Latest news with #EmiratesDevelopmentBank
Zawya
11-06-2025
- Business
- Zawya
MBRIF concludes its Ninth Innovation Accelerator Cohort with Demo Day spotlighting top startups across key sectors
Dubai, UAE: The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative by the UAE Ministry of Finance to foster innovation and support innovators across the UAE, held its Demo Day to showcase the groundbreaking innovations presented by members of Cohort 9 from its Innovation Accelerator Program. The event featured innovative companies operating in the UAE and globally, aiming to expand their presence in the country. These companies represent key sectors such as health, transport, education, technology, clean energy, water, and space. The participating startups competed for three awards: Best Pitch, Best UAE Homegrown Business and Most Impactful Business. The event commenced with welcome remarks by Shaker Zainal, Head of Mohammed Bin Rashid Innovation Fund (MBRIF) and Chief Business Officer at Emirates Development Bank, and a keynote address by H.E. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, followed by creative and innovative presentations delivered by member companies. Commenting on the occasion, Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for the Support Services Sector at the UAE Ministry of Finance, and the Ministry's representative at the Mohammed Bin Rashid Innovation Fund, said: "We are proud to celebrate the achievements of the ninth cohort members of the Innovation Accelerator Program, whose contributions and presentations clearly reflected our aspirations for the National Innovation Strategy. Their outstanding efforts highlight the incredible potential of innovative businesses to shape the future of the UAE's economy." She continued: "At the Mohammed Bin Rashid Innovation Fund, we are committed to providing comprehensive support to these companies through tailored mentorship, strategic networking opportunities, and world-class resources. This approach ensures that they are well-equipped to grow, excel, and compete on a global scale." Fatima Alnaqbi concluded by congratulating all participating members and award winners, adding: "We look forward to supporting these companies as they continue their journey toward new heights of success and innovation." A distinguished panel of judges was responsible for analyzing and evaluating the creative and innovative presentations that the startups delivered. It included Ali AlMajthoob, Managing Director at MEVP; Ivo Detelinov, General Partner at Salica Investments; and Karim Konsowa, Portfolio Manager at Hub71. The evaluations focused on showcasing the unique strengths and promising potential of the participating companies in both local and global markets. At the end of the Demo Day event, the distinguished judges presented the awards to the winners. The Best Pitch Award was won by Aura, while the Best UAE Homegrown Business Award went to Mantas. The Most Impactful Business Award was awarded to Neuroblast. The MBRIF Innovation Accelerator Program continues to position itself as a key enabler of entrepreneurship and innovation in the UAE, driving the growth of innovative startups across vital sectors in alignment with the UAE's National Innovation Strategy. The program provides its members with specialised mentorship, industry insights, and global networking opportunities to enhance their competitive capabilities and expand their businesses. The Demo Day serves as a pivotal platform for startups to showcase their innovations to a select group of investors, offering them valuable exposure, funding opportunities, and the tools to accelerate their growth sustainably. About the MBRIF: The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance and is operated by Emirates Development Bank. Since its launch in 2016, the MBRIF has supported innovators through its first program, the Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee and without taking equity. The MBRIF's second program, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, the initiative aims to enhance growth potential of innovative businesses shaping the future of UAE's economy. The MBRIF Accelerator offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale. Additionally, the MBRIF partners with the public and private sector to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE.
TECHx
11-06-2025
- Business
- TECHx
MBRIF Hosts Demo Day to Spotlight Cohort 9 Startups
Home » Startups » MBRIF Hosts Demo Day to Spotlight Cohort 9 Startups The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative by the UAE Ministry of Finance, announced the successful completion of its Demo Day event. The event showcased innovations from members of Cohort 9 of its Innovation Accelerator Program. MBRIF revealed that the Demo Day aimed to highlight groundbreaking projects from startups operating in the UAE and globally. These companies are looking to expand their presence in the country and represent key sectors including health, transport, education, technology, clean energy, water, and space. The startups competed for three key awards: Best Pitch Best UAE Homegrown Business Most Impactful Business The event began with welcome remarks from Shaker Zainal, Head of MBRIF and Chief Business Officer at Emirates Development Bank. A keynote address followed, delivered by H.E. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank. Member companies delivered innovative presentations, showcasing their creativity and market potential. The Ministry of Finance's representative at MBRIF, Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for the Support Services Sector, praised the achievements of Cohort 9. She reported that the presentations aligned with the goals of the UAE's National Innovation Strategy. Alnaqbi emphasized MBRIF's ongoing commitment to support startups through tailored mentorship, strategic networking, and world-class resources. She added that this support equips startups to grow and compete on a global scale. Alnaqbi congratulated all participants and noted MBRIF's readiness to continue backing their journey. A panel of industry experts evaluated the pitches. The judges included: Ali AlMajthoob, Managing Director at MEVP Ivo Detelinov, General Partner at Salica Investments Karim Konsowa, Portfolio Manager at Hub71 The judges focused on the strengths and potential of each company in both local and global markets. At the end of the event, MBRIF announced the award winners. Aura received the Best Pitch Award. Mantas was named Best UAE Homegrown Business. Neuroblast won the Most Impactful Business Award. MBRIF reported that its Innovation Accelerator Program continues to serve as a key driver of innovation and entrepreneurship in the UAE. The program supports startups in vital sectors and aligns with national strategies to foster innovation. The Demo Day provided a platform for startups to connect with investors, gain exposure, and access growth opportunities. MBRIF affirmed its role in offering mentorship, insights, and global networking to help startups scale sustainably.
