MoIAT, ECI and Sheraa to empower the industrial SMEs, entrepreneurs

In the presence of Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; and 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 centre (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 centre, organised by MoIAT in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and Adnoc.

This strategic agreement represents part of a series of MoU signings for Sheraa’s centre 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 centre 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.

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

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 centre 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.”

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.