Page 17 - 7X PR REPORT REPORT DECEMBER 2024

PUBLIC

Press Release

7X signs MoU with SC Ventures during Abu Dhabi Finance
Week to empower SMEs in MENA

December 16, 2024: 7X, the trade, transport, and logistics investment and holding
group, signed a Memorandum of Understanding (MoU) with SC Ventures, Standard
Chartered’s innovation, fintech investment and ventures arm. The MoU, signed during
Abu Dhabi Finance Week, lays the groundwork for exploring collaborative
opportunities in the Middle East and North Africa (MENA), with a focus on empowering
small and medium-sized enterprises (SMEs).

The partnership aims to combine the complementary strengths of both entities to
power an innovation-driven, SME-focused venture in the Middle East and North Africa.
This initiative seeks to address market pain points and unlock new growth
opportunities. By focusing on extensive market insights and encouraging
collaboration, the venture will deliver cutting-edge solutions tailored to the unique
challenges faced by SMEs, such as access to funding, market entry barriers, and
operational inefficiencies. Leveraging innovative business models, SME validation
frameworks, and a strategic go-to-market approach, the initiative will develop and test
a minimum viable product (MVP), designed to empower SMEs with scalable,
technology-enabled solutions that foster sustainable growth and market resilience.

Abdulla Mohammed Alashram, Group CEO of 7X, said: “We at 7X firmly believe in
the transformative power of collaboration. The latest partnership with SC Ventures
demonstrates our commitment to empowering SMEs and promoting economic growth
across the MENA region. By combining our knowledge of trade and logistics with SC
Ventures' innovative strategies in various sectors, we hope to unlock new possibilities,
maximise value, and redefine the future of entrepreneurship in one of the world's most
dynamic regions.”

Alex Manson, CEO, SC Ventures, said: “This region holds huge potential for the
SME sector and SC Ventures is committed to invest in its growth. Our SME-focused
platform in the Middle East and North Africa region is planned for launch in the second
half of 2025. It will facilitate cross border trade and empower SMEs to grow safely and
profitably. Our partnership with 7X will help us unlock the full potential of SMEs in the
region and beyond.”

Additionally, both organisations plan to evaluate strategic alliances, benefiting from
their individual portfolios to jointly develop and implement transformative solutions
tailored to meet the specific needs of the MENA region.

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