Latest news with #SMEgrowth
Zawya
06-07-2025
- Business
- Zawya
UAE and Cuba hold first session of their Joint Economic Committee
5.6 per cent growth in non-oil foreign trade was recorded between two countries during first quarter of 2025 UAE-Cuba relations continue to advance across multiple sectors. The Committee marks a key step in deepening economic cooperation and enhancing connectivity between the two nations' business communities Both sides agreed to promote and facilitate increased trade flows, while actively exploring joint investment opportunities in biotechnology, healthcare, renewable energy, tourism, and agriculture The session underscored the importance of building new partnerships in the entrepreneurship and start-up ecosystem, with the goal of accelerating SME growth in both countries and enabling their expansion into global markets A shared commitment was expressed from both sides to strengthen collaboration in food security and agriculture, while supporting efforts for sustainable farming, food processing, and the adoption of advanced agri-tech solutions Abu Dhabi – The UAE Ministry of Economy and Tourism and the Ministry of Foreign Trade and Foreign Investment of the Republic of Cuba convened the first session of the Joint Economic Committee in Dubai. The meeting aimed to deepen bilateral economic cooperation across a wide range of sectors of mutual interest, including trade, investment, energy, renewable energy, agriculture, food security, infrastructure, transport, logistics, creative and cultural industries, healthcare, tourism, biotechnology, and pharmaceuticals. The session also underscored the importance of fostering robust public-private sector trade partnerships to drive sustainable growth for both nations. The Committee was co-chaired by H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy and Tourism, and H.E. Carlos Luis Jorge Méndez, First Deputy Minister of Foreign Trade and Investment of Cuba. The Committee is a key outcome of the trade, economic, and technical cooperation agreement signed between the two countries. The session was attended by H.E. Hazza Ahmed Al Kaabi, UAE Ambassador to Cuba; H.E. Norberto Escalona Carrillo, Cuban Ambassador to the UAE; along with senior government representatives from both nations. H.E. Abdullah Al Saleh highlighted that UAE-Cuban bilateral relations continue to progress steadily, particularly in the economic and commercial domains, in line with the leadership's forward-looking vision to promote mutual prosperity, growth and long-term strategic partnership. H.E. Abdullah Al Saleh, said: 'The convening of the first session of the Joint Economic Committee between the two nations marks a pivotal step in advancing economic and investment relations between the UAE and Cuba. It paves the way for broader cooperation across priority sectors, deeper engagement between the two countries' business communities, and unlocking promising opportunities in both markets, all supporting the UAE's strategic goals under the 'We the UAE 2031' vision.' During the meeting, both sides agreed to establish a joint working framework to oversee the implementation of committee outcomes that guide future cooperation between the two nations in the coming period, propelling it towards further growth and prosperity. They also committed to organising joint business forums and economic events, facilitating trade delegation exchanges, and identifying new avenues to expand bilateral commercial relation. Promoting investment opportunities in both markets The UAE and Cuba reaffirmed their shared commitment to increasing trade flows and investment exchanges between Emirati and Cuban business communities. This also includes exploring opportunities in advanced economic sectors biotechnology, healthcare services, renewable energy, tourism, agriculture, and manufacturing. Both parties proposed hosting joint meetings, seminars, and workshops involving investors, investment promotion agencies, and investment firms to facilitate investment in priority sectors and leverage the incentives offered by both countries. Entrepreneurship and Start-ups Both nations emphasised the importance of advancing economic cooperation through the development of partnerships in the entrepreneurship and start-up ecosystem. This aims to accelerate the growth of small and medium-sized enterprises (SMEs), increase their investments, support their international expansion, and increase their contribution to national GDPs. Food Security and Agriculture Food security and agricultural cooperation were identified as key priorities. The two sides agreed to enhance trade in food commodities and agricultural products, and collaborate on sustainable farming practices, food processing, and agricultural technology in the coming period. Tourism The UAE and Cuba underscored the potential of tourism as a pillar of bilateral relations. They highlighted organising joint tourism exhibitions, events, and conferences in the coming period to showcase the two countries' major tourist attractions and historical landmarks. The cooperation will also involve sharing expertise on tourism development, compilation of tourism statistics, and digital innovations and technologies to enhance sector competitiveness. UAE-Cuba Trade and Investment Exchanges Non-oil trade between the UAE and Cuba continues to gain momentum, surpassing USD 39.1 million in 2024, indicating an increase of over 2 per cent from 2023 and 46.4 per cent growth compared to 2022. In Q1 2025 alone, bilateral non-oil trade grew by 5.6 per cent compared to Q1 2024 and over 25 per cent from Q4 2024. Currently, more than 825 Cuban brands are actively operating within UAE markets. For further information, please contact: Orient Planet Group (OPG) Email: media@ Website:
