DUBAI: The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the Ministry of Finance to promote and foster innovation in the UAE, has announced Constructive Trading as the newest member of its Guarantee Scheme program. As a member of the Guarantee Scheme, Constructive Trading joins other innovative companies and SMEs who receive assistance from the MBRIF in accessing affordable debt funding to accelerate the growth of their business.
Fatima Alnaqbi, Chief Innovation Officer MBRIF, Representative of the Ministry of Finance, said: “The MBRIF launched the Guarantee Scheme to provide government guarantees and help members in small funding in the beginning, to then enable the owners of these innovative projects to benefit from Emirates Development Bank, and apply to the accelerator program, which allows additional funding.”
Alnaqbi added: “Constructive Trading has created a groundbreaking innovative solution to reduce waste and increase efficiency for its clients in the construction industry, to be a prime example of the type of businesses we look for to include in the Guarantee Scheme. We look forward to working with many more innovative businesses and SMEs in the future.”
Andrew James Woolnough, Founder of Constructive Trading, said: “The UAE provides a great environment for companies like us to grow and operate in, particularly with initiatives such as the MBRIF, which enables business growth and provides financing options that will help us scale up operations. Being accepted into the MBRIF Guarantee Scheme will play an essential part in our team being able to further develop our software, with the potential to extend our reach further than ever before. I would like to thank the MBRIF for selecting Constructive Trading to be the newest member of the Guarantee Scheme, which has already helped several businesses to achieve success.”
In addition to Construction Trading, members of the MBRIF Guarantee Scheme program include Oliv, a technology-enabled innovative job portal; Pure Harvest, a technology-enabled agribusiness, and Lamsa, an award-winning Arabic edutainment mobile app that offers free access for children. The MBRIF Guarantee Scheme works with innovative companies and banks to create easier access to funding for innovators and entrepreneurs whose businesses contribute to the UAE’s economic development and diversification. Eligible Guarantee Scheme applicants are UAE-based individuals or companies, or those willing to be based in the UAE in the near future, particularly those with a strong contribution towards innovation, commercialization and industry parameters.