A group signing ceremony at the EDB Connect-Sharjah Edition celebrated the new partnership between the three key partners, led by EDB CEO Ahmed Mohamed Al Naqbi, Sharjah Entrepreneurship Centre CEO Najla Ahmed Al Midfa, and SCCI Director General Mohamed Al Awadhi.
EDB, Sheraa, and SCCI will collaborate to support the establishment and growth of advanced manufacturing startups, as well as facilitate critical connections between startups, industry leaders, and partners through tailored matchmaking initiatives and networking events, ensuring that startups have the resources and connections they require to thrive.
The CoE for Advanced Manufacturing and CPG will offer a variety of services, ranging from knowledge sharing to market access and funding, to allow and support their growth from the early stages to more established phases. EDB will provide SME incubation for up to three years to early-stage enterprises, including startup equity financing support and microfinance alternatives to cover machinery and setup costs, in accordance with the bank's mission and credit rules. For more established SMEs, EDB will provide favourable financing terms for equipment acquisitions and working capital requirements, as well as project finance for company development, with up to two-year grace periods.
SCCI will also facilitate market entry and export opportunities, as well as provide industry expertise and support for market research, while Sheraa will orchestrate the implementation of valuable CoE programmes and offerings, select startups and entrepreneurs, and provide mentorship and guidance from industry experts.
Ahmed Mohamed Al Naqbi stated that the joint partnership fosters a strong ecosystem for startups by offering mentoring, market access, capacity building, and research support. This aligns with the UAE's goal of becoming a global leader in technology and innovation. Manufacturing and advanced technology are two of the five priority sectors we support at EDB, and initiatives like this highlight the importance of strategic partnerships in driving economic growth and empowering SMEs by giving them the tools they need to access finance and thrive in a competitive global marketplace."
Najla Ahmed Al Midfa made the following announcement: "Sheraa's Centre of Excellence for Advanced Manufacturing and CPG underscores Sheraa's commitment to driving innovation within Sharjah's and the UAE's manufacturing sectors." This collaboration ignites a new age of entrepreneurial vitality, aligning with Sharjah's strategic aim of being a crucible for innovative firms. It will act as a catalyst, helping entrepreneurs redefine industry innovation and strengthening Sharjah's position as a beacon of long-term economic success."
Mohammed Ahmed Amin Al Awadi emphasised the Chamber's commitment to establishing strategic alliances with the goal of streamlining efforts to give better assistance to entrepreneurs and encourage entrepreneurial growth in critical industries.
This entails fostering a supportive environment for the growth and success of startups and small and medium-sized firms (SMEs), as well as encouraging them to participate and invest in innovation-driven industrial sectors.
These initiatives are consistent with the national Industry and Advanced Technology plan, sometimes known as the "300 billion project," which seeks to facilitate and promote corporate activities and operations in the industrial sector, a critical component of long-term economic growth.
Al Awadi emphasised that the UAE's industrial sector has long received extensive attention, thanks to the visionary leadership's understanding of its critical role and good economic contributions to the country's GDP, as well as its economic influence across all sectors of society.
He highlighted that the Sheraa Centre of Excellence for Advanced Manufacturing and CPG is a high-quality programme that has the potential to considerably boost the UAE's long-term industrial growth.
He explained that the purpose of this initiative is to increase the use of advanced technologies and Fourth Industrial Revolution solutions, bolstering the UAE's reputation as a premier industrial hub known for its business-friendly environment, robust and promising investment regulations, and proactive initiatives that enable entrepreneurs and businesses to keep up with rapid technological advancements.
Sheraa's Centre of Excellence will provide a strong foundation for promoting and engaging in manufacturing events and activities. Access to EDB data will help entrepreneurs with market analysis, business model validation, and technology refinement, while partnerships with SCCI will accelerate their exports. Specialised capacity-building programmes with industry experts and mentorship will provide entrepreneurs with the necessary skills and expertise to grow and navigate the manufacturing sector.
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