Latest news with #NewJerseyEconomicDevelopmentAuthority
Zawya
30-04-2025
- Business
- Zawya
Governor Murphy announces MOU between Masari Association and the New Jersey Economic Development Authority
Manama, Bahrain — As part of its Governor-led economic mission to the Gulf Arab States, Choose New Jersey facilitated the signing of a Memorandum of Understanding (MOU) between the Masari Association, an independent Bahraini youth organization, and the New Jersey Economic Development Authority (NJEDA). The MOU, which was signed by Tim Sullivan, CEO of the NJEDA, and witnessed by Governor Phil Murphy, creates internship opportunities in New Jersey for highly-skilled Bahraini youth and strengthens the long-term economic and cultural connections between the Kingdom of Bahrain and the State of New Jersey. 'This MOU is a shining example of how international collaboration can empower the next generation of global leaders,' said Governor Phil Murphy. 'We are proud to open new doors for New Jersey businesses and Bahraini students to grow our thriving economy, contribute to its innovation, and help Bahraini youth return home with meaningful experiences that benefit both of our regions.' The Masari Association, which operates under the authority of Bahrain's Ministry of Youth Affairs, offers young people local and international programs that promote professional development and workforce preparedness. Through this MOU, Masari and NJEDA will collaborate to connect Bahraini youth with New Jersey-based companies, enabling real-world internships that align with Bahrain's economic vision and priorities. 'We are proud to witness the signing of the Memorandum of Understanding between the Masari Association and the New Jersey Economic Development Authority—an important milestone in advancing our shared commitment to youth empowerment,' said Rawan Bint Najeeb Tawfiqi, Minister of Youth, Masari Association. 'This strategic partnership marks a significant step toward fostering meaningful collaboration that will open new doors for Bahraini youth to engage with and learn from a leading global economic environment. By gaining practical experience and developing key professional skills, our young people will be better equipped to thrive in today's dynamic world. At the Ministry of Youth Affairs, we remain steadfast in our dedication to supporting initiatives that cultivate empowered, capable, and future-ready youth who are prepared to contribute meaningfully to Bahrain's sustainable development and prosperity.' The MOU outlines a series of collaborative efforts, including information sessions between Masari participants and New Jersey industry leaders, direct engagement with hiring organizations, and coordination of intern placement and onboarding. Both parties will work closely to ensure the experience supports the goals of its host companies while giving Bahraini youth exposure to the New Jersey business environment and culture. 'We believe that investing in young people today builds stronger economies tomorrow,' said Tim Sullivan, CEO of The New Jersey Economic Development Authority. 'We look forward to welcoming Bahrain's talented youth into New Jersey companies, helping them grow professionally and strengthening the bonds between our two regions into the future.' 'Choose New Jersey is proud to support programs that empower future leaders and build global partnerships,' said Wesley Mathews, President and CEO of Choose New Jersey. 'This internship program allows two forward-thinking economies to invest in the long-term success of our economies while creating a valuable cultural experience for the next generation.' About Choose New Jersey Choose New Jersey is the state's leading non-profit business attraction organization. We harness the collective power of New Jersey's business, government, labor, and academic sectors to expand New Jersey's economy. We work globally, using our marketing expertise, concierge business development services, deep knowledge of the state, and convening power, in collaboration with state government, to empower businesses, entrepreneurs, leaders, and innovators to make New Jersey their home. About the NJEDA The New Jersey Economic Development Authority (NJEDA) serves as the State's principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey's long-term economic competitiveness. Learn more at About Masari Association Masari Association is a national initiative established by Royal Decree No. (12) of 2024, under the umbrella of the Ministry of Youth Affairs in the Kingdom of Bahrain. Spearheaded by His Highness Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Work and Youth Affairs and Chairman of the Supreme Council for Youth and Sports (SCYS), Masari is dedicated to empowering Bahraini youth through education, skills development, and career-building opportunities. The Association plays a strategic role in bridging the gap between youth and global opportunities by facilitating access to international scholarships, internships, and professional training programs. Through strong collaborations with embassies, international universities, global corporations, and multilateral organizations, Masari identifies high-impact opportunities and ensures that young Bahrainis are equipped to thrive in a competitive global landscape. Masari operates a comprehensive outreach model, allowing youth to register interest in opportunities, receive tailored guidance, and navigate the application process with the association's support. The association also actively fosters public-private partnerships to enhance talent development and national workforce readiness. With a forward-looking vision and government-backed mandate, Masari continues to be a catalyst for youth development in Bahrain, paving the way for the next generation of leaders, innovators, and professionals.
