UAE opens business incubators, accelerators for entrepreneurs

The UAE government has launched a pioneering project, the Fazaa centre for Business Incubators and Accelerators,that provides logistical support, training, qualification, studies and consultancies for Emirati entrepreneurs.

It was inaugurated by Lt General Sheikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and Chairman of the Social Solidarity Fund at the Ministry of Interior.

The announcement came on the sidelines of Sheikh Saif’s inauguration of Fazaa Stores in Al Ain as part of a chain of stores opened across the country.

The Fazaa centre for Business Incubators and Accelerators encourages to stimulate the leadership of ambitious Emirati youth in the field of business, enabling them to establish their projects and benefit from the distinguished services that allow them to overcome the challenges of managing, financing and marketing entrepreneurial business ventures.

The pioneering project provides logistical support, training, qualification, studies and consultancies for Emirati entrepreneurs.

The centre comes within the vision of the UAE government in encouraging young people to achieve and manage their innovative ideas as startups to enter the field of entrepreneurship.

The opening was attended by Suhail Bin Nakhira Al-Afari, Member of the Federal National Council and Major General Salem Ali Mubarak Al-Shamsi, Assistant Undersecretary of the Ministry of Interior for Resources and Support Services and Lt. Col. Ahmed Bouharoun Al-Shamsi, Director General of the Social Solidarity Fund at the Ministry of Interior, and Managing Director of Fazaa.

Lt. Col. Ahmed Bouharoun Al-Shamsi assured that the Fund’s initiatives are continuous and this centre comes at an important time within direct solutions to support the capabilities of Emirati entrepreneurs, especially the young group of them, to continue and grow their business and overcome the negative repercussions due to the Corona pandemic.

He added that the new centre will also support the Emirati young traders by providing everything necessary to enhance the continuity and growth of their business.

Meanwhile the Dubai SME, the agency of Dubai Economy, mandated to develop the small and medium enterprise, SME, sector and entrepreneurship continued to expand and diversify its advisory and support programmes in 2019 with an added emphasis on enhancing SME competitiveness and strengthening Dubai as a hub of innovation and entrepreneurship.

The past year saw 3,871 Emirati entrepreneurs benefit from the start-up advisory services of Dubai SME, with nearly Dhs170 million of exemptions and incentives to launch and grow businesses in diverse sectors.

Overall, local entrepreneurs received over Dhs630 million worth of incentives and support from Dubai SME since its inception in 2002. The total number of Emirati entrepreneurs supported to date by Dubai SME also increased to 38,565 by the end of 2019.

Abdul Baset Al Janahi, CEO of Dubai SME, stated that 2019 was a challenging but remarkably successful year for Dubai SME in its efforts to align with the diverse SME capabilities and entrepreneurial talent available locally with the ambitious growth strategies in Dubai as well as the UAE, and the vision of the leadership to make the country an innovation-driven, knowledge-based economy.

“The year, in general, has been exciting for Emirati entrepreneurs considering the regional and global economic challenges, especially since it witnessed the launch of various initiatives by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and the Ruler of Dubai, to promote entrepreneurship and innovation, and economic incentives to support SMEs,” Al Janahi said.

“Universities in Dubai are being transformed into economic and creative free zones to promote innovation and entrepreneurship, in line with the 50 Year Charter of His Highness Sheikh Mohammed Bin Rashid Al Maktoum. He has also unveiled a Future Lab for Entrepreneurship,” Al Janahi said, also citing the success of the Hamdan Innovation Incubator, Hi2, in Dubai SME and the accreditation programme for Business Incubators and Accelerators in promoting innovation and entrepreneurship as a culture.

Hi2 has supported 651 start-ups to date, including 68 in 2019 alone and the past year also saw four new business incubators and accelerators being accredited in Dubai, including the first accredited incubator for students at the GEMS Modern Academy. The number of accredited incubators in Dubai now stands at six, and Hi2 is also working on developing a network of incubators to support innovative enterprise, particularly in the fields of design and technologies relating to sustainability.

WAM