MBRIF, in collaboration with EBRD hosted a comprehensive schedule of activities at the event to enable attendees to connect with both entities, explore their programs and gain knowledge and information on a variety of topics. The activities also offered the opportunity to meet some of the region’s most talented innovators and take part in a series of insightful sessions related to innovation and entrepreneurship.

Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said: “Expand North Star is a unique platform in the region, shaping the future of the digital economy by championing entrepreneurship in the UAE and advancing discussions on the evolution of the innovation landscape. We are always keen to support events and initiatives that contribute to strengthening the UAE’s position as a global center of excellence in innovation, and to engage with our industry peers from the UAE, the region and beyond in our common vision of leveraging technology to propel economic development and expansion.”

The event program put together by MBRIF and EBRD featured panel discussions with industry experts on the opportunities available to innovative start-ups in sectors such as health, tech and space, as well as on expansion into the UAE market and exploration of the collaborative innovation ecosystem in the UAE. Other topics included empowering women in entrepreneurship and future sustainability trends. Alongside the panel discussions, MBRIF and EBRD held info sessions on alternative funding sources and legal considerations for start-ups in the UAE, as well as an introduction to EBRD’s Star Venture program.

MBRIF offers innovators support through its two flagship programs; the MBRIF Innovation Accelerator and the Guarantee Scheme. Whilst EBRD’s Star Venture program targets promising start-ups through accelerators and consultants to help them achieve their full potential.

Zsuzsanna Hargitai, Managing Director, SME Finance & Development at the EBRD, said: “At the EBRD, we are committed to fostering innovation and entrepreneurship that drives sustainable economic growth. Our Star Venture programme plays a pivotal role in empowering high-potential startups with tailored support, mentorship, and market access to help them scale and transform industries. The collaboration with the MBRIF at Expand North Star 2024 further amplifies our shared vision of fostering dynamic innovation ecosystems. It inspires Star Venture companies to seize new opportunities, and I’m thrilled to see that over 35 of our startups are present this week to explore the UAE’s vibrant entrepreneurial landscape.”

Under the pavilion of the MBRIF at Expand North Star, an impressive lineup of innovative companies showcased their cutting-edge solutions across various industries. These included Hoopla, an app for mental wellness; CrossVal, a fintech system for GCC companies; Reme-D, a medical technology innovator; BigDot, an AI-driven business optimization platform; Duverse, a smart city and urban tech provider; Nadeera Technologies LTD and Oxytech.io, both leaders in environmental technology; Sulmi, an AI-powered business solutions platform; jalebi.io, a business automation tool; and Verofax, offering blockchain-based supply chain solutions. Together, they represented the forefront of innovation, contributing to the UAE’s rapidly evolving digital economy.

Moreover, more than 35 innovative companies from EBRD’s Star Venture programme showcased their solutions, including Investbanq (Kazakhstan), which expanded into the UAE in 2024, securing its first client by offering AI-driven WealthTech solutions for asset managers and banks. Similarly, BANTgo (Estonia), operating within the UAE’s ecosystem, launched its waste management platform in 2024 with pilot projects supported by local partners like Cartlow and Verofax, furthering its impact in responsible waste management using AI and blockchain.

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Commenting on this announcement, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, expressed, ” As MBRIF launches Cohort 8, we renew our commitment to fostering a thriving entrepreneurial ecosystem. The IA program stands as a testament to our dedication in providing tailored resources, expert mentorship, meaningful connections, and access to investors. By nurturing local talent and attracting global innovators, we aim not only to shape the future of the national economy but to position the UAE as a beacon for entrepreneurship, driving sustained growth and innovation in the region.”

Beyond comprehensive assistance, the IA program provides cohort members with an exclusive avenue to connect with potential investors, industry experts, and accomplished entrepreneurs in the region. This opens doors to valuable perspectives, broader networking opportunities, and the establishment of strategic alliances.

Al Naqbi added, “The MBRIF IA program consistently draws hundreds of applications annually, underlining the increasing interest in our initiative. Recently, we introduced Cohort 7, selecting 22 new members from a pool of over 230 applicants from 41 countries. This represents a significant milestone in our mission to further solidify MBRIF as a beacon for innovation on the international stage.”

The opening of the Cohort 8 application window allows innovators and entrepreneurs from across the globe to join the ranks of more than 130 innovative businesses from 24 countries that have taken part in the IA program. Several success stories have emerged from the program alumni, including Verofax, a platform for asset tracking management and sustainable lifecycle tracing which was featured on the famous Beban platform; Desolenator, developer of innovative solar thermal desalination technology which was crowned the official champion of the SuperNova challenge at GITEX North Star, and Sarwa, one of the prominent online independent financial advisors in the UAE.

