- EBRD and UAE’s MBRIF announce partnership at world’s largest start-up exhibition in Dubai
- Bank-supported start-ups to find new growth opportunities in UAE’s dynamic ecosystem
- Eligible businesses to receive support from the MBRIF’s accelerator programme
The European Bank for Reconstruction and Development (EBRD)’s flagship Star Venture programme is partnering with the United Arab Emirates’ (UAE) Mohammed Bin Rashid Innovation Fund (MBRIF) to help start-up companies scale up their innovations and enter new markets.
The partnership will help EBRD-backed start-ups to access the MBRIF Accelerator programme, which aims to help promising market to growth-stage firms expand into the UAE market, accelerate and scale up operations. The strategic alliance opens a fast-track route for innovative businesses to establish and flourish in the UAE market, while assisting MBRIF members in expanding into the EBRD regions.
The partnership was unveiled at Expand North Star 2023, the world’s largest exhibition for start-ups and investors, held at Dubai Harbour. The EBRD brought more than 40 innovative start-ups from its regions to the event to explore new opportunities in the UAE.
Claudio Viezzoli, Managing Director for SME Finance and Development at the EBRD, said: “In our increasingly interconnected world, innovation has no borders. We are proud to join efforts with the MBRIF in supporting start-up growth and development. This partnership will inspire companies to expand their horizons and bolster their success in the vibrant entrepreneurship hub that is the UAE.”
Fatima Al Naqbi, Chief Innovation Officer at the UAE Ministry of Finance and the Ministry’s representative at the 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 UAE. It also facilitates forging into new markets for those wishing to come from Europe to explore growth opportunities from the UAE, which has become a regional business hub and a gateway into regional markets.”
She added: “Promoting a culture of innovation is the UAE’s approach to building its national economy, attracting the brightest minds and the best global talent, and building a global network of relationships. We aim to support aspiring innovators and entrepreneurs, and help start-ups achieve their goals of expansion and growth, and perhaps becoming unicorns that provide innovative solutions and adopt transformative business models, in the fields of health, water, technology, space, renewable energy, transportation, and education, yielding returns for the UAE’s economy and contributing to the development of the global economy.”
The EBRD Star Venture programme provides world-class business consulting, mentoring, access to finance and market development support to help start-ups improve efficiency and scale rapidly. To date, the programme has assisted more than 650 high-potential early-stage companies in 23 countries, spanning the Bank’s southern and eastern Mediterranean region (SEMED), the Western Balkans, Central Asia, eastern Europe and the Caucasus, and Türkiye.
The MBRIF is a federal initiative launched by the UAE Ministry of Finance and operated by Emirates Development Bank. Since its launch in 2016, it has supported innovators through its Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee, without taking equity.
The MBRIF’s second programme, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, it aims to enhance the growth potential of innovative businesses shaping the future of the UAE’s economy. The MBRIF Accelerator offers world-class services and coaching to member companies to advance their businesses, elevate their capabilities, unlock value and achieve scale.
The MBRIF also partners with the public and private sectors to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE. For more information, please visit: https://www.mbrif.ae/