In order to support the UAE’s startup and small and medium enterprise (SME) community, Aramex, a leading global provider of comprehensive logistics and transportation solutions, and Mastercard, a global technology company in the payments industry, have announced a partnership to launch the inaugural edition of a new platform called ScaleUp.
Launched in collaboration with the UAE Ministry of Economy’s The Entrepreneurial Nation, ScaleUp offers startups and SMEs in the UAE an exciting opportunity to pitch creative ideas and compete for AED 250,000 (USD68,000), the chance to meet with angel investors, and several other advantages, such as marketing exposure. Additionally, a select group of competitors and the finalists will be invited to an exclusive ScaleUp networking event in November 2023.
The project expands on the corporations’ initiatives to support entrepreneurs and SMEs. By 2025, Mastercard promises to help 50 million SMEs participate in the digital economy. In order to encourage female entrepreneurs and aid in the creation of 1 million employment for women in the Arab world, the technology business most recently teamed with Women Choice. As part of its ongoing efforts to comprehend the demands of SME and provide them with the necessary assistance and services, Aramex believes in the significance of empowering and aiding entrepreneurs to generate their own possibilities.
The leaders of the industry are extending their support for the SME sector in the UAE through this initiative. ScaleUp supports the UAE’s goal of having 20 unicorns by 2031, with SMEs accounting for 94 percent of all businesses and organisations there currently.
Commenting on the initiative, Tarek Abu Yaghi, General Manager of Aramex in the UAE, said, “We are thrilled to launch the inaugural edition of ScaleUp – a unique initiative and competition that seeks to transform the future of industries and economies in the region through startup-led innovation. As a startup born out of the region’s entrepreneurial ambitions several decades ago, we fully understand the unique challenges SMEs will likely encounter on their path to success. The UAE’s SME sector is pivotal in driving the region’s economic growth. It is our privilege at Aramex to offer the incredible growth opportunity and competitive advantage that the ScaleUp platform brings to the vast and talented pool of SMEs in the UAE, building on our illustrious history of nurturing the region’s startup scene.”
Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, and Middle East & Africa (EEMEA), at Mastercard, said,“Joining forces with Aramex was a natural choice for us given our shared goal of promoting entrepreneurship and supporting the growth of startups in the UAE. At Mastercard, we believe that empowering small businesses is key for an economy to survive and thrive.”
