UAE’s major free zone, the Sharjah Research, Technology and Innovation Park (SRTI Park) has signed an agreement with Emirates Development Bank (EDB) to support innovative small and medium-sized enterprises (SMEs) in the region.
This MoU is to represent the Mohammed Bin Rashid Innovation Fund (MBRIF), the operator of MBRIF programs, to encourage funding of SMEs operating in various fields of technological solutions, artificial intelligence (AI), and innovation.
Within the framework of the deal, the two parties will collaborate to facilitate the development of the various technology sectors operating within the SRTI Park, with a special focus on areas such as water technology, environmental technology, renewable energy, transport technology, information technology, industrial design and architecture, and other innovation-friendly enterprises.
The fund will encourage firms that provide unique and innovative ideas at national and international levels. The purpose of the agreement is to enable the role of the fund in promoting the transformation of the UAE into a knowledge-based economy, thereby achieving the country’s stability and sustainability.
“We are happy with this cooperation with Emirates Development Bank, which will have a clear impact in encouraging small and innovative investors to motivate and translate their creative ideas into successful ventures. The MoU will facilitate funding to finance their projects and help turn their ideas from concept to reality. We are also proud to continue with our mission to intensify efforts and make SRTI Park an important hub of regional and international development for future technologies. Our role is to link the efforts of the private sector, governmental bodies, and academic institutions to support scientific, applied and technological research to carry out investment activities and realize the UAE’s vision of a knowledge-based economy.”
Fatima Alnaqbi, chief innovation officer, MBRIF Representative of the Ministry of Finance, said, “The UAE is a nation built on innovation and entrepreneurship. Our government has built a strong hub for entrepreneurs by creating a start-up ecosystem that attracts innovative individuals from around the world, as well as nurturing homegrown entrepreneurs and businesses. This supportive environment has enabled the UAE to rise within the global tech start-up ecosystem, and have set the UAE on a unique path of innovation and exploration, powered by human potential.”
“We are proud to partner with SRTI Park to support innovative, technology-powered companies in the UAE. SMEs are at the core of the UAE’s economic growth and development, and through our collaboration, we aim to further contribute to the country’s innovation ecosystem, which is critical to the success of the SME sector,” commented Faisal Al Bastaki, CEO of Emirates Development Bank.