Majid Al Futtaim launches new accelerator to support regional SMEs
- UAE-based retail group Majid Al Futtaim and AstroLabs have launched Majid Al Futtaim Launchpad, an accelerator programme that aims to support startups and SMEs in the UAE and the Mena region.
- Launchpad will provide programme participants with access to business growth incentives and mentorship to strengthen the commercial viability of startups and SMEs across the region.
- Founded in 1992, Majid Al Futtaim is a shopping mall, communities, retail and leisure builder in the Middle East, Africa and Asia regions, while AstroLabs is a technology ecosystem builder in Mena that enables growth of companies through market entry and expansion services.
Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia has announced Majid Al Futtaim Launchpad, an accelerator programme aimed to attract startups and SMEs in strategic sectors to turbo-charge growth plans and support economic development. Accentuating Majid Al Futtaim’s role as a collaborative partner in supporting entrepreneurs and startup businesses in the UAE and MENA region, the Launchpad reaffirms the Company’s role in the private sector in supporting the growth of local economies.
In partnership with AstroLabs, a technology ecosystem builder in the MENA region, Majid Al Futtaim Launchpad focuses on delivering diverse benefits to programme participants. These include unrivalled access to business growth incentives, mentorship programmes, and a vast innovation ecosystem to strengthen the commercial viability of startups and SMEs across the region.
The Majid Al Futtaim Launchpad focuses efforts on supporting core growth areas, including Homegrown Brands to attract startups with a unique and fascinating story, focusing on culture and heritage, sustainability, and innovation; Health and Beauty to identify and elevate startups with innovative products and tech solutions designed to elevate the customer experience; and Proptech to target startups that offer innovative and sustainable solutions to help optimise the efficiency of construction, digitise property development, residential communities and hotels spaces, and enhance the experiences in the shopping mall.
Joe Abi Akl, Chief Corporate Development Officer at Majid Al Futtaim - Holding, said: “Our new Majid Al Futtaim Launchpad programme aims to facilitate state-of-the-art solutions and services while inspiring, nurturing and growing the startup and SME ecosystem that exists today. The new programme brings a host of significant benefits for consumers, employees, business owners, investors and governments across the region, acutely representing our role in supporting and building an open, efficient, effective, and globally integrated business environment. As a partner of choice for pioneering initiatives and investments in the region, our long-term ambition is to foster entrepreneurship and knowledge sharing to accelerate economic growth throughout the region.”
Roland Daher, CEO, at AstroLabs said “Established organisations like Majid Al Futtaim can leverage market access, and recognize the need to integrate startups into their value chain to stay ahead of disruption. At the other end of the spectrum, SMEs and startups have a solid grip on digitalisation, but find it difficult to infiltrate and grow in their industry. These are two worlds that have cultural and technological differences and organic access between them is still difficult. We have been at the heart of MENA’s technology ecosystem since 2013, connecting these stakeholders to improve the odds of success of such partnerships, maximize the outcomes, and provide a gateway to tangible growth opportunities on both fronts.’’
Majid Al Futtaim Launchpad will foster and grow the SME and startup ecosystem, providing knowledge, inspiration, and the critical support companies need to grow their business quickly and conveniently while attracting, developing, and supporting world-class talent. The Launchpad will provide fast, convenient, state-of-the-art solutions and services to customers while offering a gateway to tangible growth opportunities, such as accelerating customer acquisition, improving operational efficiencies, and providing best-in-class mentoring to startups and SMEs from the region.