Zawya
17-06-2025
- Business
- Zawya
Africa Finance Corporation (AFC), United Nations Industrial Development Organization (UNIDO) and partners enter new alliance leveraging Islamic and Arab finance for economic transformation
Today, Africa Finance Corporation (AFC) ( UNIDO, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Union of Arab Banks (UAB), formalized new strategic partnerships under the Islamic and Arab Finance for Economic Transformation in Africa, the Arab Region and Beyond (IFETAA) Programme. Access to finance remains one of the most significant barriers to SME growth and economic transformation, particularly in Africa, the Middle East and South Asia. Only one in five African firms has access to credit, and those that do often face prohibitively high interest rates averaging 25 percent, compared to just 5 percent in Europe. Islamic finance, with over US$4 trillion in assets, offers a largely untapped opportunity to address this gap by directing capital stored in monetary markets into the real economy. IFETAA represents a new alliance that will drive capital and capacity towards MSME development, resilience and growth across low- and lower middle-income countries. The signing ceremonies of the 3 Memorandum of Understanding (MoU) took place ahead of a high-level roundtable at the Hofburg Palace in Vienna, held on the margins of the OPEC Fund Development Forum, and marked the formalization of the programme. 'As traditional development funding continues to decline, Islamic and Arab financial institutions are emerging as key partners in driving industrialization and sustainable development', said UNIDO Director General Gerd Müller. 'Through this programme, we are building a powerful new alliance to support small and medium-sized businesses, increase productivity and resilience, and accelerate economic transformation in developing countries'. 'The IFETAA Programme will unlock urgently needed capital for Africa's economic transformation and AFC is proud to bring its unique expertise in both conventional and Islamic finance to mobilise funding at scale,' said Banji Fehintola, Board Member and Head of Financial Services at AFC. 'As an issuer, guarantor, and investor, we are committed to delivering innovative, Shariah-compliant solutions that drive inclusive and resilient economic growth, whilst contributing to strengthening the south-south cooperation required to advance our shared development goals'. H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of AAOIFI and the International Center for Entrepreneurship and Innovation announced that ' AAOIFI is proud to contribute to this transformative partnership, which aligns Islamic finance with global development priorities and encourages Islamic financial institutions to voluntarily dedicate at least 20% of their financing – over US$1 trillion – to MSME development. We will work on developing a Shariah-compliant finance programme enriched with technical assistance, regulatory support, and capacity building. IFETAA will also leverage UNIDO's globally recognized Enterprise Development and Investment Promotion model (EDIP)'. By integrating Islamic finance with proven entrepreneurship and business counseling interventions, IFETAA will empower MSMEs to become bankable, resilient, and key drivers of inclusive economic growth. Dr. Wissam Fattouh, Secretary General of the Union of Arab Banks, stated: 'IFETAA is more than a programme – it is a call to action. The Union of Arab Banks is proud to unite Islamic and Arab financial power to serve sustainable development and economic sovereignty. We are mobilizing capital not just to fund growth, but to shape the future of our region. This is about empowering MSMEs, restoring trust in financial systems, and building resilient, inclusive economies'. IFETAA is a direct outcome of the commitments made at UNIDO's A World Without Hunger conference in Addis Ababa in 2024. There, AAOIFI pledged to mobilize 20 percent of Islamic Financial Institutions' loans and advancements towards MSME development, while UAB reaffirmed its commitment to channel US$1 trillion from its member banks towards the Sustainable Development Goals (SDGs). AFC, a close partner to UNIDO, expressed its support through its financial mechanisms and expertise. IFETAA will facilitate access to finance by developing a pipeline of bankable MSME projects, establish financial and non-financial de-risking mechanisms, and support host governments in strengthening regulatory frameworks to expand Islamic and conventional bank lending. UNIDO has committed US$500,000 to support the preparation of the IFETAA programme and its initial implementation, which is co-led by the UNIDO Task Force on Islamic and Arab Financing and UNIDO's Investment and Technology Promotion Office in Bahrain. Each of the partner institutions brings unique strengths to the programme. AAOIFI, headquartered in Bahrain, is the world's leading standard-setting body for Islamic finance and plays a critical role in ensuring Shariah compliance and supporting regulators and financial institutions globally. Beirut-based UAB represents over 300 Arab banks and financial institutions while serving as a regional platform for aligning Arab banking practices with global trends, including Islamic finance, ESG, and digital transformation. AFC is a pan-African multilateral financial institution specializing in infrastructure development. It has been expanding its use of Islamic finance instruments, recently closing a US$400 million Shariah-compliant Commodity Murabaha facility. AFC made history in 2017 by issuing a US$230 million Sukuk, the first-ever by an African supranational institution. Distributed by APO Group on behalf of Africa Finance Corporation (AFC).
