Mohammed bin Rashid Innovation Fund (MBRIF), a federal government fund conceived by Ministry of Finance, operated by the Emirates Development Bank (EDB), signed a Memorandum of Understanding (MOU) to support the growth and development of the innovation ecosystem in the UAE, with the Sharjah Entrepreneurship Center (Sheraa), a non-profit government organization that supports entrepreneurs across the nation.

The MOU was signed by Haytham Kamhiyah, CEO of Emirates Development Bank, the operator of Mohammed bin Rashid Innovation Fund and Najla Al Midfa, General Manager, Sharjah Entrepreneurship Center (Sheraa), in the presence of senior management representatives from both sides.

The Sharjah Entrepreneurship Center (Sheraa) has a community of 4200 aspiring entrepreneurs with 30 teams currently in the incubator and 15 teams currently in the accelerator. Upon signing of the MOU, MBRIF will support Sheraa's innovation and entrepreneurship efforts by providing credit guarantees for innovative projects. In addition, MBRIF will help Sheraa understand the funding application eligibility criteria. MBRIF will also connect Sheraa community entrepreneurs to their investor network of individuals, firms and institutions. Sheraa, on the other hand, will funnel potential transactions to MBRIF in the form of start-ups and innovators and further offer access to entrepreneurship training and skills development to MBRIF entrepreneurs.

Speaking on the occasion, Haitham Kamhiyah, CEO of Emirates Development Bank, the Operator of Mohammed bin Rashid Innovation Fund said: "The innovation environment in the UAE is accelerating at a fast pace, and by becoming an 'Ideas Capital' for the world, the nation is strongly placed to enable impactful innovation for its people and the world. The MBR Innovation Fund focuses on supporting the growth of local companies and with the support of Sheraa, we are happy to provide entrepreneurs within their community the financial boost needed to grow and scale."

Najla Al Midfa, General Manager of Sharjah Entrepreneurship Center (Sheraa) said: "Sheraa's aim has been to nurture and build a thriving entrepreneurship ecosystem for the UAE and we are happy to have found a synergy of our ambitions with that of MBRIF. We look forward to the expertise of MBRIF on matters of corporate finance and expect to create some great local success stories that serve as engines for socio-economic development."

While anchored in the UAE, MBRIF aspires for a global reach to finance innovative companies around the world and attract them to the UAE to support the diversification of the country's economy and position the UAE as the global hub for innovation. The fund supports selected companies in accessing affordable finance through the provision of a government-backed guarantee.