Abu Dhabi: «Gulf»
The Home of Entrepreneurship, which is a leading national platform aimed at supporting and developing the small and medium-sized companies sector within the country, launched the first initiatives of the second phase, which includes a set of innovative programs under the umbrella of the rapidly growing companies support platform (ScaleUp), especially the (ScaleUp Expand) track, which Through it, it concluded 4 agreements with the Republic of South Korea, the Republic of India, the Republic of Latvia, and the Kingdom of Saudi Arabia, aimed at supporting the expansion of emerging companies in the UAE globally, by providing solutions and advantages at competitive prices that ensure sustainable growth for their various commercial activities.
Abdullah Al Saleh, Undersecretary of the Ministry of Economy, said: “The UAE is moving steadily towards empowering the sectors of the new economic model that it aspires to transform into in the next fifty years, based on the forward-looking vision of the wise leadership, on the necessity of diversifying the sources of income of the national economy, and relying on the activities of the new economy.” In supporting the growth of the gross domestic product, and in line with the enormous potential that the country possesses and enhances its development path in a sustainable manner.
He added: “The (home of entrepreneurship) is one of the main pillars supporting the entrepreneurship sector in the country, and a very important platform to enable the model of small and medium companies, and increase their contribution to supporting the UAE economy, and this is what we saw during the first phase of the national project, the first of its kind at the regional level. Middle East and Africa; Through the Scale Up Expand track, which comes within the second phase of the project, we look forward to the access of emerging companies in the UAE to global markets and to provide them with all aspects of support to ensure the sustainability of their growth and prosperity of their business in cooperation with a wide range of strategic partners regionally and globally.
He stressed that the initiative and the agreements it includes represent a very important opportunity that will enable emerging Emirati companies to enter new regional and global markets and gain experiences that will enhance the expansion of their various activities and ensure their transformation into the category of billionaire companies gradually, explaining that the Ministry of Economy is continuing to support and empower the small companies sector. and medium enterprises within the country, in cooperation with its strategic partners from the government and private sectors, and specialists from all over the world.
Under the (Scale Up Expand) track, which falls under the umbrella of the platform for supporting fast-growing companies (Scale Up), which is one of the main axes of the “Home of Entrepreneurship” project, an agreement was signed with the Korea Federation of Small and Medium Enterprises (Scale Up Korea), with the aim of promoting Cooperation between emerging companies in the UAE and Korea in the sectors of the new economy, including smart agriculture and advanced technology, and facilitating identification of the agricultural technology market and smart farming methods in South Korea. This partnership is set to support the efforts and objectives of the UAE in the food security file in particular. For startups registered in the UAE that specialize in the field of smart agriculture and have innovative solutions in this field, they may register in this program.
For his part, Chul Woo Kim, President of the Korea Federation of Small and Medium Enterprises, said: “Korea and the UAE have a common goal of promoting the growth of small and medium enterprises to create a bright economic future, and this joint agreement between us and the Ministry of Economy is the first step towards establishing economic partnerships and discovering more opportunities.” Supportive opportunities for startups in the two countries.
The “Startup Bridge between the UAE and India” was also launched, according to an agreement signed with (StartUpIndia), which provides a common platform for small and medium-sized companies that includes all the advantages and information for companies in the two countries, including knowledge exchange, implementation of joint programs and capacity building, with the aim of providing investment opportunities for startups. In both countries, it enables them to continue growing, especially in the sectors of health, agricultural, educational, climatic technology, and other sectors of the new economy, and companies registered in the UAE that work in these areas, have a clear strategy and revenues of one million dollars as a minimum, and employ 20 full-time employees. At least full participation.
An agreement was signed with the Investment and Development Agency of Latvia with the aim of expanding and enhancing the access of emerging companies in the UAE to European markets, through the agency’s representative offices, in addition to providing a package of competitive advantages that includes providing support by dedicated mentors according to the sector, and giving information about the nature of the market. education about trade regulations for starting a business in Latvia, as well as participation in international exhibitions and conferences abroad with a single booth in person or online, participation in international digital industry platforms and fairs, adaptation of products and services to foreign markets including brand development and design samples, as well as To provide the necessary publicity in the specialized print and digital media in the European Union.
The agreement concluded with the Latvian Investment and Development Agency will also provide financial support to emerging companies in the UAE, represented by granting 200,000 euros with minimum terms and conditions for the services provided by the agency, and a 100% discount on participation in Latvian national pavilions in international exhibitions, in addition to a 90% discount. % on compliance assessment and certification (up to a maximum of €45,000), and an 80% discount on export support activities across the Agency’s offices in Europe (up to a maximum of €60,000). UAE-based companies with one year of market experience and 5 full-time employees can apply for this program and take advantage of the benefits it provides.
For her part, Inga Ullmann, Counselor for Economic and Commercial Affairs at the Latvian Embassy in the United Arab Emirates, and Head of the Representative Office in the UAE and the Middle East for the Investment and Development Agency of Latvia, said: “The Scale Up program was a major station to encourage entrepreneurs in the two countries to explore available opportunities.” In their markets, and we are now seeing an increase in the number of emerging Latvian companies located on the soil of the UAE, as a result of the initiatives and legislation of the UAE leadership to develop an entrepreneurial environment, and I believe that Latvia is the ideal gateway for emerging Emirati companies to expand in Europe, and this is reinforced by Latvia receiving the unicorn award for investment in environmental development For Startups, International Trade Council.
The initiative will help startups in the UAE expand in the Kingdom of Saudi Arabia through discounted packages to enter the Kingdom’s market under the agreement signed with AstroLabs, as the latter will provide a set of benefits and incentives to companies, including free entry for 3 days to a workspace. Subscriber to AstroLabs, Riyadh, 5% discount on all expansion and employment services, 20% on selected training from the AstroLabs Academy, in addition to providing free consultation by one of the company’s specialists, and providing advice on the requirements necessary for expansion within the Kingdom.
Roland Daher, CEO of AstroLabs, said: “Over the past two years, we have noticed an increasing interest from startups based in the UAE to expand into the Kingdom of Saudi Arabia, especially as they have many promising opportunities in the sectors of the new economy.”
The Ministry of Economy confirmed that all programs available under the signed agreements are completely free of charge, and startups can benefit from more than one program, provided that they pass the criteria of the programs they wish to join.
Abu Dhabi: «Gulf»