Arabian Business
06-06-2025
- Business
- Arabian Business
UAE SMEs optimistic as 3 in 5 report revenue growth despite cost increases: Survey
UAE SMEs continue to build on the momentum of the resilience demonstrated in recent years, according to RAKBANK's SME Confidence Index. Based on insights from more than 1,200 UAE-based SMEs, the Confidence Index measures business sentiment for small and medium enterprises. Measured against a base score of 50 the latest survey reveals a tally of 57, suggesting a stable and optimistic sentiment against a dynamic economic environment. UAE business optimism Despite a marginal drop in the overall Index score by four points from 61 in 2023 to 57 in 2024, the findings show that optimism remains steady, with over two-thirds (68 per cent) of SMEs viewing the future business environment as favourable, and more than 60 per cent reporting revenue growth over the past two years. While challenges persist, including rising operational costs, corporate tax implementation, and high borrowing costs, the overall trajectory signals adaptability and optimism among SMEs in navigating the evolving business landscape. Raheel Ahmed, Group CEO of RAKBANK, said: 'This has been a milestone month for RAKBANK's Business Banking Group, reinforcing our commitment to the UAE's dynamic SME sector. 'In a further boost to the SME ecosystem, RAKBANK and Emirates Development Bank announced a strategic AED1bn ($272m) co-financing partnership during the 'Make it in the Emirates' forum, held under the patronage of the Ministry of Industry and Advanced Technology. 'Small and medium enterprises are the backbone of every thriving economy, and in the UAE, they play a central role in driving diversification and sustainable development.' The report showcases several trends shaping the SME sector in 2025. Consumer and Retail Services remain the highest-performing sector, driven by a continued rise in consumer spending and successful adoption of new business channels. The report also highlights how SMEs across industries are prioritising product innovation and market expansion as key strategies for growth in a competitive landscape. While Consumer andRetail Services SMEs achieved a sector confidence score of 60, Construction and Manufacturing (57), Transport (57), and Trading (58) remained steady in confidence, while Public Services and Professional Services saw more notable declines to 56, largely due to increased costs and lower confidence in debt servicing. Key takeaways from the survey include: Overall confidence remains above baseline: While the Index score decreased slightly to 57 from 61 in 2024, it still signals positive sentiment across the board Revenue growth continues: More than 3 in 5 SMEs reported an increase in annual revenue over the last two financial years Optimism for smaller firms: SMEs with revenue up to AED30m ($8.2m) posted the highest confidence score at 58, while larger SMEs (AED30m-100m/$8.2m-27.2m) dipped to 55 Rising costs present challenges: Over two-thirds of SMEs experienced higher operational costs, while only 39 per cent expressed confidence in meeting debt obligations, down from last year Digital adoption is on the rise: 22 per cent of SMEs now sell their products or services online, and 45 per cent use digital banking channels monthly Sustainability is gaining attention: 55 per cent of SMEs are either on or planning to begin a sustainability journey, with 1 in 3 citing it as a short-term business objective While UAE SMEs remain optimistic, they are also navigating barriers such as increased costs of doing business, rising demand for credit, competitive pressures, and adapting to the corporate tax regime introduced in 2024. To address these issues, many SMEs are investing ambitiously in technology, operational efficiencies, and sustainability strategies aimed at long-term growth.
