Partnership to expand innovative corporate financing solutions

The Mohammed bin Rashid Innovation Fund, the initiative launched by the Ministry of Finance to support the innovation and entrepreneurship system in the UAE, announced the signing of a partnership agreement with the “Nomu” platform of Abu Dhabi Global (ADGM), with the aim of expanding the financing channels available to innovative companies that receive the Fund’s support, and enhancing the support provided to emerging companies with promising potential in various parts of the country.

A statement yesterday stated that, under the agreement, companies supported by the Fund will receive broader financing options through Nomu’s digital market, in addition to workshops and community sessions focusing on enhancing financial awareness, as these efforts aim to give founders practical guidance that guides them in the current financing landscape, and helps them make informed and more accurate decisions that enhance the growth process of their companies.

The agreement also includes a mutual nomination mechanism between the two parties, which allows qualifying startups to be nominated and directed to the most appropriate programs and services for each growth stage, including the Fund’s Guarantees Program and Innovation Accelerator, while enabling the Fund’s members to access the “Nomu” platform, to take advantage of the available financing opportunities.

The Acting Assistant Undersecretary of the Ministry of Finance for the Support Services Sector, the Ministry’s representative at the Mohammed bin Rashid Innovation Fund, Fatima Yousef Al Naqbi, said: “Mechanisms for accessing financing constitute an essential foundation for enabling innovative companies to expand their business and activate their pivotal role in the national economy.”

She added: “Our partnership with (Nomu) reflects our commitment to providing quality financing solutions and strategic resources that open broad market horizons for innovators, ensuring that they grow confidently and contribute effectively to the process of building a competitive, knowledge-based economy.”

For his part, the General Manager of the “Nomu” platform, Mohammed Al-Binali, said: “Our partnership with the Mohammed bin Rashid Innovation Fund represents an important step in supporting the UAE’s vision to enhance the access of small and medium-sized companies to financing, and how to benefit from it within the business system.”

He added: “As (Nomu) continues to develop, we are focusing on linking financing to actual economic activity, supported by deeper, data-based insights, which helps enhance transparency and improve the decision-making process. By working closely with the Fund, we are strengthening (Nomu)’s commitment to enabling small and medium-sized companies, especially innovation-based companies, to access the appropriate capital at the right time, enabling them to grow and expand, and contribute effectively to supporting the country’s economic agenda and enhancing its flexibility and diversity.”