Dubai: The Sharjah Investment and Development Authority (Shurooq) backed Regional Business Council (RBC) launched the Arab Supply Chain Initiative to support small and medium-sized businesses, which make up 90 per cent of the companies in the region.
The initiative will require a voluntary business commitment to early-stage businesses by the RBC members, who will allocate 10 per cent of procurement spend annually to entrepreneurs and SMEs by 2020, a moved seen to support the SME’s in the region.
“It also aims to facilitate the overall growth of these companies, which are key catalysts to creating jobs, diversifying economies, boosting innovation, and provide established companies with the flexibility and knowledge they need to expand their businesses,” Shurooq said in a statement.
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“We are here today to discuss ... how can we build digital economies that are rapidly being shaped by the Fourth Industrial Revolution technologies?,” Shaikha Budoor Bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq), and the Chairperson of RBC said in a statement.
“This has led to the creation of the Sharjah Research, Technology and Innovation Park was recently launched in conjunction with the American University of Sharjah. It provides a free zone ecosystem that serves to cultivate industry — academia partnerships to apply 4IR technology in critical areas for the region, including the pursuit of sustainable energy and water resources, combating climate change and building integrated transport systems,” Shaikha Budoor Al Qasimi said.
