The Sharjah Research Technology and Innovation Park (SRTI Park) has signed a Memorandum of Understanding (MoU) with Emirates Development Bank to support innovative small and medium-size enterprises (SMEs) in the UAE.

The MoU is to represent the Mohammed Bin Rashid Innovation Fund (MBRIF), the operator of MBRIF programmes, to enhance financing of SMEs operating in various fields of technological solutions, Artificial Intelligence, and innovation.

The MoU was signed by Hussain Al Mahmoudi, CEO of SRTI Park, and Faisal Al Bastaki, CEO of Emirates Development Bank, in the presence of MBRIF Director Shaker Farid Zainal and a number of senior officials from both sides.

Under the agreement, the two parties will work to promote the growth of various technology sectors operating inside the SRTI Park, with special focus on water technology, environmental technology, renewable energy, transportation technology, information technology, industrial design and architecture, and other enterprises that promote innovation.

The fund supports companies that offer unique and innovative ideas at national and international levels. The aim of the agreement is to activate the fund’s role in supporting the UAE’s transition to a knowledge-based economy, thus achieving prosperity and sustainability for the country.

SRTI Park CEO Hussain Al Mahmoudi, said: “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 realise 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 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.”

Commenting on the strategic partnership, Faisal Al Bastaki, CEO of Emirates Development Bank, said: “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.”

Source:https://www.khaleejtimes.com/business/local/srti-park-emirates-development-bank-collaborate-to-support-smes