ABU DHABI, The Registration Authority of Abu Dhabi Global Market, ADGM, has signed a Memorandum of Understanding, MoU, with the Emirates Development Bank, EDB, the host and operator of Mohammed Bin Rashid Innovation Fund, MBRIF. Through the MoU, the parties aim to facilitate cooperation in cultivating local entrepreneurship and innovation.
Access to finance for young businesses remains a fundamental challenge faced in the UAE. Under the MoU, ADGM and MBRIF commit to collaborate on initiatives that will aim to address potential barriers and improve the cost and ease of obtaining bank loans, supporting businesses through their funding lifecycle.
The MoU was signed on yesterday by Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority; and Haytham Yousef Kamhiyah, CEO of Emirates Development Bank. The agreement will also open enhanced channels for MBRIF to directly provide finance to businesses registered in ADGM, and offer support through the application process.
Commenting on the agreement, Al Mheiri said, “The region has witnessed strong growth in entrepreneurial ventures in recent years and to keep with that momentum, ADGM has positioned itself as a leading financial centre with an internationally-recognised regulatory framework and an extensive financial ecosystem for supporting the development of entrepreneurs and fostering innovation. ADGM is excited to collaborate with the MBRIF to bolster opportunities and strengthen support for start-ups and SMEs.”
In turn, Kamhiyah said, “Through this partnership we aim to encourage and support the growth of the startup ecosystem, ultimately making the country a leader in innovation, globally.”
ADGM is already a popular base for innovation and used extensively to structure investments into start-ups, based on the trusted legal platform and access to the growing ecosystem of businesses, advisers and financial services. ADGM is working on further initiatives across the innovation and entrepreneurship spectrum to connect finance and investment with entrepreneurs, and this agreement with MBRIF marks another successful development in support of this objective.
Source: Emirates News Agency