The Ministry of Economy and Tourism has signed a memorandum of understanding (MoU) with the UAE Growth Fund, aimed at strengthening the role of small and medium enterprises (SMEs) in developing economic clusters within the nation. This initiative also seeks to support their growth and expedite their access to both regional and global markets, starting from the UAE. The MoU emphasizes empowering these businesses, fostering innovation, and launching advanced acceleration programs that enhance their capacity for expansion and growth, thereby promoting their active contribution to the national economy and establishing the UAE as a leading global hub for entrepreneurship.
The signing ceremony was attended by Abdullah bin Touq Al Mari, Minister of Economy and Tourism and Chairman of the UAE Entrepreneurship Council, as well as Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy and Tourism. The ministry was represented by Maria Hanif Al Qassim, Assistant Undersecretary for Economic Policies and Studies, while the fund was represented by Najla Al-Midfa, Vice Chairperson, and Khalifa Al-Hajeri, CEO of the UAE Growth Fund, who signed on its behalf.
Minister Abdullah bin Touq Al Mari stated that the UAE continues to enhance its global reputation as a pivotal center for entrepreneurship both regionally and internationally, through a range of national initiatives, resources, infrastructure, and advanced technologies that support entrepreneurs, talents, innovators, and investment ideas.
He noted that, guided by wise leadership, the UAE places significant emphasis on developing economic clusters in priority sectors, aligning with the national policy on economic clusters. This initiative aims to enhance the role of startups and SMEs in the development of these clusters and increase their contributions to creating a knowledge-based economic model. In this context, the MoU with the UAE Growth Fund represents a significant step toward supporting this vision through the empowerment of small and medium enterprises and bolstering their capabilities to grow within new economic sectors, thereby contributing to efforts to diversify the economy, stimulate innovation, improve the efficiency of economic clusters, and enhance their competitive standing both regionally and globally.
Najla Ahmed Al-Midfa, Vice Chairperson at the UAE Growth Fund, commented that the fund takes on a national role in closing a crucial gap within the financing system, by enabling promising SMEs to access growth capital at the appropriate stage.
As a long-term partner, we offer strategic capital backed by an effective methodology to create value, focusing on building institutional capabilities and readiness for expansion. Our strategic partnership with the Ministry of Economy and Tourism is essential for maximizing the fund’s impact, supporting national companies in their journey towards sustainable growth and competitive positioning on both regional and global fronts, and establishing robust enterprises that contribute long-term economic value to a diverse and competitive UAE economy.
Khalifa Al-Hajeri added that this memorandum represents a pivotal step in the UAE Growth Fund’s journey to enhance the growth of small and medium enterprises and strengthen their readiness for local and international expansion. Through this collaboration, we aim to convert available opportunities into measurable outcomes by investing in growth-stage companies and facilitating access to strategic capital aligned with national economic priorities, thereby solidifying the role of these companies as key drivers of economic growth in the UAE.
Specifically, the MoU signed between the Ministry of Economy and Tourism and the UAE Growth Fund aims to provide specialized capacity-building programs for small and medium enterprises, encouraging innovation and accelerating their business growth. Additionally, it seeks to ease access to local and international markets and support expansion plans, while focusing on providing diverse investment and financing opportunities for these enterprises.
The memorandum will assist in achieving national targets for the SME sector in the country, expanding their presence in new and sustainable economic sectors, and enabling both parties to implement joint initiatives and projects that enhance this vital sector’s contribution to the national economy. Furthermore, the MoU stipulates the exchange of knowledge and expertise between the Ministry of Economy and Tourism and the UAE Growth Fund in areas related to investment, contributing to promoting business sustainability in the country.