Ministry, Flat6labs launch initiative to promote SMEs

ABU DHABI / WAM

The Ministry of Economy, represented by The Entrepreneurial Nation, has launched a new initiative to attract Small and Medium Enterprises (SMEs) to the UAE and help promote their growth and local and global expansion.
The initiative has been launched in collaboration with Flat6labs, a leading seed and early stage venture capital firm based in Abu Dhabi, through the signing of a Memorandum of Understanding to support the ‘Flat6lab Ignite’ programme.
The programme will be held from August 28 – October 10, and will award a training session, an initial funding of AED550,000 and other benefits offered by The Entrepreneurial Nation to the winners, based on specific criteria.
The MoU was signed by Abdulla Al Saleh, Undersecretary at the UAE Ministry
of Economy; and Ryaan Sharif, General Manager of Flat6labs; in the presence of officials from both sides.
Al Saleh said, “The UAE attaches great significance to the entrepreneurial sector and it is a key pillar of our new economic model based on knowledge and innovation. Moreover, it plays an
important role in the diversification of our national economy and promoting its global competitiveness, in line with the directives of our wise leadership and in line with the Principles of the 50 and the UAE Centennial 2071 goals.”
He explained that the new initiative emphasises the UAE’s strategic approach to empowering the entrepreneurial sector, by offering all the necessary prospects and tools for the growth of businesses through flexible and innovative legislation and
incentives.
These efforts are set to contribute to enhancing the participation of this vital sector in supporting GDP growth, strengthening the national innovation landscape, and consolidating the UAE’s position as a leading destination for entrepreneurs and startups from all over the world.
He added that the Ministry of Economy is continuing its efforts to establish partnerships with leading local and global entities that can contribute to the development of the UAE’s entrepreneurial sector. This will help ensure a highly supportive environment for this sector in the country in line with international best practices.
Under the terms of the MoU, several advantages and incentives will be available to companies that sign up for The Entrepreneurial Nation programme. These include two golden tickets for the winners to attend a four-day training session at the Flat6Labs headquarters in Abu Dhabi.