UAE Ministry of Economy launches ScaleUp Franchise programme
According to the Ministry of Economy, the programme will be implemented in two phases. The first phase will last for eight weeks and can include 25 SMEs. The second phase will continue for six months.
The Ministry of Economy in UAE has launched the ScaleUp Franchise programme in partnership with Emtiyz, a company specialised in franchising. The newly launched programme is a part of phase II of ‘The Entrepreneurial Nation’, launched in October 2022.
According to the Ministry of Economy, the programme will be implemented in two phases. The first phase will last for eight weeks and can include 25 SMEs. The second phase will continue for six months.
The launch is in accordance with the UAE's aim to accelerate the growth of startups and small and medium-sized enterprises (SMEs), facilitate their expansion plans, and hike investments in local and global markets, as stated in Khaleej Times.
Along with Emtiyz, the Ministry has established a set of eligibility criteria for selecting SMEs to participate in the programme. A significant requirement is that companies should have a commercial license in the country, including free zones, and that the company's project should have achieved profits during the last fiscal year.
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According to Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, the Ministry will continue to support entrepreneurship and startups in the country via government and private sector-related partnership under The Entrepreneurial Nation. Phase I of The Entrepreneurial Nation was launched in November 2021.
He added that the ScaleUp Franchise programme will provide companies with legal, operational, and financial services related to international franchising systems. This will be facilitated via legal advice and specialised training courses, and 10-year marketing support for brands, to help them in attracting investments and launching new local and global branches.
This programme is included in one of the tracks of the ScaleUp programme, a part of one of the three key pillars of ‘The Entrepreneurial Nation’.
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Edited by Affirunisa Kankudti
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