American University of Sharjah (AUS) today announced the establishment of The Peter Heath Women's Entrepreneurship Fund, following an AED 5 million endowment by The Abraaj Group, a leading investor operating in global growth markets.

The Fund will support up to 10 students annually. Students will be invited to apply for the Fund through a competitive process that recognizes and rewards creativity, innovation and entrepreneurial initiatives. Abraaj executives will work closely with AUS in reviewing project proposals and selecting the successful candidates. The Fund embodies the aims of the Abraaj Strategic Stakeholder Engagement Track (ASSET), which celebrates entrepreneurship, diversity and innovation across growth markets.

The Fund is named after Dr. Peter Heath, who for four years served as AUS Chancellor and has been especially supportive of the initiatives and endeavors of women entrepreneurs.

Arif Naqvi, Founder and Group Chief Executive Officer of The Abraaj Group, said, "The collaboration with American University of Sharjah is a demonstration of our commitment to empowering young women who are shaping the world. 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."

AUS Acting Chancellor Dr. Thomas Hochstettler expressed his gratitude to The Abraaj Group for its active support of the educational mission of the university and their foresight to partner with higher education to benefit the community.

"The Peter Heath Women's Entrepreneurship Fund is an opportunity to channel the talents and innovation of AUS's young women entrepreneurs into productive endeavors such as creative entrepreneurship. In doing so, this endowment will support women in developing new, innovative, high-value-added businesses and to that extent unlocks fresh potential and opportunities for talented young women at AUS," Dr. Hochstettler said.

AUS Vice Chancellor for Development and Alumni Affairs Dr. Nada Mourtada-Sabbah commented, "This endowment will support outstanding AUS young women entrepreneurs. It will accelerate the growth of their businesses by identifying and connecting them with the advisors, resources and insights they need to succeed and become expert leaders."

At its recent meeting in London, the AUS Board of Trustees passed a resolution appreciating The Abraaj Group's support for entrepreneurship and expressed its gratitude and recognition of this vital contribution to the educational mission of the university.