Yahoo
17-06-2025
- Business
- Yahoo
OA Group and CKP Form Strategic Alliance to Empower SMEs Across Southeast Asia
SINGAPORE, June 17, 2025 /PRNewswire/ -- OA Group of Companies (Singapore) and Chia, Ka & Partners PLT (Malaysia) have entered into a strategic alliance to accelerate SME growth across Southeast Asia through digital transformation, technology adoption, and trusted regional advisory. The alliance brings together two award-winning professional firms recognized for championing innovation and client-centricity in the accounting and advisory sectors. With a shared vision for enabling SME growth beyond national borders, the OA-CKP partnership helps business owners shift their revenue focus to high-growth markets while enhancing operational efficiency by tapping into regional strengths and capabilities. "In today's dynamic and fast evolving economy, many SMEs are eager to grow beyond their domestic markets. However, navigating regulatory frameworks, integrating digital solutions across borders, and finding the right advisory support can be challenging," said Alan Chang, CEO of OA Group. "This alliance creates a trusted bridge between Singapore and Malaysia – giving business owners practical support to expand into new markets without the usual guesswork, delays, or compliance headaches." The partnership builds on both firms' strong relationship with Xero, a global leader in cloud accounting. By combining regional expertise with smart digital tools, OA Group and CKP help business owners make quicker decisions, manage costs effectively, and avoid common pitfalls in cross-border expansion. The result: greater clarity, better control, and the confidence to scale sustainably. "Over the years, we've supported clients on their digitalization journey," said Jeremy Chia, Managing Director of CKP. "This collaboration allows us to take that support further – beyond compliance and bookkeeping – into regional strategy and growth execution." Strengthening this collaboration is the newly launched book Why Breakeven, co-authored by Alan and Jeremy. It challenges traditional profit-focused thinking and encourages entrepreneurs to adopt practical, data-driven strategies for long-term success. The publication and the event have received praise from industry leaders: Ang Yuit, President of ASME, commented: "Events like this remind us that SMEs don't grow in isolation, They grow when knowledge is shared, partnerships are forged and support is made accessible." Koren Wines, Managing Director of Xero Asia, calls it "a bold rethinking of outdated financial mindsets." Fann Kor, CEO of ISCA, refers to it as "a timely call to action for businesses navigating the future of AI, sustainability, and innovation." With offices across Singapore, Malaysia, Hong Kong, and China, OA Group's regional reach and strategic insights complement CKP's digital expertise and deep domain knowledge in Malaysia. This partnership marks a pivotal step in building an integrated, cross-border ecosystem to help SMEs navigate complexity, seize new market opportunities, and scale with resilience. About OA Group of Companies OA Group is a Singapore-headquartered professional services firm offering integrated assurance, compliance, and advisory solutions. The firm supports SMEs across Asia with technology-driven services designed to enable confident, cross-border growth. View original content to download multimedia: SOURCE OA Group Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Zawya
08-05-2025
- Business
- Zawya
Du collaborates with Ignyte to empower SMEs growth in the UAE
Partnership offers significant benefits, including free annual Ignyte memberships, exclusive plan discounts, and a collaboration on the Ignyte challenge to solve real-world problems for small businesses to accelerate SME growth in alignment with the UAE's vision for a sustainable, innovative economy. Dubai, UAE: du, the leading telecom and digital services provider, today announced its strategic partnership with Ignyte, a dynamic digital platform curated by Dubai International Financial Centre (DIFC) under the esteemed Sheikh Hamdan Initiative. The collaboration is set to accelerate AI innovation, support startups, and expand digital inclusion across the UAE in line with du's commitment to fostering the growth of SMEs through advanced digital transformation solutions for entrepreneurs. