Sharjah, UAE: Mohammed bin Rashid Innovation Fund (MBRIF), a federal government fund conceived by Ministry of Finance, operated by the Emirates Development Bank (EDB), signed a Memorandum of Understanding (MOU) to support the growth and development of the innovation ecosystem in the UAE, with the Sharjah Entrepreneurship Center (Sheraa), a non-profit government organization that supports entrepreneurs across the nation.
The MOU was signed by Haytham Kamhiyah, CEO of Emirates Development Bank, the operator of Mohammed bin Rashid Innovation Fund and Najla Al Midfa, General Manager, Sharjah Entrepreneurship Center (Sheraa), in the presence of senior management representatives from both sides.
The Sharjah Entrepreneurship Center (Sheraa) has a community of 4200 aspiring entrepreneurs with 30 teams currently in the incubator and 15 teams currently in the accelerator. Upon signing of the MOU, MBRIF will support Sheraa’s innovation and entrepreneurship efforts by providing credit guarantees for innovative projects. In addition, MBRIF will help Sheraa understand the funding application eligibility criteria. MBRIF will also connect Sheraa community entrepreneurs to their investor network of individuals, firms and institutions. Sheraa, on the other hand, will funnel potential transactions to MBRIF in the form of start-ups and innovators and further offer access to entrepreneurship training and skills development to MBRIF entrepreneurs.
Speaking on the occasion, Haitham Kamhiyah, CEO of Emirates Development Bank, the Operator of Mohammed bin Rashid Innovation Fund said: “The innovation environment in the UAE is accelerating at a fast pace, and by becoming an 'Ideas Capital' for the world, the nation is strongly placed to enable impactful innovation for its people and the world. The MBR Innovation Fund focuses on supporting the growth of local companies and with the support of Sheraa, we are happy to provide entrepreneurs within their community the financial boost needed to grow and scale.”
Najla Al Midfa, General Manager of Sharjah Entrepreneurship Center (Sheraa) said: “Sheraa's aim has been to nurture and build a thriving entrepreneurship ecosystem for the UAE and we are happy to have found a synergy of our ambitions with that of MBRIF. We look forward to the expertise of MBRIF on matters of corporate finance and expect to create some great local success stories that serve as engines for socio-economic development.”
While anchored in the UAE, MBRIF aspires for a global reach to finance innovative companies around the world and attract them to the UAE to support the diversification of the country’s economy and position the UAE as the global hub for innovation.
The fund supports selected companies in accessing affordable finance through the provision of a government-backed guarantee.
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About Sharjah Entrepreneurship Center (Sheraa)
Sheraa (Sharjah Entrepreneurship Center) was launched in January 2016, under the patronage of Sheikha Bodour bint Sultan bin Muhammad Al Qasimi - Chairperson of the Sharjah Investment and Development Authority (Shurooq) - to provide a launch pad for aspiring and established entrepreneurs in the UAE. Sheraa's state-of-the-art co-working facility is housed at the American University of Sharjah, and hosts a thriving community of students and ambitious entrepreneurs. Sheraa – ‘Sail’ in Arabic - inspires youth to pursue their entrepreneurial dreams, and empowers them to navigate through the processes of launching a business, transforming them from job seekers to job creators in the United Arab Emirates and the wider region. It runs the country’s first university-based ‘accelerator’ program, offering a mentorship-driven, three-month entrepreneurship boot camp to support teams that demonstrate entrepreneurial spirit and courage. The hands-on accelerator also provides seed-funding, strategic mentorship by industry professionals and a suite of other competitive benefits. It successfully unveiled 10 startups through the inaugural flagship accelerator showcase day, which was conceived in the center’s expansive co-working space where creativity is fostered in an exuberant environment. Sheraa’s programs also include an Ideathon, which helps young entrepreneurs quickly validate their idea, and an Incubator, which helps startups refine their concepts and develop advanced prototypes.
About Mohammed Bin Rashid Innovation Fund (MBRIF)
The Mohammed bin Rashid Innovation Fund (MBRIF) is a federally sponsored initiative conceived and sponsored by the Ministry of Finance and operated by Emirates Development Bank to support local innovators in accessing affordable finance through the provision of a government-backed guarantee. The Fund of AED 2 billion was announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, during the country’s first-ever Innovation week. MBRIF will act on behalf of the UAE government to provide a guarantee as security to a financier, as an incentive to encourage the issuance of a loan and to reduce collateral required from the applicant.
Media Contacts
Tuleen Habach
Edelman Middle East
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Email: Tuleen.Habach@edelman.com
Rawya Abdelkader
Edelman Middle East
Number: +971 55 104 7360
Email: Rawya.Abdelkader@edelmandabo.com