Biz Bahrain
30-04-2025
- Business
- Biz Bahrain
Masari and NJEDA sign MoU to facilitate internship opportunities for Bahraini youth
Rawan bint Najeeb Tawfiqi, Minister of Youth Affairs, and Phil Murphy, Governor of the State of New Jersey, attended the signing of a Memorandum of Understanding (MoU) between the Masari Authority in the Kingdom of Bahrain and the New Jersey Economic Development Authority (NJEDA). The agreement aims to provide structured internship opportunities for Bahraini youth in New Jersey, in line with Bahrain's Economic Vision 2030. It also supports youth empowerment and promotes cross-cultural professional exchange. Minister Tawfiqi emphasised the significance of the partnership, noting that the MoU represents a key milestone in the national drive to equip Bahraini youth with practical training and international exposure. She underscored the Ministry's commitment to supporting initiatives that strengthen the skills and capabilities of young Bahrainis, enabling them to contribute effectively to sustainable national development. Governor Murphy highlighted the potential of the partnership to serve as a model for international cooperation in youth development. He noted that the initiative would allow Bahraini youth to gain exposure to New Jersey's economic landscape, helping to foster mutual growth and experience-sharing. The MoU was signed by Bassam Abdulrahman Altattan, Chairman of the Masari Authority, and Tim Sullivan, Chief Executive Officer of NJEDA. It outlines a range of collaborative activities, including introductory sessions with industry leaders, engagement with leading businesses and institutions, and coordination of internship placement and training. Altattan affirmed the importance of the agreement in advancing youth development and international engagement. He stated that the Masari Authority is keen to ensure that young Bahrainis benefit from hands-on training in developed economic settings, supporting their skills development and readiness for the labour market. Sullivan noted the long-term value of investing in youth, expressing NJEDA's readiness to host Bahraini interns and contribute to strengthening regional cooperation. Wesley Mathews, CEO of Choose New Jersey, affirmed the organisation's support for the initiative, describing the internship programme as an opportunity to build lasting ties between two dynamic economies and equip young people with meaningful cultural and professional experiences. BNA(R)
Yahoo
28-04-2025
- Business
- Yahoo
Hopatcong businesses push for I-80 sinkhole relief
HOPATCONG, N.J. (PIX11) — Multiple businesses in Hopatcong, New Jersey, are hoping the state will change its requirements so they are eligible for I-80 grant relief funds. Currently, relief through the New Jersey Economic Development Authority is only available to businesses in Morris County that are within a five-mile radius of the sinkhole. Businesses in Sussex County that are within the same radius do not qualify. More Local News 'I think it's kinda crazy because we're just literally down the road from the sinkholes,' said Aldo Chavez, a manager at Chapala Grill 4 in Hopatcong. Like many restaurants surrounding the sinkholes, Chapala Grill 4 has seen a drop in customers, but Chavez can't apply for the grant money because the business is located in Sussex County. State Assemblymember Mike Ignanamort, who represents Hopatcong in District 24, said county lines should be irrelevant, given the circumstances. 'A natural disaster doesn't follow county lines, and nor should the response,' said Ignanamort. Ignanamort said he has been in talks with the NJEDA to expand the grant criteria to include Sussex County. He remains cautiously optimistic. 'We're having good conversations with them,' said Ignanamort. 