Emirates Development Bank (EDB) together with the Sharjah Entrepreneurship Centre (Sheraa) and Sharjah Chamber of Commerce and Industry (SCCI) announced the launch of Sheraa’s Centre of Excellence (CoE) for Advanced Manufacturing and Consumer Packaged Goods (CPG).
This first-of-its-kind initiative in the UAE 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.
Together, EDB, Sheraa, and SCCI will support the establishment and growth of startups in advanced manufacturing and facilitate essential connections between startups, industry leaders, and partners through tailored matchmaking initiatives and networking events, ensuring that startups have the resources and connections they need to thrive.
Ahmed Mohamed Al Naqbi CEO – EDB
“The launch of the UAE’s first Centre of Excellence for Advanced Manufacturing and CPG, in collaboration with Sheraa and the Sharjah Chamber of Commerce and Industry is a foundational pillar designed to accelerate the adoption of advanced manufacturing techniques among UAE-based enterprises, in turn enhancing the in-country value of their offerings. By providing startups with access to critical resources such as mentoring, market access, capacity building, and research support, we are nurturing a robust ecosystem that aligns with the UAE’s aspirations to be a global leader in future technologies and industrial innovation.”
The CoE for Advanced Manufacturing and CPG will provide an array of services for startups from knowledge-sharing to market access to financing, to enable and support their growth from the nascent stages to more established phases.
For early-stage businesses, EDB will provide SME incubation for up to three years, which includes startup equity financing support and microfinance options to cover machinery and setup costs, in line with EDB’s mandate and credit policies. For more established SMEs, EDB will offer preferential financing terms for equipment purchases and working capital needs, alongside project financing for business expansion, including long grace periods of up to two years.
Under the new partnership, SCCI will also facilitate market entry and export opportunities, as well as provide industry expertise and support in conducting market research, while Sheraa will orchestrate the implementation of valuable programs and offerings under the CoE, be responsible for selecting startups and entrepreneurs, and offering them mentorship and guidance with industry experts.
Najla Ahmed Al Midfa, CEO of Sheraa, said that, “Sheraa’s Centre of Excellence for Advanced Manufacturing and CPG underscores Sheraa’s commitment to driving innovation within Sharjah’s and the UAE’s manufacturing sectors. This partnership fuels a new era of entrepreneurial spirit, dovetailing with Sharjah’s strategic vision to be a crucible for pioneering businesses. It will serve as a catalyst in empowering startups to redefine industry innovation and bolster Sharjah’s position as a beacon of sustainable economic progress.”
