Business

H.E Ahmed Al Naqbi: Initiatives like this underscore the role of strategic partnerships in propelling economic growth and empowering SMEs.

In a landmark collaboration, Emirates Development Bank (EDB), Sharjah Entrepreneurship Center (Sheraa), and Sharjah Chamber of Commerce and Industry (SCCI) have announced the inauguration of Sheraa’s Center of Excellence (CoE) for Advanced Manufacturing and Consumer Packaged Goods (CPG). This pioneering initiative, the first of its kind in the UAE, aims to propel the nation's vision for innovation in the manufacturing industry by nurturing advanced manufacturing startups and fostering an entrepreneurial culture.

The auspicious occasion was marked by a group signing ceremony held at the EDB Connect-Sharjah Edition, attended by key representatives including H.E. Ahmed Mohamed Al Naqbi, CEO of EDB; H.E. Najla Ahmed Al Midfa, CEO of Sheraa; and H.E. Mohamed Al Awadhi, Director General of SCCI.

The strategic partnership between EDB, Sheraa, and SCCI is poised to support the establishment and growth of startups in advanced manufacturing. Through tailored matchmaking initiatives and networking events, the collaboration aims to facilitate essential connections between startups, industry leaders, and partners, ensuring access to resources crucial for their success.

The CoE for Advanced Manufacturing and CPG will offer a comprehensive range of services to startups, including knowledge-sharing, market access, and financing support. For early-stage businesses, EDB will provide SME incubation for up to three years, with options for equity financing and microfinance to cover machinery and setup costs. Established SMEs will benefit from preferential financing terms and project financing for expansion, including extended grace periods.

Under this partnership, SCCI will facilitate market entry and export opportunities, while providing industry expertise and support in market research. Sheraa will oversee the implementation of programs and offerings under the CoE, selecting startups and offering mentorship and guidance from industry experts.

H.E. Ahmed Mohamed Al Naqbi emphasized the significance of the CoE in accelerating the adoption of advanced manufacturing techniques, aligning with the UAE's aspirations to be a global leader in future technologies and industrial innovation. He highlighted the role of strategic partnerships in driving economic growth and empowering SMEs by providing essential tools and resources.

H.E. Najla Ahmed Al Midfa reiterated Sheraa's commitment to driving innovation in Sharjah and the UAE's manufacturing sectors, fostering entrepreneurship, and contributing to sustainable economic progress.

H.E. Mohammed Ahmed Amin Al Awadi reaffirmed SCCI's dedication to expanding strategic partnerships to enhance support for entrepreneurs and drive entrepreneurial growth across key sectors. He emphasized the alignment of these endeavors with the national Industry and Advanced Technology strategy, aiming to stimulate business activities and operations within the industrial sector.

The launch of the Sheraa Center of Excellence for Advanced Manufacturing and CPG marks a significant step towards enhancing the UAE's sustainable industrial growth and reinforcing its stature as a premier industrial hub known for its business-friendly environment and proactive initiatives to empower entrepreneurs.

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