DHAKA: Bangladeshi Nobel laureate Dr Muhammad Yunus was picked up for the 2nd Global Entrepreneurship Award (GEA-2014).

He has been selected for the award under the umbrella of the Centennial Fund (CF) chaired by Saudi deputy foreign minister Prince Abdulaziz bin Abdullah, reports Arab News on Tuesday.

Yunus, however, won the award for the best leading figure category.

CF secretary-general Abdulaziz Al-Mutairi, who made the announcement of the GEA-Award, said that the decision to confer the award to Yunus was based on his distinguished efforts in highlighting the culture of entrepreneurship.

Moreover, the reports said that some 600 candidates from 42 countries had submitted their entries in six different categories this year.

The award giving ceremony will be held on November 3.

A large number of economists from the Gulf States and across the world are expected to attend the program.

Prince Abdulaziz will hand over the award worth 1-m Saudi Riyal, Al-Mutairi said.

"The launch of the award is a continuation of the efforts of the Kingdom's leadership that reflects Prince Abdulaziz's efforts to help young people realize their ambitions and shape their own future."

The CF secretary-general said the prize distribution ceremony will coincide with the launch of the first World Conference on Entrepreneurship, and the start of the 3rd World Global Week's events for Entrepreneurship Guidance in its third season.

BDST: 1935 HRS, OCT 14, 2014