'We're gonna continue to make the case that this program should be open to Sussex and Morris Counties.' To make matters worse for businesses, however, the N.J. Department of Transportation just announced that the two westbound lanes scheduled to reopen on May 4th will now reopen at the end of May. The DOT said sonic drilling is taking longer than expected. NJ businesses around I-80 sinkhole get creative to get customers in Those couple of extra weeks are critical to seasonal businesses along Lake Hopatcong, including marinas and restaurants. 'You have Mother's Day coming up, which is gonna fall within that two-week delay,' said Lisa Palanci, the COO of Camp Six, a property company that manages several businesses along the waterfront. Palanci said the delays will cost businesses during a critical time when businesses are ramping up for the season. 'When the weather's like it is today, they want to get out to the lake,' said Palanci. 'People are putting their boats in and they want to come up and spend the day on the lake, and there's just that hesitation because they're going to hit traffic.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Arab News
27-04-2025
- Business
- Arab News
New Jersey governor promotes stronger relations with Kingdom
RIYADH: New Jersey Gov. Phil Murphy has arrived in Saudi Arabia on the first stop of a three-country Gulf tour to strengthen economic ties and expand investment opportunities. New Jersey, the most densely populated and diverse state in the US, is a leader in the 'innovation economy,' according to the governor. Technology and artificial intelligence, life sciences and pharmaceuticals, film and television, financial technology, and the green economy are top priorities for the delegation's discussions in the Kingdom. Murphy said: 'We think that with Saudi Vision 2030 we match up very well. So, that is among the other reasons why we're very excited to be here, to share best practices.' Murphy's trip, which is sponsored by the New Jersey Economic Development Authority, comes two weeks before President Donald Trump's official state visit to the Kingdom. The governor said: 'The Kingdom is one of the most important relationships the US has anywhere in the world. 'I know President Trump well enough to know that he would not be coming here unless he thought he could meaningfully build on what is already a good foundation.' He noted the enormous opportunity to help advance Vision 2030, benefiting not only Saudi Arabia but also the rest of the world. As part of his economic mission, Murphy aims to foster educational growth, witnessed by the signing of a letter of intent between King Saud University and Rutgers University to establish an academic collaboration in public policy research, facilitated by Choose New Jersey. The letter outlines a collaborative framework between the two institutions in public policy, business administration, management, urban planning, city development, and other fields. It prioritizes research that supports continued development within the state, attracts businesses, and boosts investment in urban areas. The partnership aims to introduce students to new academic and cultural perspectives to foster innovative solutions for challenges in both regions, said Antonio Calcado, executive vice president and chief operating officer of Rutgers University. 'King Saud University strategically partners with institutions that share our commitment to innovative research in diverse industries on a global scale,' said Prof. Yazeed Al-Sheikh, vice president for graduate studies and scientific research at King Saud University. The governor also highlighted a major investment opportunity in the Greater New York-New Jersey area to deploy capital, renewable energy, and alternative energy sources. When asked how New Jersey and Saudi Arabia can benefit each other in areas of AI and digitalization, the governor recounted a delegation he and first lady Tammy Murphy led in northern California three years ago. A group of the smartest and most influential leaders in AI gathered to exchange ideas, and from those discussions came the question of creating an AI hub in New Jersey. Murphy said: 'If you look three years ago, the overwhelming AI