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SHARJAH / WAM
The Mohammed bin Rashid Innovation Fund (MBRIF), a federal government fund created by the Ministry of Finance and managed by the Emirates Development Bank (EDB), has signed a Memorandum of Understanding (MoU), to support the growth and development of the UAE’s environment of innovation with the Sharjah Entrepreneurship Centre (Sheraa), a non-profit government organisation that supports entrepreneurs across the nation.
The MoU was signed by Haytham Kamhiyah, CEO of the EDB, and Najla Al Midfa, General Manager of Sheraa, in the presence of senior representatives from both sides.
Sheraa supports 4,200 aspiring entrepreneurs, with 30 teams currently in its incubator programme and 15 teams currently in its accelerator programme. As part of the MoU, the MBRIF will support Sheraa’s efforts by providing credit guarantees for innovative projects. The MBRIF will also help Sheraa to understand the funding application eligibility criteria and will connect its community entrepreneurs to their investor network of individuals, firms and institutions. Sheraa will funnel potential transactions to the MBRIF in the form of start-ups and innovators and offer further access to entrepreneurship training and skills development to the MBRIF’s entrepreneurs.
“The UAE’s innovation environment is accelerating at a fast pace, and by becoming an “Ideas Capital” for the world, it is strongly placed to achieve innovation for its people and the entire world. The MBRIF focusses on supporting the growth of local companies, and with the support of Sheraa, we are happy to provide entrepreneurs within their community with financial support to grow and advance,” Kamhiyah said.
“Sheraa’s aim has been to nurture and build a thriving entrepreneurship ecosystem in the UAE, and we are happy to have joint ambitions with the MBRIF. We look forward to utilising the expertise of the MBRIF in corporate finance, and we expect to create local success stories that will promote socioeconomic development,” Al Midfa said.
While based in the UAE, MBRIF aspires to become global to finance innovative companies around the world and attract them to the UAE, to support the diversification of the country’s economy and its position as the global hub for innovation. The fund also supports selected companies to access affordable finance, by providing government-backed guarantees.