Partnership to enhance the role of SMEs in the development of UAE’s economic clusters
Abu Dhabi, 16 January 2024:
The Ministry of Economy and Tourism (MoET) signed a Memorandum of Understanding (MoU) with the Emirates Growth Fund (EGF) to strengthen the role of small and medium-sized enterprises (SMEs) in the development of the UAE’s economic clusters, support their sustainable growth, and accelerate their access to regional and international markets. The MoU focuses on empowering SMEs, fostering innovation, and launching advanced accelerator programmes that enhance their capacity to scale and expand. This collaboration aims to increase SMEs’ active contribution to the national economy and reinforce the UAE’s position as a leading global destination for entrepreneurship.
The signing ceremony was attended by H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism and Chairman of the UAE Council for Entrepreneurship; and H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy and Tourism. The MoU was signed on behalf of the Ministry by H.E. Dr. Maria Hanif Alqassim, Assistant Undersecretary for the Policies & Economic Studies sector, while H.E. Najla Ahmed Al Midfa, Vice Chairperson of EGF’s Board of Director, was representing the EGF, and Khalifa Al Hajeri, Chief Executive Officer of EGF, signed the MoU on behalf of EGF.
H.E. Bin Touq affirmed that the UAE continues to strengthen its global position as a leading hub for entrepreneurship through pioneering national initiatives, infrastructure development, and adoption of advanced technologies that support entrepreneurs, talents, innovators, and owners of startups and innovative investment ideas.
H.E. said: “Under the guidance of the wise leadership, the UAE has prioritized the development of economic clusters in key sectors, in line with the National Policy for Economic Clusters, while also strengthening the role of startups and small and medium-sized enterprises (SMEs) in advancing these clusters and increasing their contribution to building a knowledge-based economic model. In this context, the signing of the MoU with the Emirates Growth Fund represents a new step in supporting this national direction by empowering SMEs and enhancing their capacity to expand in new economy sectors. This cooperation contributes to advancing economic diversification efforts, stimulating innovation, improving the efficiency of economic clusters, and strengthening their competitiveness at both regional and global levels.”
H.E. Najla Ahmed Al Midfa, Vice Chair of the Emirates Growth Fund, said: “The Emirates Growth Fund is addressing one of the most persistent funding gaps: access to growth capital for high-potential SMEs. As a long-term partner, we combine patient capital with active value creation. Our partnership with the Ministry of Economy and Tourism further strengthens our ability to help these SMEs scale sustainably, compete globally, and build institutions that contribute enduring value to a diversified and competitive UAE economy.”
Khalifa Al Hajeri, CEO of the Emirates Growth Fund, added: “This MoU marks another milestone in EGF’s mission to unlock the growth potential of small and medium-sized enterprises, while strengthening their readiness to scale locally and globally. Through this collaboration, we are seeking opportunities for us to invest growth equity in companies built to last, supporting them throughout their growth journey by providing strategic, long-term capital aligned with national economic priorities, and reinforcing the role of SMEs as a key driver of the UAE’s economic growth.”
The MoU aims to provide specialized capacity-building programmes for SMEs, encourage them to innovate and accelerate their business growth, as well as facilitate access to local and international markets and support expansion plans. It also focuses on providing diverse investment and financing opportunities for these companies.
The partnership contributes to achieving the UAE’s national targets for the SME sector and supporting its expansion into new and sustainable economy sectors. It also enables both parties to implement joint initiatives and projects that enhance the sector’s contribution to the national economy. The MoU also stipulates the exchange of knowledge and expertise between the Ministry of Economy and Tourism and the EGF in areas related to investment, which contributes to enhancing business sustainability in the country.
MoU between EGF and UAE Food Cluster
H.E. Bin Touq also witnessed the signing of another Memorandum of Understanding between the EGF and the UAE Food Cluster. The MoU was signed by Khalifa Al Hajeri, CEO of the EGF on behalf of the Fund, and Saleh Lootah, Chairman of the Board of Directors of the UAE Food Cluster.
The MoU will enable EGF to access companies under the UAE Food Cluster, and to provide them with strategic growth capital supported by the creation of real value. This contributes to achieving the UAE’s food security goals, supporting the diversification of the national economy, and building a more self-sufficient and sustainable food ecosystem within the country.