UAE Ministry of Economy, Foodics to boost F&B SME growth globally

The UAE Ministry of Economy has announced on Monday a strategic partnership with Foodics, the leading cloud-based restaurant technology and payments platform in the Mena region, aimed at achieving a strong partnership between the public and private sectors in order to foster SME growth locally and globally.

The Ministry and Foodics will together promote mutual exchange and cooperation to support SMEs in the F&B sector with services and products geared to expedite their inception and growth by embracing innovation, adapting new technologies, optimising corporate strategies and boosting business operations.  As part of the agreement, the two entities will collaborate on several initiatives to support SME growth.

Some of these activities will include workshops that will enable selected UAE based F&B enterprises to optimize strategies and business operations, improve supply chain management, boost sales and marketing strategies as well as financial performance.

Foodics will also offer exclusive rates and benefits of its products and solutions through the Ministry’s Entrepreneurial Nation platform, and will facilitate industry and market insights to catalyze and ease the growth of the sector and its stakeholders.

Ahmad Al Zaini, Foodics CEO, commented, “Fostering the growth of the wider entrepreneurial ecosystem has always been part of our company’s DNA, and, today, we are thrilled to be able to extend our efforts to the UAE F&B sector through our collaboration with the UAE Ministry of Economy. I would like to personally thank Abdullah bin Touq Al Marri for his inspiring vision and his trust in Foodics, and I look forward to, together, strengthening the UAE’s status as a destination for global business and entrepreneurship in the F&B sector.” Foodics is officially recognised by the Saudi Central Bank (SAMA) as a FinTech company. Since its inception in 2014, Foodics has successfully processed over 6 billion orders through its platform. It also raised a record $170 million in its series C funding round, boosting its innovation capabilities to better serve business owners.

Led by Abdullah Bin Touq Al Marri, Cabinet Member & UAE Minister of Economy, the UAE Ministry of Economy aims to create a diversified global competitive economy based on knowledge and innovation, led by national competencies. It is committed to achieving economic development in the UAE, enabling business practices, protecting consumers, enhancing the country’s competitiveness, developing small and medium enterprises and national entrepreneurship, creating an environment that attracts investments, tourism and talents, and stimulates research, development, innovation, strategic planning, and foreseeing the future in order to increase economic opportunities and contribute to achieving sustainable development.

Foodics is the leading Restaurant and Payment Tech company in Mena, with an innovative 360° SaaS ecosystem making it a pioneer in the regional F&B industry. Formally licensed as a Fintech company by the Saudi Central Bank (SAMA), the company’s vision is to build a complete restaurant management ecosystem that enables owners to run their operations seamlessly and grow their business. Its mission is to empower restaurant and merchant owners with a comprehensive cloud-based POS system to enrich their operations.