The media free-zone and the UAE-based fintech startup team up to continue strengthening the emirate’s position as a creative hub.
Sharjah Media City (Shams), and peer-to-peer lending platform, Beehive, have teamed up to form a SME relief initiative by providing cheaper funding for businesses in Shams.
The media hub enables startups to base their businesses within the free zone, which is rife with opportunities within the entrepreneurially-driven city, Sharjah. This new partnership, while alleviating some of the repercussions that COVID has had on the ecosystem, will also aid in up-and-coming startups in the media or creative industry by streamlining funding in Shams, with low-cost finance up to AED 500,000 through Beehive’s regulated peer-to-peer lending system.
"We are pleased to enter this partnership with Beehive, which is in line with our vision to grow Sharjah as an entrepreneurial hub,” said H.E Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City. “Shams is firmly establishing itself as the centre for many innovative and creative business startups, and we are pleased to play a part in the growing SME economy within the region. We are keen to offer our support to SMEs, and this agreement enables us to extend a helping hand to entrepreneurs and small business owners looking to embark on their entrepreneurial journey in the emirate, allowing them to thrive and succeed.”
Sharjah was hailed as a ‘Creative City’ by UNESCO last year, joining a roster of 65 other cities worldwide that have been notable for championing the creative industry. “Sharjah is working tirelessly to preserve the heritage of this nation and breathe new life and meaning into it, so it can be practiced sustainably and can inspire the rapid cultural renaissance the UAE witnesses today. Thanks to this forward-looking vision, Sharjah has positioned itself as a hub of investment in contemporary crafts and an incubator of Emirati heritage," commented Sheikha Jawaher bint Mohammed Al Qasimi, chairperson of the NAMA Women Advancement Establishment and founder and royal patron of the Irthi Contemporary Crafts Council. “Traditional crafts, folk art, literature and other products of a nation’s creative industries are what shapes people’s collective identity. Moving into a future without knowing who we are, where we come from – without being rooted in our authentic identity – will not bear any fruit.”
Sign up for the daily Startup Digest.