Supporting the region's goal tobring innovation to the forefront of the Arab economy and society, the Sharjah Entrepreneurship Centre (Sheraa) hosted the Arab Supply Chain Impact Initiative (ASCII)'s 'Matchmaking' event this week. Launched in partnership with the World Economic Forum and the Arab Regional Business Council, the event brought together large corporates and leading startups, boosting the companies' efforts in corporate innovation and giving startups access to large procurement supply chains.
The initiative, unveiled by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sharjah Investment & Development Authority (Shurooq), Chairperson of the Regional Business Council (RBC) and Chairperson of Sheraa, provides SMEs, startups and corporations with a real opportunity to play a significant role in transforming the current ecosystem and leading the future. The initiative aims to harmonize the interests of key players in the region's supply chains, thus contributing to the growth of the economic sectors and enabling them to meet the future needs of customers.
The forum brought together major companies and innovative startups whose representatives participated in a series of talks to discuss ways to improve joint efforts, allowing startups to access to the procurement supply chains of large businesses, in support of the region's goal of spreading innovation across the Arab economy and society.
During the forum, the initiative announced the signing of 16 Memorandums of Understanding (MoUs) on the sidelines of the forum between major companies and small and medium-sized enterprises (SMEs).
The MoUs included an MoU between Crescent Petroleum and Joi, two signed by Sharjah Media City (Shams) with Monda Gallery and JuxtaPiece, two signed by Crescent Enterprises with AlMentor and ProTenders, and two more signed by Consolidated Contractors Company (CCC) with YallaPickup and ProTenders.
The MoUs also included the signing of three MoUs by the Sharjah Environment Company (Bee'ah) with Fenbits, AlMentor, and Charicycles, in addition to two MoUs signed by Sharjah Asset Management with JuxtaPiece and Rentsher. For its part, Shurooq signed the largest number of MoUs, amounting to 4 MoUs with Rentsher, AlMentor, Charicycles, and ProTenders. Also, in attendance were Air Arabia and the Higher Committee of Digital Transformation Sharjah.
Through the ASCII, RBC members committed to allocate 10 per cent of their annual procurement budget to SMEs, startups, and entrepreneurs by 2020. This will accelerate the level of engagement with the startup community, putting the UAE on the global map of future investment strategies.
"Since its launch last year, the ASCII has seen remarkable cooperation from large-scale corporates in the Arab world, reflecting their commitment to support startups and enable them to succeed," stated H.E. Sheikha Bodour. "I would like to thank the Initiative's founding members for their efforts that have enabled this pioneering idea to continue and develop."
"As a facilitator of innovative ideas and entrepreneurship in the region, we know how important it is to have the private sector working closely with startups to build an idea-driven and innovation-leading society. This initiative proves not only that both sides are necessary to build this exciting and engaging ecosystem, but also that the symbiosis is mutually beneficial for all," comments Najla Al Midfa, General Manager, Sheraa.
The Supplier Matchmaking Day will be held annually.
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