RAK Incubator and Accelerator, MoCCAE ink MoU to drive entrepreneurship

The UAE Ministry of Climate Change and Environment, MoCCAE, has signed an MoU with RAK Incubator and Accelerator with the aim of enabling SMEs, entrepreneurship and innovation and in the presence of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras al-Khaimah, and Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Climate Change and Environment.

On the sidelines of the UAE’s first Seaside Startup Summit, held at the Al Marjan Island in RAK with the aim of creating a new platform for the cooperation of the startups and investors, the MoU was signed by Sultan Alwan, Assistant Undersecretary of the Regions Sector at MOCCAE, and Dr. Hisham Safadi, Co-Founder and CEO, Ras Al Khaimah Incubator and Accelerator.

Under the MoU, the two parties will join hands to bolster SMEs, entrepreneurship and innovation, by providing training, mentorship and access to investors and decision makers.

Speaking at the MoU signing ceremony, Dr. Al Zeyoudi said that innovation is key to responding effectively to the growing economic, social and environmental challenges, as their nature and increasing level of complexity make it almost impossible to rely on traditional solutions. "If we take climate change as an example, we will see that all the solutions proposed are highly dependent on modern technological innovations, namely renewable energy, electro mobility, waste-to-energy conversion, carbon capture and storage, among others," he added.

Dr. Al Zeyoudi went on to say that the lack of funding, however, is a major barrier for innovative ideas. Many of them don’t see the light as a result. "The way I see it, the real challenge is in bringing investors on the same platform with entrepreneurs. To that end, the Seaside Start-up Summit is offering participating entrepreneurs the opportunity to engage in matchmaking sessions with investors and pitch for funding.

"I am confident that by the end of the summit, many innovative ideas showcased here will secure the funding they need to become a reality. We saw firsthand how effective such platforms can be, as the ministry hosted the Climate Innovations Exchange (CLIX) last month, within the Abu Dhabi Sustainability Week. CLIX served as a global marketplace that connected capital with innovative climate change concepts and solutions, and has attracted an intention to invest pledge worth US$17.5million within the first year. This figure is expected to grow to US$ 45.5million within a period of three years per the investors," Dr. Al Zeyoudi noted.