Gulf Business
05-06-2025
- Business
- Gulf Business
UAE SMEs remain optimistic amid economic pressures, reveals RAKBANK index
Image: Getty Images/ For illustrative purposes Small and Medium Enterprises (SMEs) in the UAE are maintaining a steady sense of optimism despite rising costs and economic headwinds, according to RAKBANK's latest SME Confidence Index. The 2025 report, compiled in partnership with RFI Global, reflects a confidence score of 57, signalling continued resilience in the sector. The findings are based on responses from over 1,200 SMEs across the UAE, surveyed between October and December 2024. While the Index score has declined from 61 in 2023 to 57 in 2024, it remains above the base level of 50, pointing to overall positive sentiment. Also, 68 per cent of SMEs view the future business environment as favourable, and over 60 per cent reported revenue growth in the past two years. 'Small and medium enterprises are the backbone of every thriving economy, and in the UAE, they play a central role in driving diversification and sustainable development,' said Raheel Ahmed, group CEO of Ahmed added that the bank launched the SME Confidence Index in 2024 to capture sentiment, challenges and growth outlook. In a major move to support the SME ecosystem, RAKBANK and Emirates Development Bank announced a strategic Dhs1bn co-financing partnership during the 'Make it in the Emirates' forum, under the patronage of the Ministry of Industry and Advanced Technology. Sector trends and challenges for SMEs Consumer and Retail Services emerged as the highest-performing sector, achieving a confidence score of 60, supported by increased consumer spending and expansion into new business channels. Construction and Manufacturing, Transport, and Trading sectors scored 57, 57, and 58 respectively, showing stable sentiment. However, confidence in Public Services and Professional Services dipped to 56, largely due to higher operating costs and concerns over debt servicing. While more than three in five SMEs recorded revenue increases over the past two years, over two-thirds experienced rising operational expenses. Only 39 per cent expressed confidence in meeting debt obligations, down from the previous year. The report found that smaller SMEs (with revenues up to Dhs30m) had a higher confidence score of 58, while larger SMEs (with revenues between Dhs30–100m) registered a lower score of 55. Digital and sustainable growth in focus Digital transformation continues to gain ground among UAE SMEs. Some 22 per cent now sell products or services online, while 45 per cent use digital banking channels monthly. In parallel, sustainability is becoming a growing priority, with 55 per cent of While navigating ongoing challenges — including the corporate tax regime introduced in 2024, demand for credit, and operational pressures — many SMEs are investing in technology, talent and market expansion to strengthen their competitive edge. 'The sector's forward-looking mindset is especially encouraging,' Ahmed noted. 'We're seeing increased focus on entering new markets, investing in talent, and modernising payment infrastructure. We see our role as a partner in that journey, providing not just financial solutions but also the advisory support needed to help them grow with confidence.'
Web Release
24-05-2025
- Business
- Web Release
Emirates Development Bank Launches Game-Changing Digital Banking Platform to Empower UAE Entrepreneurs
On the final day of Make it in the Emirates 2025, Emirates Development Bank (EDB), the UAE's key financial engine for economic diversification and industrial growEmirates Development Bank (EDB), the UAE's key financial engine for economic diversification and industrial growth, has launched EDB 360, a groundbreaking, fee-free digital banking platform built to supercharge the ambitions of the nation's entrepreneurs and micro, small, and medium enterprises (mSMEs). Designed for growth from day one, EDB 360 breaks down the traditional barriers of business banking. With no fees, no minimum balance, and no red tape, it gives entrepreneurs what they need most: speed, simplicity, and full control. Through smart integration with key government entities, EDB 360 allows users to open an account in minutes – not days – freeing founders to focus on scaling their ideas instead of navigating paperwork. H.E. Ahmed Mohamed Al Naqbi, CEO of EDB, said: 'At EDB, our mission goes far beyond finance. We help businesses grow, because when they grow, the UAE grows. With EDB 360, we've created a zero-bureaucracy, high-impact platform that gives entrepreneurs the flexibility, tools, and tailored support they need to build the businesses of tomorrow. By removing friction and expanding access to capital and advice, we're helping turn bold ideas into real economic impact.' Launched in collaboration with leading government and entrepreneurship bodies – including the Ministry of Economy, Ministry of Industry and Advanced Technology (MoIAT), Sharjah Entrepreneurship Center (Sheraa), Khalifa Fund, and the Department of Economy & Tourism (DET) — as well as strategic ecosystem partners such as Visa, NymCard, Klaim, eFunder, Thoughtworks, and Trade Capital Partners. 360 connects users with the wider financial and startup ecosystem to help them access new opportunities and scale with confidence. From a single app, entrepreneurs can manage payroll, invoicing, and payments, monitor cash flow, and access a growing suite of value-added services — including smart integrations with fintech platforms and a dedicated EDB Concierge that offers real-time advice for setup and scale-up. Entrepreneurs operating in EDB's key sectors benefit from sector-specific guidance, tools, and financing options that accelerate growth while contributing to the UAE's broader economic vision. Now available on iOS and Android, EDB 360 is the UAE's next step in building a smarter, stronger startup economy. Learn more at