presence was in the greater San Francisco Bay Area … that's now begun to shift a little bit.' With the No. 1 public education system in the US, the highest concentration of scientists and engineers per square mile, and respected institutions of higher education such as Princeton University and Rutgers University, the governor wanted to shift the conversation. He added: 'The two words that drive us are talent and location.' The NJEDA — whose CEO Tim Sullivan is also on this visit — along with Princeton University, Microsoft, and CoreWeave, a New Jersey company, have come together in a joint venture with the state of New Jersey to drive AI innovation forward. Murphy said: 'I know Saudi Arabia is as invested in generative AI as any country in the world … my guess is this could easily be a memorandum of understanding, maybe a cross-investment, maybe an investment into our fund, maybe something on our side into an investment here, talent exchange, let's say all of that is on the table.' As New Jersey now requires all state employees to train in generative AI to improve government efficiency, a lot can be learned from the Saudi approach, Murphy said. Considering the current economic climate with Trump's tariffs, which range from 10 percent to 40 percent based on country and industry (10 percent on Saudi Arabian imports), 'there is too much volatility in the system right now,' the governor said. 'I am not a big tariff guy,' he said. 'Unless they are deliberately punitive on somebody who's a bad actor.' He added: 'OK, I get it. Let's continue to pursue smart ways to manufacture more in the US. Let's make our government as lean and efficient and as impactful as possible. I am good with both, but let's do it in each case in a strategic way, in a smart way. 'I think it is headed that way. I pray that it gets there soon.' The governor wants the volatility in the markets to decrease. The objectives are there, but the methods need to change. He believes that the Kingdom and the region as a whole will be strong allies in an increasingly challenging world. He also mentioned a bill he is sponsoring, and hoping to get signed in the next month, that will put a significant manufacturing incentive in place to encourage the production of goods in New Jersey. Murphy also hopes that global conflict and geopolitical tensions will be addressed in the same statesmanlike, tactical way, citing Trump's brief talks with President Zelensky in Rome on Saturday. The governor was scheduled to meet the US-Saudi Business Council on Sunday to introduce the delegation to several prominent private sector players, opening the door for further conversations. Other areas of cooperation with potential for expansion are sports, film, and television. New Jersey will host eight matches for the FIFA World Cup 2026, one of which will be the final. It is an experience it can use to advise Saudi Arabia ahead of its hosting of the competition in 2034. Murphy said: 'We have a very good relationship with FIFA, which has been important. But thanks to FIFA we've had a very good relationship with Qatar, and lessons learned from their World Cup that we can benefit from. 'And I am sure the same will be true as we learn to pass (information) on to the Saudi delegation.' The state of New Jersey will also be hosting the first World Club Cup this summer, a tournament Saudi club Al-Hilal is expected to take part in. Murphy added: 'We are (also) making New Jersey a global player in film and television, and that means we are not just making content in New Jersey, but we are also building sound stages and campuses.' Since the cinema ban was lifted in Saudi Arabia in 2018, the Kingdom has made significant strides in developing its film industry, with efforts such as the Red Sea Film Festival and the growth of local productions and stars, aiming to make it a $1 billion industry by 2030. Following his visit to the Kingdom, Murphy is set to visit Bahrain and the UAE for similar talks on economic and cultural cooperation.