Over the years, the MBRIF IA program has played a pivotal role in shaping the success of its members and facilitating access to the UAE market. By assisting members throughout the value chain and providing insights from the industry ecosystem, the program has proven instrumental in leveraging the demand of the local and regional business landscape.

For more information and to apply for Cohort 8 of the MBRIF Accelerator program, please visit https://mbrif.cognistreamer.com/

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Aligned with the National Innovation Strategy, The IA program focuses on innovation and cooperation and provides world-class services and training to founders to accelerate their business, raise capabilities and expertise, boost standards, and create added value. MBRIF will mentor aspiring innovators and entrepreneurs from priority sectors: technology, health, education, transportation, renewable energy, water and space.

Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said: “MBRIF aims to empower innovative businesses by providing access to the tailored resources, expert mentorship, meaningful connections and affordable funding they need at every stage of their growth, from start-up to scale-up, in order to achieve sustainable growth and impact. Our IA program has supported some of the most innovative companies globally in accelerating their growth trajectories. With the opening of applications for our new cohort, we look forward to welcoming the next generation of entrepreneurs to our network.”

The program also offers a unique opportunity for cohort members to network with key players, potential investors, market experts, and successful entrepreneurs in the region, enabling them to gain valuable insights, expand their reach, and create new partnerships.

“By fostering a culture of innovation and entrepreneurship, we are not only helping to shape the future of the national economy, but also attracting talent and investment to the UAE. Since the inception of this program in 2018, the IA program has brought together 112 members from 21 different countries in diverse sectors of the economy and has placed emphasis on nurturing and growing local entrepreneurs to augment the domestic innovation base.”

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Sav, a dynamic platform designed to facilitate financial savings for consumers, is part of the prestigious Mohammed Bin Rashid Innovation Fund’s (MBRIF) Innovation Accelerator program. The platform makes saving money convenient, accessible, and rewarding for consumers. The app offers personalized savings plans, helps users track their progress, and rewards them for meeting their savings goals. With its user-friendly interface and powerful features, Sav is changing the way people think about saving money and helping them achieve their financial goals.

“We are thrilled to have the support of such prominent investors in our mission to revolutionize personal savings,” said Purvi Munot, CEO of Sav. “This funding will allow us to bring our innovative solution to more users and continue to enhance the user experience.”

Sav has already received widespread recognition and praise for its unique approach to personal savings. The app’s user-friendly design and innovative features have attracted a rapidly growing base of 20,000 users who have created saving goals upwards of AED 20Mn.The company is poised for continued success in the coming months and years.

Commenting on the partnership, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said: “From the very beginning, the primary objective of MBRIF has been to foster innovation that positively impacts communities by improving education and enhancing the quality of life. It gives us great pleasure to announce that Sav, one of our accelerator cohort members, has successfully concluded their pre-seed funding round. Sav is a pioneering organization committed to helping individuals save money and make informed financial decisions. This accomplishment serves as a testament to the calibre of MBRIF’s members and their significant contributions in advancing services for people through innovative solutions.”

Sav’s founders have a long history of innovation in the financial technology sector, and their expertise is reflected in the app’s design and functionality. The pre-seed investment will be used to further develop the platform and expand its reach.

Sav is available for download on the App Store and Google Play. To learn more about Sav and its innovative savings app, visit https://sav.money.

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Under the partnership, members of the MBRIF Innovation Accelerator programme will be granted discounted lease rates, license and processing fee waivers for the first year and access to all business activities in DSO, enabling them to engage with the largest network of SMEs and technology entrepreneurs from around the world in the region.

Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at Ministry of Finance and MBRIF representative, said “A flourishing entrepreneurial ecosystem can only be achieved when we empower innovation by providing the ideal space, resources, and opportunities for growth. At MBRIF, our aim is to support innovative businesses to grow and make a positive economic and social impact on the communities in the UAE through strategic partnerships and collaborations with public and private entities. Since our members have continuously exceeded expectations and repeatedly demonstrated the power of entrepreneurship in transforming lives, industries, and economies, our partnership with Dtec will provide our members with a stimulating environment where they can network and collaborate with entrepreneurs from around the world and find potential investors to scale-up their operations and continue their growth.”.

