ABU DHABI, JAN 6, 2003 (WAM) --The Dubai chapter of The Indus Entrepreneurs (TiE), a US-based global non-profit organisation that promotes entrepreneurship, was inaugurated by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Technology and Media Free Zone, at a ceremony held in Dubai last night. Hari Padmanabhan, President of TiE Dubai, said: "Dubai is the latest international chapter of the organisation which was founded in Silicon Valley in 1992 with more than 10,000 members and 800 charter members in 10 countries." "The Indus Entrepreneurs was founded by technology entrepreneurs and professionals who had worked in the US and later set up their own companies," added Padmanabhan. The fundamental objectives of the Dubai chapter are to create business opportunities, maintain relationship through networking and nurture entrepreneurs by playing a mentoring role in converting their business ideas into successful start-ups, the president pointed out, according to reports in the UAE's dailies. "The Dubai chapter will aim to inspire and create entrepreneurial success in Dubai similar to the ones that TiE has nurtured in the US," he said."TiE Dubai is open to anyone who is interested in working and supporting entrepreneurship," he added. "TiE's establishment in Dubai comes at a time when the city is emerging as a knowledge economy hub in the region, drawing on talent and resources from all over the world." "It is positioned strategically at the crossroads of the East and the West and is virtually a melting pot of expatriates and entrepreneurship in the region," he added. Ahmed bin Byat, Director General, TECOM, said, "We warmly welcome the entry of TiE into the Dubai Internet City community at a time when the ground here is fertile for entrepreneurial ventures. The dotcom bubble may have burst but entrepreneurship and good business ideas continue to be the chief driving forces of the knowledge economy." "We are here to offer a supportive infrastructure for entrepreneurial projects and we are keen to work with TiE to encourage new business ideas in Dubai," he said. "I'm sure that expertise will enrich the IT entrepreneurial scene in Dubai," he added. Prominent TiE members, including Rajat Gupta, Worldwide Managing Director of global consultancy firm McKinsey Inc, founder Kanwal Rekhi, ex-CTO of Novell, and Sridhar Iyengar, ex-partner of KPMG, spoke at the event that was attended by more than 200 members of Dubai's business community. WAM-VV