Yahoo
10-04-2025
- Business
- Yahoo
Businesses hurt by Route 80 sinkhole traffic can get NJ, US aid. Here's how
North Jersey businesses that have been hurt in recent weeks from the traffic detours due to Route 80 sinkholes can apply for federal low-interest loans of up to $2 million and state grants of between $1,000 and $15,000, depending on the number of employees. The grant applications are expected to open by the end of April, according to Chris Flores, a spokesperson for the New Jersey Economic Development Authority, which is overseeing the grant program. In addition, the U.S Small Business Administration will operate a 'Business Recovery Center' at the Wharton Municipal Building at 10 Robert St., Wharton, from 8:30 a.m. to 5 p.m. Monday through Friday, and 10 a.m. to 2 p.m. on can also apply for the federal loans by calling 1-800-659-2955 or visiting Businesses in downtown Wharton say that in recent weeks they have faced the brunt of traffic being redirected onto local roads from the Route 80 sinkhole closure. Meanwhile, residents and shoppers said they've avoided downtown Wharton, as well as nearby big box stores and the Rockaway Townsquare mall. 'These guys are getting crushed,' Gov. Phil Murphy said of Wharton businesses. 'If you're a local businessperson, it's a huge burden.' Officials for the state Transportation Department said two westbound lanes of Route 80 are expected to reopen by May 4, with two eastbound lanes to reopen by May 18. All lanes of the highway are anticipated to reopen in both directions by June 25, though officials said that timeline depends on weather conditions and the ongoing structural testing. Businesses close to Route 80's Exit 34, where the sinkholes are located, can apply for grants of up to $15,000 from the state EDA. State officials created the program with similar authority that granted the agency power to operate business assistance programs during the COVID-19 pandemic, and in the aftermath of the Henri and Ida tropical storms. The maximum grant sizes are: Up to five full-time equivalent employees: $5,000 Between six and 20 full-time equivalent employees: $10,000 Between 21 and 50 full-time equivalent employees: $15,000 In the EDA grant application, the number of full-time equivalent employees is 'based on weeks worked and wages compared to the state's minimum wage' in a business's filings with the state Labor Department, according to board documents. Grants are awarded on a first-come, first-served basis according to the submission date of every application. Grants will first be available to businesses within five miles of the sinkholes, followed by those businesses 5.01 miles to 10 miles, and finally those more than 10 miles away, provided they are based in Morris County. 'Phases two and three are based on funding availability, so those phases aren't guaranteed,' said Flores, the NJEDA spokesperson. Businesses must show that they've suffered a negative financial impact of at least $1,000 in the first three months of 2025, according to board documents, and must have been in operation since Dec. 1, 2024. They must have a physical location in Morris County. Home-based businesses and landlords are ineligible for aid under the program. Gambling sites, adult stores and shops going out of business would not be eligible for grants. Businesses will not be charged any fees in connection with their applications. Those businesses denied grants will have between three and 10 days of their denial letter to submit an appeal. State officials expect many applications, so they will be 'automating a number of the processing steps' online. There should at least be enough funding for businesses within five miles of the sinkhole to access funding, but beyond that the program might be 'oversubscribed,' said Bruce Ciallella, the NJEDA's chief operations and compliance officer, during an April 9 board meeting. There is an initial $5 million for the grant program, plus the potential for an additional $15 million in county, state and federal funds. New Jersey economic officials will host an in-person info session at 5 p.m. on Monday at the Wharton Municipal Building. There will be a virtual session at 10 a.m. on Tuesday and 6 p.m. on Wednesday. The federal loan aid, meanwhile, falls under the SBA's Economic Injury Disaster Loan program. Businesses and nonprofits can apply for federal loans of up to $2 million that carry no interest accrual for the first year and don't require payments during that time. 'It's simply to help businesses stay in business,' said Tishon Powell, a spokesperson for the SBA. During the term of the federal SBA loans, which can be up to 30 years, interest rates would not go above 4%. Applicants will need to show their credit history and a means by which they will repay the loans. The application deadline is Jan. 2, 2026. Collateral, typically real estate, is required for loans of over $50,000, the SBA said. Loans of under $200,000 'will not require the owner of the business to use their primary residence as collateral if it is determined the owner has other assets of equal quality and a value equal to or greater than the amount of the loan," according to the SBA website. The loans are available to businesses in Morris County, as well as Essex, Hunterdon, Passaic, Somerset, Sussex, Union and Warren counties, the SBA said. SBA spokesperson Powell said business owners can expect to spend up to 20 minutes filling out the application. 'Applicants will generally hear something immediately or within [two to three] weeks from the processing center,' he said in an email. If you're an impacted business interested in sharing your experience in applying for and obtaining government relief, reach out to Business Reporter Daniel Munoz at 201-270-9870 or munozd@ Daniel Munoz covers business, consumer affairs, labor and the economy for and The Record. Email: munozd@ Twitter:@danielmunoz100 and Facebook This article originally appeared on NJ businesses hurt by Route 80 sinkhole can get aid