Ghanim Al Falasi, Senior Vice President of Technology and Entrepreneurship at DSO, said “Empowering entrepreneurs and emerging technology startups is crucial to the growth of the innovation-based digital economy. Dubai Silicon Oasis, as a hub for innovation and knowledge in the Dubai Urban Master Plan 2040, has been working since its inception to attract technology companies of various sizes, emerging, small, medium and large. This contributes to enhancing Dubai’s status as a global capital of technology and digitalization, supporting local talents and competencies and enabling owners of innovative and promising ideas. It also supports the objectives of the UAE’s Digital Economy Strategy to double the contribution of the digital economy to the UAE’s gross domestic product.”

Al Falasi added “This valuable cooperation between DSO and MBRIF extends the advanced capabilities of the Dubai Technology Entrepreneurship Campus (Dtec), the largest center of its kind for technology and co-working spaces in the Middle East, to entrepreneurs and innovators in the technology sectors. This solidifies Dubai’s status as a preferred destination to establish and grow businesses.”

The agreement also provides flexible terms for visa processing and activity lists where MBRIF members will not be restricted to the activity list at Dtec but instead have access to all business activities in DSO.

The partnership emphasizes the significance of joint efforts to provide technology startups with the opportunity to network and collaborate and contribute to UAE’s National Innovation Strategy and economic growth.

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The MBRIF Innovation Accelerator program is a unique offering focused on innovation and collaboration that provides world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale. The program, aligned with the National Innovation Strategy of the UAE, aims to enhance growth potential of innovative businesses shaping the future of the UAE’s economy.

Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at Ministry of Finance and MBRIF representative said: “The 6th cohort of the MBRIF IA program has attracted applications from around the world as innovators compete for access to our tailored solutions, expert mentorship, meaningful connections and financial facilitation.

“The selected members go through an incredibly stringent selection process where elements of innovation, leadership, UAE market potential and social impact on the UAE are judged upon by a committee of market experts. Our continued success in attracting top innovators from around the world and the outstanding achievements of our alumni is a testament to our impact on the innovation ecosystem in the UAE and our efforts in supporting the realization of the UAE’s National Innovation Strategy.”

The new cohort was selected from over 170 applications from 33 countries around the world and comprises innovators who have made significant developments across the key sectors identified by the UAE’s National Innovation Strategy including; Education, Health, Clean Energy, Technology, Space, Transportation and Water.

The selected businesses are from the UAE, UK, Canada, Tunisia, KSA, Lebanon and the USA at various levels of maturity from prototype to growth stages.

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The agreement is a result of increased demand for ProvenMed’s flagship product for people with urinary incontinence – the ActivGo– from distributors all over the world. The ActivGo kit, which includes wearable catheters, a unique integrated cleaning system, a portable bidet, and a sleek wearable urine bag, is currently selling in 7 countries, with 6 newly signed territories.

Souheil Guessoum, Chief Executive Officer (CEO) at ProvenMed said: “The ActivGo kit has helped thousands of people with urinary incontinence resume an active lifestyle without the risk of infections. Now we’re looking to rapidly expand our manufacturing capacity so that we can meet the growing demand from our distributors in a timely manner.”

As part of the agreement, HubForward will also support ProvenMed with research & development capabilities in South Korea to accelerate the testing and commissioning of its upcoming MedTech products namely the Comffi , the first hybrid stress incontinence solution for women, the ActivFront for supporting front-liners and the ActivGo Smart the first AI-powered wearable for bladder health monitoring.

Furthermore, in line with the UAE’s desire to grow domestic manufacturing, ProvenMed is also looking to develop near-future local production capacity bringing together HubForward’s qualified manufacturing partners from South Korea with local UAE qualified partners.

Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at Ministry of Finance and MBRIF representative, said: “Transforming lives, industries, and economies is central to our purpose at MBRIF. With the success of ProvenMed, an alumni of the MBRIF Innovation Accelerator programme, we are further cementing our commitment to the healthcare sector as their products continue to gain global demand from distributors. The agreement between ProvenMed and HubForward also paves way for best practice transfer to local manufacturing, aligning with the UAE’s vision to localize the manufacturing of innovative products and transform the nation’s industrial sector into a global manufacturing hub.”

The ActivGo Smart is the world’s first AI-powered wearable for non-invasive bladder monitoring that is designed to detect and prevent kidney failure, strokes and dehydration conditions in an advanced stage, while the Comffi is designed for women, especially hospital in-patients, to manage the stress of incontinence comfortably and conveniently with total comfort and no fear of infections.

