DePaul University announced last week the formation of a center for Middle Eastern entrepreneurship to be housed within the Driehaus College of Business.

The center, to be called the Sheikh Faisal Center for Entrepreneurship in the Middle East, will attempt to foster entrepreneurship through exchange programs that will allow DePaul students to study abroad in Qatar while giving Qatari students the opportunity to come to Chicago to work with business college faculty and alumni.

“Our faculty and successful alumni entrepreneurs look forward to working with emerging entrepreneurs from Qatar and throughout the Middle East to support their continued development into a thriving, professional class,” Ray Whittington, dean of the Driehaus College of Business, said. “We also see the center as a great opportunity for DePaul students to gain real-world experience on an international stage.”

DePaul’s partner in this endeavor, Al Faisal Holding, is a leading entrepreneurial company in Qatar who has invested in several initiatives to help benefit the country’s education system. The company has previously worked with DePaul to bring a specialized MBA program to Qatar.

“We are proud to sign this agreement with DePaul, one of the world’s leading educational institutions,” Sheikh Faisal Bin Qassim Al Thani, Al Faisal Holding’s chairman and CEO, said. “The government of Qatar has launched several initiatives to support entrepreneurs and is investing heavily to enhance the educational system in Qatar, providing many first class educational facilities to build a generation that can lead the nation and achieve its vision.”

The newly-formed center will also hold an annual conference in Chicago hosting international business leaders in an effort to expose students to professional knowledge of the business world.

“Sheikh Faisal is one of the Middle East’s leading entrepreneurs, and this collaborative effort will bring together business leaders from the United States and the Middle East to cultivate the burgeoning entrepreneurial class in Qatar,” Rev. Dennis H. Holtschneider, C.M., president of DePaul University, said. “We will use this opportunity to strengthen DePaul’s investment in globally minded business programs for our students and graduates.”

The center will work through DePaul’s Colman Entrepreneurship Center. Already nationally recognized, the parties involved believe that this initiative will strengthen the entrepreneurial spirit at both DePaul and in Qatar.

“Al Faisal Holding has always been a strong supporter of Qatar’s vision and this agreement will help to accelerate knowledge transfer, which is very important for success in business,” Sheikh Faisal Bin Qassim Al Thani said. “With a booming economy and excellent educational system we are sure that this center will nourish the entrepreneurial spirit that will give additional impetus to Qatar’s development.”

The center’s launch will be sometime later this year.