Mohammed bin Rashid Innovation Fund backs construction software firm
Constructive Trading improves the traceability of steel rebar, reducing the amount of scrapped material on construction sites
The Mohammed bin Rashid Innovation Fund (MBRIF), an initiative rolled out by the Ministry of Finance will provide finance to help a Dubai-based firm grow its business.
Constructive Trading, which specialises in reducing construction industry waste, will receive funding as part of a Guarantee Scheme operated by the MBRIF.
“The MBRIF launched the Guarantee Scheme to provide government guarantees and help members in small funding in the beginning, to then enable the owners of these innovative projects to benefit from Emirates Development Bank, and apply to the accelerator programme, which allows additional funding,” said Fatima Alnaqbi, chief innovation officer MBRIF and a representative of the Ministry of Finance.
“Constructive Trading has created a groundbreaking innovative solution to reduce waste and increase efficiency for its clients in the construction industry, to be a prime example of the type of businesses we look for to include in the Guarantee Scheme,” Ms Alnaqbi added.
Construction Trading has developed a software that increases the efficiency of rebar use by improving traceability, which helps to cut the amount of steel that is wasted on sites.
The Mohammed bin Rashid Innovation Fund is a federal initiative launched by the Ministry of Finance. Since its launch in 2015, the fund has supported innovators through its first programme, the Guarantee Scheme, which is operated by the Emirates Development Bank.
In addition to Constructive Trading, members of the MBRIF Guarantee Scheme programme include Oliv, a jobs portal offering internships and graduate roles, Pure Harvest, a company focusing on agribusiness, and Lamsa, an award-winning Arabic edutainment mobile app.
“The UAE provides a great environment for companies like us to grow and operate in, particularly with initiatives such as the MBRIF, which enables business growth and provides financing options that will help us scale up operations,” said Andrew James Woolnough, founder of Constructive Trading.
“Being accepted into the MBRIF Guarantee Scheme will play an essential part in our team being able to further develop our software, with the potential to extend our reach further than ever before.”
The Mohammed bin Rashid Innovation Fund started its second programme, named the MBRIF Accelerator, in 2018. This is aimed at boosting the growth potential of innovative businesses shaping the future of UAE’s economy. Coaching and other services are offered to companies as part of the programme, which is operated by EY (Ernst & Young).
Updated: March 30, 2020 05:07 PM