their commitment to these hard working charitable groups, Co-operators staff members are personally presenting the donations to many of the recipient organizations. By making that personal connection, The Co-operators thanks and congratulates these scores of caring women and men who, every day, quietly go about making their communities better places.

Laura Konkel of Toronto for her idea and promotion of the 2005 Victory

Europe 50th Anniversary commemorative watch campaign to link today's youth

with Canadian World War II veterans.

Derek Lawrence of Thunder Bay whose advocacy helped see that the full

cost of insulin pumps and supplies are covered for 1,000 children aged 18 and

under across the province.

Rohit Mehta of Mississauga for his many volunteer and environmental

contributions to his school and community, and for being the youngest person

ever to receive the Mississauga Volunteer of the Year Award.

Jason R. H. Slater of Bracebridge for dedication to helping the homeless

on the streets of Toronto.

Nomusa Taylor-Dube of Toronto for improving the lives of disadvantaged

adults and children both in Ghana and Toronto.

Recipients are selected by an independent advisory council made up of

seven members appointed by the Premier. The Lieutenant Governor is the

honourary chair of the advisory council.

The Foundation will source and manage a wide range of initiatives including the establishment of high-quality research programmes and research centres, and the provision of scholarships to students to attend leading universities and institutes. It will also support research in universities across the region. In addition, the Foundation will provide leadership programmes for youth in government, the private sector and in non-governmental organizations. Scholarships and research grants will also be given to authors and researchers in the region.

His Highness, Sheikh Mohammed, said: "It gives me great pleasure to announce a personal initiative aimed at building a knowledge-based society throughout the region."

"The Foundation's mission is to invest in knowledge and human development, focusing specifically on research, education and promoting equal opportunities for the personal growth and success of our youth. The Foundation's programmes are also aimed at enhancing the standing of scholars and intellectuals in the Arab world."

The initiative, the largest of its kind in the region, will put in place the necessary infrastructure to facilitate and encourage knowledge creation and dissemination.

In his address, His Highness acknowledged the need to bridge the knowledge gap between the region and the developed world. He said: "The illiteracy that is still rampant in the region?s communities limits the region's growth and advancement." He pointed out that the most alarming indicators are the 18% illiteracy in the under-15 age group and the 43% illiteracy among females in the region.

His Highness also said that if the goal of creating a knowledge-based society is to be achieved, the levels of knowledge creation need to be increased in the Arab world. According to human development reports, literary and intellectual books published in the Arab world represent only 0.08% of the world's output, less than those published in Turkey alone. For every 100,000 books published in North America, there are 42,000 published in South America, and only 6,500 books published in the Arab world.

In terms of spending on scientific research, His Highness said the Arab world spends only 0.02% of its GDP while developed countries spend between 2.5% and 5%. In the Arab world, for every 10,000 people in the workforce there are 3.3 academic scholars, while the developed world has 110 for every 10,000.

His Highness stated that unemployment in the region is 14% and that 15 million jobs are needed right now in the Arab world, and 74 million to 85 million new jobs will be needed over the next 20 years. He said that the business environment in the Arab world would need to be improved if these jobs were to be created, but there are challenges that will need to be overcome. "On average, Arab countries ranked 107 out of 175 in terms of the amount of red tape involved in setting up a business and this situation cannot be allowed to continue."

His Highness stressed that the Foundation will undertake concrete initiatives to encourage innovation and entrepreneurship throughout the region, thus creating significant new employment opportunities and providing hope for the region's youth.

His Highness pointed out: "We have a population where half its members are under the age of 20, and it is our responsibility to develop this human capital to the best of our ability. We have the vision and the will to set the stage for the benefit of future generations through the development of this Foundation, which will provide the prerequisites for moving our region forward."

Well-known role models will also support the initiative, helping to build and sustain positive momentum for development of the Foundation.

The Foundation will be based in the United Arab Emirates and will implement its programme later this year.