ASCII paves way for 16 MoUs between large-scale corporates and start-ups

SHARJAH, The Sharjah Entrepreneurship Centre, Sheraa, recently hosted the Arab Supply Chain Impact Initiative, ASCII’s, ‘Matchmaking Programme’, in partnership with the World Economic Forum and the Arab Regional Business Council, to bring innovation to the forefront of the Arab economy and society.

The initiative, unveiled by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority, Shurooq, Chairperson of the Regional Business Council, RBC, and Chairperson of Sheraa, provides SMEs, start-ups and corporations with a real opportunity to play a significant role in transforming the current business ecosystem and leading the future.

The initiative aims to harmonise the interests of key players in the region’s supply chains, thus contributing to the growth of economic sectors by enabling them to meet the future needs of customers.

During the programme, the initiative announced the signing of 16 Memoranda of Understanding, MoUs, between major companies and small and medium-sized enterprises, SMEs.

The agreements included an MoU between Crescent Petroleum and Joi, two signed by Sharjah Media City with Monda Gallery and JuxtaPiece, another two signed by Crescent Enterprises with AlMentor and ProTenders, as well as two more signed by Consolidated Contractors Company with YallaPickup and ProTenders.

Three MoUs were signed by the Sharjah Environment Company with Fenbits, AlMentor and Charicycles, in addition to two more between Sharjah Asset Management with JuxtaPiece and Rentsher. Shurooq signed four MoUs the highest with Rentsher, AlMentor, Charicycles and ProTenders.

Also, in attendance were Air Arabia and the Higher Committee of Digital Transformation Sharjah.

Through the ASCII, the Regional Business Council members committed to allocating ten percent of their annual procurement budget to SMEs, start-ups and entrepreneurs by 2020. This seeks to accelerate the level of engagement with the start-up 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 start-ups and enable them to succeed,” said Sheikha Bodour.

Source: Emirates News Agency