Dubai Startup Hub launches revamp plan to foster cooperation

Inayat-ur-Rahman

Dubai Startup Hub, an initiative of Dubai Chamber of Commerce and Industry, has unveiled its revamped Market Access programme which pairs leading companies in the UAE with startups that offer innovative solutions addressing their key challenges.

Details of the new Market Access features were announced at a launch ceremony in Dubai which was attended by members of the business community, including previous corporate and startup participants who shared their experiences and success stories.

Among the additional benefits provided to companies participating in the programme are: one-year membership, specialised workshops and access to a wider network of solutions, in addition to the ability to list multiple challenges on the Market Access interactive and smart online portal where they can also communicate and collaborate with startups.

Startups that are selected to participate in the programme can benefit from training and pitching workshops, access to lucrative business opportunities, as well as a platform to boost their market exposure and build their brand reputation.

Sanofi, Mediclinic, Sumitomo Corporation, Accenture, Dubai South, Emirates Post Group and Emirates NBD are among corporates that have signed up for Market Access. In the next phase of the programme, the corporate participants will list a series of existing challenges on the Market Access online portal, giving startups the chance to submit their solutions online and pitch their business concepts to potential business partners.

During the launch ceremony,  Majid Saif Al Ghurair, Chairman of Dubai Chamber stressed the significance of programmes like

Market Access which provide an effective platform for fostering innovation and forging partnerships between established companies and startups in Dubai. He explained that many multinational and large companies around the world have realised the benefits of collaborating with startups, adding that such partnerships are helping organisations successfully navigate the Fourth Industrial Revolution and boost their competitive edge.

Participation and interest in Market Access has grown over the last few years,  Al Ghurair said, with more than 500 applications received from corporate and startups in previous cycles. At the same time, leading companies in the UAE have continued to renew their participation in the programme, which he says is a positive sign that they are seeing return on investment and benefitting from their involvement.

Dubai Chamber launched Dubai Startup Hub in 2016 as an online platform to connect startups, entrepreneurs, developers, venture capitalists and students, enabling them to learn about new opportunities and create new partnerships that stimulate economic growth.

Meanwhile, Dubai Chamber of Commerce and Industry has announced that it has signed a memorandum of understanding (MoU) with Emirates NBD, a leading bank in the region, under which the bank will provide trade finance solutions for the Digital Silk Road - a Dubai 10X initiative using blockchain technology to digitise and simplify trade processes.

The agreement was signed by Hamad Buamim, President & CEO of Dubai Chamber and Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, at a recent ceremony which was held at Dubai Chamber’s headquarters and attended by officials and directors from both organisations.

The Digital Silk Road initiative, currently being developed by Dubai Chamber in cooperation with DP World - UAE Region and Dubai Customs along with Emirates NBD, is expected to go live in 2020. The smart platform aims to improve the transparency and efficiency of supply chains through a comprehensive automation process.

Buamim described the agreement with Emirates NBD as a major step forward for the Digital Silk Road which is designed to streamline procedures, remove trade barriers and improve ease of doing business in Dubai. Trade finance, he explained, remains one of the most important tools used today to facilitate international trade and commerce as it simplifies transactions for importers and exporters.

In addition, Buamim added that Digital Silk Road platform supports Dubai Chamber’s efforts to diversify the economy, stimulate economic growth and boost Dubai’s attractiveness as a world-class business hub.

For his part, Al Qassim said: “Emirates NBD is pleased to partner with Dubai Chamber as part of our shared commitment to harness innovation to enhance and boost trade finance in the UAE. Emirates NBD was the first in the region to successfully pilot a blockchain use case for trade finance and we look forward to lending our expertise and support to the Digital Silk Road initiative. We are working on a shared vision of a seamless trade finance experience across stakeholders that would help in further consolidating Dubai’s position as a leading and efficient trade hub in the world.”