News

Sharjah, May 31, 2024

MoIAT, ECI, Sheraa to empower SMEs, entrepreneurs in industrial sector

In the presence of His Excellency Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; and Her Excellency Sarah Bint Yousif Al Amiri, Minister of State for Public Education and Advanced Technology; a Memorandum of Understanding (MoU) was signed between the Ministry of Industry and Advanced Technology (MoIAT), Etihad Credit Insurance (ECI), and Sharjah Entrepreneurship Center (Sheraa).The MoU aims to provide technical support, strategic consultation, and capacity building for entrepreneurs and industrial SMEs to help them access local and international markets.

The MoU was officially signed by Osama Amir Fadhel, Assistant Undersecretary of the Industry Accelerators Sector at MoIAT; Najla Al Midfa, CEO Sheraa; and Raja Al Mazrouei, CEO of ECI; during the third edition of Make it in the Emirates (MIITE) Forum which took place from May 27-28, 2024, at the Abu Dhabi Energy Center, organised by MoIAT in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.

Encouraging innovation in the manufacturing industry

This strategic agreement represents part of a series of MoU signings for Sheraa’s Center of Excellence (CoE) for Advanced Manufacturing & CPG which onboarded other partners such as Emirates Development Bank (EDB) and Sharjah Chamber of Commerce and Industry (SCCI). As the first-of-its-kind in the UAE, this Center of Excellence aims to advance the nation's vision for innovation in the manufacturing industry by incubating and enabling the growth of advanced manufacturing startups while fostering an entrepreneurship culture in the country.

By providing startups with access to critical resources such as mentoring, international market access, capacity building, and research support, the CoE is nurturing a robust ecosystem that aligns with the UAE’s aspirations to be a global leader in future technologies and industrial innovation. Offering a range of services from knowledge-sharing to market access to financing, the CoE empowers startups to thrive from the nascent stages to more established phases. 

Facilitating entrepreneurial growth in the region

The agreement aims to propel entrepreneurial growth in the region through a multifaceted approach including strategic advisory, capacity-building initiatives, and market access. The agreement will pave the way for startups to thrive in line with the National Strategy for Industry and Advanced Technology, by tapping into a wealth of resources for growth and development. ECI will provide vital support in financial risk mitigation, funding access, and invaluable networking opportunities on a global scale, further propelling entrepreneurial growth in the region.

Both entities will also facilitate 1-on-1 advisory sessions and workshops conducted by industry experts, where startups will receive tailored guidance on various aspects of business operations. This personalised approach ensures that startups are equipped with the necessary tools and knowledge to navigate the challenges of entrepreneurship, ultimately enhancing their prospects for success and aligning their growth with the UAE’s national agenda.

Fadhel said: “The ministry, in line with the objectives of the National Strategy for Industry and Advanced Technology, aims to enhance the growth and competitiveness of the industrial sector through developing enablers and incentives. We focus on creating investment opportunities that support the growth of industrial companies under the Make it in the Emirates initiative, especially for SMEs and entrepreneurs. We are confident that our partnership with Sheraa and ECI will enhance the capabilities of entrepreneurs and startups and enable them to grow and boost their competitiveness.”

He added: “Collaboration between the ministry and its strategic partners, such as ECI and Sheraa, is one way in which the ministry empowers the UAE’s industrial sector, including its SMEs and entrepreneurs. This collaboration will open new horizons for industrial projects and emerging companies. Through new enablers, it will support exports to new markets around the world, providing the opportunity for emerging companies to participate in the UAE’s economic and social development.”

Speaking on the evolution of the entrepreneurial landscape, especially regarding manufacturing and consumer packaged goods, Najla Al Midfa stated, “Our Center of Excellence aims to enhance the advanced manufacturing and CPG sectors within Sharjah and the UAE, by launching and scaling startups, instilling a culture of innovation, and creating demand for high-skilled jobs. By collaborating with key strategic partners who are leaders in their respective sectors, this MoU signing actively shows our collective drive towards excellence in entrepreneurship, and the advantageous environment the UAE provides for businesses to grow and expand their markets.”

H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, emphasised the significance of such strategic partnerships in fostering an environment where startups can flourish, thereby contributing to the UAE’s economic goals. “We are pleased to collaborate with the Sheraa and the MoIAT as it aligns with our commitment to providing innovative credit solutions, facilitating easy access to finance, offering expert market insights, and nurturing strategic collaborations. These efforts aim to bolster the reputation of Sharjah and UAE as a leading trade and investment hub, both regionally and globally. Through such partnerships, ECI will continue to expand its capabilities and outreach to strengthen national exports in line with our vision and mission of promoting sustainable non-oil trade for the UAE’s economy,” Al Mazrouei added.

Make it in the Emirates Forum

The third edition of the Make it in the Emirates Forum in 2024 served as a major networking and knowledge-sharing platform for the industrial community, facilitating valuable connections and insights on a global scale. This highly anticipated event gathered key stakeholders - including decision-makers, government and private sector officials, experts, entrepreneurs, investors, and startups, with a core focus on highlighting investment prospects within the local industrial sector. By bringing together a diverse array of industry players, the forum served as a showcase for the potential growth and innovation within the UAE’s industrial landscape, both domestically and internationally. 

During the forum, Abeer Al Amiri, Head of Partnership at Sheraa, formed part of the judging panel for the MITE Startup competition which featured two tracks this year, Additive Manufacturing and Decarbonisation. This involvement furthers Sheraa’s commitment to fostering innovation and sustainability, supporting startups with pioneering ideas that can drive the green transition of industry and create a positive impact on society and the environment.

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More about the COEs:

Sharjah Entrepreneurship Center is launching a series of Centers of Excellence (CoEs) to support the growth and development of startups in key sectors such as Advanced Manufacturing, Edtech, Creative Industries, and Sustainability, with strategic partners across all four centres including Sharjah FDI Office, American University of Sharjah, and University of Sharjah. These CoEs serve as specialised hubs that provide targeted resources, mentorship, and access to industry experts to help startups thrive. By focusing on these future-focused sectors Sheraa’s CoEs aim to nurture innovation, facilitate market access, and enable startups to scale their businesses both locally and globally. The CoEs align with Sheraa’s mission to empower entrepreneurs and contribute to the UAE's economic diversification and growth.

About Etihad Credit Insurance (ECI) 

Etihad Credit Insurance, UAE’s federal export credit company, offers businesses, financial institutions and investors innovative solutions that catalyse and consolidate international trade. The company provides a wide range of solutions and products such as export credit insurance, risk mitigation insurance, comprehensive market intelligence, export strategy and access to finance. Established in 2018, ECI has a Fitch Rating of ‘AA-’ and is a member of the widely acclaimed Berne Union and an affiliate member of the UN Environment Programme – Finance Initiative’s NZECA.  

ECI is dedicated to fostering sustainability and non-oil trade to support the resilience and diversification of the UAE economy, while empowering businesses to conduct seamless global trade by providing robust credit solutions and expert market insights. Guided by the core organisational values of protection, customer-centricity, integrity, collaboration, global competitiveness, innovation, and sustainability, ECI remains committed to ensuring client success.