EBRD and UAE MBRIF announce partnership at world’s largest start-up exhibition in Dubai
Bank-backed start-ups will find new growth opportunities in the UAE’s dynamic ecosystem
Eligible businesses will benefit from support from the MBRIF accelerator program
The European Bank for Reconstruction and Development’s (EBRD) flagship Star Venture program partners with United Arab Emirates’ (UAE) Mohammed Bin Rashid Innovation Fund (MBRIF) to help start-ups scale up their innovations and enter new markets.
The partnership will help EBRD-backed start-ups access the MBRIF Accelerator Program, which aims to help promising and growth-stage companies expand into the UAE market, accelerate and scale up their operations . The strategic alliance provides a fast track for innovative businesses to establish and thrive in the UAE market, while helping MBRIF members expand across EBRD regions.
The partnership was unveiled at Expand North Star 2023, the world’s largest trade show for start-ups and investors, held at Dubai Harbour. The EBRD invited over 40 innovative start-ups from its regions to the event to explore new opportunities in the UAE.
Claudio Viezzoli, Managing Director of SME Finance and Development at the EBRD, said: “In our increasingly interconnected world, innovation has no borders. We are proud to join our efforts with those of MBRIF to support the growth and development of startups. This partnership will encourage businesses to broaden their horizons and strengthen their success in the dynamic entrepreneurial hub of the United Arab Emirates.
Fatima Al Naqbi, Director of Innovation at the UAE Ministry of Finance and the ministry’s representative at MBRIF, said: “The new partnership accelerates the growth of promising start-ups and opens the door to global expansion for a new generation of entrepreneurs in the United Arab Emirates. It also facilitates access to new markets for those who wish to come from Europe to explore the growth opportunities of the UAE, which has become a regional business hub and gateway to regional markets.
She added: “Promoting a culture of innovation is the UAE’s approach to building its national economy, attracting the brightest minds and top global talents, and building a global network of relationships. Our goal is to support aspiring innovators and entrepreneurs, and help start-ups achieve their expansion and growth goals, and perhaps become unicorns that provide innovative solutions and adopt transformative business models, in the areas of health, water, technology, space and renewable energies. , transportation and education, generating benefits for the UAE economy and contributing to the development of the global economy.
The EBRD’s Star Venture program provides world-class business advice, mentoring, access to finance and market development support to help start-ups improve efficiency and scale rapidly. To date, the program has supported more than 650 high-potential start-ups in 23 countries, covering the South and Eastern Mediterranean (SEMED), Western Balkans, Central Asia, Eastern Europe and the Caucasus. , as well as Turkey.
The MBRIF is a federal initiative launched by the UAE Ministry of Finance and managed by the Emirates Development Bank. Since its launch in 2016, it has supported innovators through its guarantee program, which provides its members with access to affordable financing through a government-backed guarantee, without taking equity.
MBRIF’s second programme, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE’s National Innovation Strategy, it aims to strengthen the growth potential of innovative companies shaping the future of the economy of the United Arab Emirates. The MBRIF Accelerator provides world-class services and coaching to member companies to advance their businesses, elevate their capabilities, unlock value and achieve scale.
MBRIF also partners with the public and private sectors to help facilitate growth, provide support, create opportunities and pave the way for the success of its member companies in the UAE. For more information, please visit: https://www.mbrif.ae/