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The first-of-its-kind marketplace in the region, the platform provides payers and merchants with a simple and convenient all-in-one solution to conduct recurring payments, such as: school fees, insurance, rent, gym memberships, and any other subscription-based service.

Available to organizations that take recurring fees in any sector of business, the Direct Debit Marketplace platform is bank agnostic, which means that it does not affect the merchants’ relationship with their banking services provider. The platform offers all users peace of mind, as direct debits facilitated through the platform are integrated with, and regulated by, the UAE Central Bank. Payers also benefit from cancellation control, within their contractual terms of agreement.
Direct Debit is an Alumni of the MBRIF Innovation Accelerator programme, an initiative launched by the UAE Ministry of Finance to support nationwide innovation.

Commenting on the launch, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said: “We are delighted to see the launch of Direct Debit, another success story from our Innovation Accelerator programme, where we nurture promising startups that innovate and use technology to disrupt industries. Direct Debit is a perfect example, providing merchants and payers in the UAE with a marketplace where they can transact recurring payments efficiently at low cost. At MBRIF we will continue to align with the UAE’s vision to facilitate innovation and support growth, diversification and excellence in the country.”

UAE-based merchants can easily connect Direct Debit Marketplace with their accounting software or use the state-of-the-art dashboard. The platform is merchant driven which means a payer can only make Direct Debit payments if the biller/merchant makes an offer first. The app asks payers to digitally accept a payment offer before the signing process of a direct debit mandate begins.

The platform is integrated with UAEPASS. One-time Direct Debit payment set up can only be done through UAEPASS, which makes the whole process 100% paperless. This also means that users will need the UAEPASS app downloaded on their smart phones and they must have “signature qualified status” to sign a Direct Debit mandate, providing an enhanced level of security.

The new service is sponsored by National Bank of Fujairah (NBF). Commenting on this development, Vince Cook, CEO at NBF said, “The bank is continually looking to see how emerging technologies can be utilized to improve the services available in the UAE market and we are particularly pleased to be collaborating with the Direct Debit Marketplace. The introduction of direct debit payments is a welcome step forward for the UAE banking system. It makes recurring monthly payments much quicker and easier to set up and manage, for both payers and merchants, across a wide range of business sectors.”

“The proposed direct debit framework puts operational integrity and data security at its heart, key considerations for NBF, providing a high level of reassurance ahead of the roll-out of the new app,” added Cook.

Set to be fully operational during the fourth quarter of 2022, Direct Debit Marketplace is now accepting expressions of interest and applications from merchants. As it is a legal system, all participating merchants of Direct Debit Marketplace must undergo a mandatory KYC (Know Your Customer) process, carried out independently by Crif Gulf who represent Dun & Bradstreet in the UAE.

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The MBRIFs Innovation Accelerator (IA) program provides high potential innovators from across the globe with fundamental non-financial support, to complete the ecosystem needs through the program’s unique member centric design, customized services, unparalleled access to coaches and industry experts to make a tangible positive impact towards the UAE’s economy.

Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at Ministry of Finance and MBRIF representative, said: “By welcoming a new cohort into our IA program, we are building on the UAE’s vision to create a knowledge-based economy and developing the next generation of innovators and entrepreneurs.

“The UAE is filled with an abundance of talent to shape a better future for our nation and as MBRIF we are pleased to be guiding innovators in key sectors of importance, with a pathway for growth and success.”

The new cohort was selected from over 160 applications. 20 companies have been chosen including 15 businesses from the UAE, and the remainder from the US, Egypt, Brazil, India and Luxembourg. This cohort also has the highest number of UAE innovators joining the program since its inception.

The cohort comprises innovators who have made significant developments across multiple sectors identified by the UAE’s National Innovation Strategy including; Education, Health, Renewable and Clean Energy, Technology, Space, Transportation and Water.

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The Demo Day served as a platform for MBRIF members, representing a number of priority sectors including, Health, Technology, Water, Clean Energy, Education and Transport to show case their innovation and capabilities.

Over 90 attendees were present at the Demo Day including investors, partners and MBRIF Advisory Committee members, where the members pitched their unique business model in order to highlight how their product is poised to disrupt and advance the UAE market. Networking sessions followed the demos, where interested investors interacted with the members to learn more about their proposals.

Commenting on the Demo Day, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance, and official representative of the MBRIF, said: “We are extremely proud of our cohort of innovators and the high-quality solutions they have brought forward to strengthen UAE’s position as a leading innovation hub. The MBRIF Accelerator Program is here to equip our members with the tools they need to grow and connect with the right corporate partners, helping them realize their commercial and expansion plans.”

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