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy witnessed the signing of the agreement during a ceremony at the recent Dubai AI Week. The agreement was signed by Fahad Al Hassawi, Chief Executive Officer from du and Arif Amiri, Chief Executive Officer from DIFC Authority. The partnership will benefit from the du Business ecosystem, offering bundled value and exclusive telecom integrations through a strategic platform collaboration designed to empower the business community. Startups gain from mentorship in business, technology, and telecom, which boosts their market preparedness and stability. Simultaneously, Ignyte's network promotes connections with investors and corporations, speeding up growth and increasing the likelihood of success. In alignment with du Business' SME strategy, this initiative will enable SMEs by offering robust digital solutions that navigate the complexities of today's business world, propel digital transformation, and champion business excellence. Karim Benkirane, Chief Commercial Officer at du said: 'Through our partnership with Ignyte, we are investing in the future of the UAE's vibrant entrepreneurship ecosystem. This collaboration enables us to support startups directly by fostering access to funding, mentoring, and problem-solving opportunities, all while equipping them with our state-of-the-art digital solutions. It's about creating a sustainable, innovative ecosystem where every entrepreneur can thrive.' Mohammad Alblooshi, Chief Executive Officer of DIFC Innovation Hub said: "This strategic alliance represents a pivotal step forward in our commitment to cultivating a vibrant and future-ready digital economy in Dubai. Through our partnership with du, we are unlocking transformative opportunities for visionary founders to innovate, scale ambitiously, and thrive globally. Together, we are strengthening Dubai's position as a world-leading nexus for entrepreneurship, cutting-edge technology, and bold innovation." In addition, this initiative marks a continuation and evolution of the existing collaboration with DIFC. Moving beyond offering a physical workspace, the partnership is now deeply integrated into the DIFC platform, enhancing visibility and alignment with DIFC's extensive ecosystem and customer base. This strategic shift highlights an exclusive Telco and AI Challenge collaboration, bundled offerings for du business customers, direct access to an entrepreneurial ecosystem, and a digital-first go-to-market strategy. In fostering this partnership, du and Ignyte are positioned at the forefront of AI and entrepreneurship, undeniably unlocking scalable digital growth and introducing high-value use cases that will benefit the SME sector. The collaboration aligns with the D33 agenda, aiming to directly engage with over 100,000 entrepreneurs in the next three years, making this a cornerstone for innovative and entrepreneurial success in the region. About du du adds life to life with a comprehensive portfolio of mobile, fixed, broadband, entertainment services, and fintech solutions. Through a digital-first approach powered by ultra-reliable fiber and 5G technology, du delivers bespoke solutions leveraging cloud computing, AI-driven analytics, advanced cybersecurity, and IoT integration. As a trusted digital telco enabler spearheading the UAE's digital transformation, we collaborate with a dynamic partner ecosystem to propel industries and society toward operational excellence, shaping a more connected and digitally advanced future across the region. About Ignyte Ignyte is part of the Dubai Digital Economy Strategy under the vision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. It is a leading global start-up ecosystem that empowers founders. As a digital hub for innovation, investment, and entrepreneurship, it provides access to world-class mentors, investors, and more than 250 exclusive perks and resources from leading corporates and industry partners. Ignyte aims to transform the start-up landscape and position the region as a global centre for innovation and business acceleration. It bridges the gap between entrepreneurs and opportunities by fostering collaborations, offering tailored programmes, and facilitating access to capital. Ignyte's mission is to empower 100,000 start-ups, connect more than 5,000 investors, and unite 5,000 industry-leading mentors. Key initiatives include streamlining business set-up, supporting future founders, and accelerating corporate innovation.
