Page 16 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

MoIAT, ECI, Sheraa to empower SMEs, entrepreneurs in

industrial sector

For immediate release
Sharjah, May 31, 2024

In the presence of His Excellency Dr Sultan bin Ahmed Al Jaber, Minister of Industry and
Advanced Technology; and Her Excellency Sarah Bint Yousif Al Amiri, Minister of State for Public
Education and Advanced Technology; a Memorandum of Understanding (MoU) was signed
between the Ministry of Industry and Advanced Technology (MoIAT), Etihad Credit Insurance
(ECI), and Sharjah Entrepreneurship Center (Sheraa).The MoU aims to provide technical support,
strategic consultation, and capacity building for entrepreneurs and industrial SMEs to help them
access local and international markets.

The MoU was officially signed by Osama Amir Fadhel, Assistant Undersecretary of the Industry
Accelerators Sector at MoIAT; Najla Al Midfa, CEO Sheraa; and Raja Al Mazrouei, CEO of ECI;
during the third edition of Make it in the Emirates (MIITE) Forum which took place from May 27-
28, 2024, at the Abu Dhabi Energy Center, organised by MoIAT in collaboration with the Abu
Dhabi Department of Economic Development (ADDED) and ADNOC.

Encouraging innovation in the manufacturing industry

This strategic agreement represents part of a series of MoU signings for Sheraa’s Center of
Excellence (CoE) for Advanced Manufacturing & CPG which onboarded other partners such as
Emirates Development Bank (EDB) and Sharjah Chamber of Commerce and Industry (SCCI). As
the first-of-its-kind in the UAE, this Center of Excellence aims to advance the nation's vision for
innovation in the manufacturing industry by incubating and enabling the growth of advanced
manufacturing startups while fostering an entrepreneurship culture in the country.

By providing startups with access to critical resources such as mentoring, international market
access, capacity building, and research support, the CoE is nurturing a robust ecosystem that
aligns with the UAE’s aspirations to be a global leader in future technologies and industrial
innovation. Offering a range of services from knowledge-sharing to market access to financing,
the CoE empowers startups to thrive from the nascent stages to more established phases.

Facilitating entrepreneurial growth in the region
The agreement aims to propel entrepreneurial growth in the region through a multifaceted
approach including strategic advisory, capacity-building initiatives, and market access. The
agreement will pave the way for startups to thrive in line with the National Strategy for Industry
and Advanced Technology, by tapping into a wealth of resources for growth and development.
ECI will provide vital support in financial risk mitigation, funding access, and invaluable networking
opportunities on a global scale, further propelling entrepreneurial growth in the region.