$1m Equity-free Grant Launched To Support Struggling Start-ups Amid Covid-19

Fund by Sharjah-based Sheraa will replace budget for its annual events which have been cancelled in line with safety measures

The Sharjah Entrepreneurship Centre (Sheraa) has pledged a $1 million solidarity fund to help start-ups under strain as a result of the coronavirus pandemic. 

The fund will be distributed through equity-free grants and commissioned projects, and has been issued in place of Sheraa's annual events which have been cancelled in line with safety measures to tackle the virus. 

The move is in honour of the #UbuntuLoveChallenge, a global initiative spearheaded by Sheikha Bodour bint Sultan Al Qasimi and Mamadou Kwidjim Toure, founder of the Africa 2.0 Foundation.

Najla Al Midfa, CEO of Sheraa, said the entrepreneurial community will play a "critical role" in the recovery of society and that the grants will also enable founders to develop solutions for a better future. 

"Grants will be awarded to entrepreneurs committed to creating real impact and building a future we, and the generations to come, deserve," she said. 

The #UbuntuLoveChallenge is a global movement which encourages experts from around the world to share positive impact initiatives. 

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
RECENT NEWS

Emicool Secures First-ever Green Financing To Boost Sustainable Growth

The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more

UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading

Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more

Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year

Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more

UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework

The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more

PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai

Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more

New Board Certifies DMCC Tradeflow As Fully Shariah Compliant

Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more