Pune-based private market platform GREX and AIM Startup, an initiative of UAE Government, have signed an MoU, on Thursday, to provide better access for Indian companies to the markets in MENA region (Middle East and North Africa region), and forge meaningful relations with business leaders, investors and international Government entities.
Launched in 2017, AIM Startup, an initiative of the UAE Ministry of Economy, aims to connect promising startups with investors and business partners from all around the world. It is set in the heart of UAE’s Annual Investment Meeting that happens in Dubai, the World’s Leading FDI Platform for Emerging Markets.
GREX is a private market platform, and its associated ecosystem, that help companies access multiple financial products as they grow from Incubator to IPO. This initiative endeavors to provide more growth opportunities to companies on GREX.
This partnership between AIM Startup and GREX is going to open a large set of opportunities for the companies not only on GREX but also all the other companies looking for growth in the Middle East.
Mr. Dawood Al Shezawi, President, AIM Startup said “We believe that the local ecosystems can benefit from international cooperation. The market in the region can certainly accommodate companies and innovators that will not only benefit from doing business in GCC but will also bring in know-how and best practices. This is where we have the pleasure to welcome our partner GREX for the 3rd Edition of AIM Start-up with whom we are looking to ensure India’s business leaders of tomorrow will take an active part in our platform as start-ups, investors and mentors.”
On this occasion Neera Inamdar, VP Strategic Alliances, GREX mentioned “This way we are trying to bridge a gap between an international finance hub and Indian startup ecosystem. We are very happy with this partnership and we look forward to cultivate it further.”
GREX is association with AIM Startup will conduct several events in various parts of India to create awareness among Indian companies and bring opportunities to expand their footprint in Middle East. Shortlisted companies will get a chance to showcase themselves during the AIM Startup Event in 2019.
Debashis Das, CEO of Bharati Robotic Systems added “It is an encouraging step for the companies in India looking to explore Middle East market for business growth. I would like to congratulate GREX and UAE Government for this positive step and believe that a number of companies will take advantage of this opportunity.”
To recall, in July Government of India’s official investment promotion agency ‘Invest India’ and the UAE Minister for Artificial Intelligence (AI) have signed a bilateral AI Bridge agreement that seeks to create economic benefits worth $20 billion during the next decade.
A month back, UAE-based OMA Emirates Group has launched a fintech Fund of $3 million to focus on emerging and potential financial technology companies and startups in India
Besides UAE, Bahrain is an another middle east nation looking at Indian Startup ecosystem as an oppurtunity. In July this year, Bahrain announced that it keen on welcoming startups and venture capitalists (VC) from India to access the country’s startup ecosystem, said John Kilmartin, Executive Director, ICT at Bahrain’s Economic Development Board (EDB).