DUBAI, 29th March, 2020 (WAM) — The Mohammed bin Rashid Innovation Fund, MBRIF, has announced Constructive Trading as the newest member of its Guarantee Scheme programme.
As a member of the Guarantee Scheme, Constructive Trading joins other innovative companies and SMEs who receive assistance from the MBRIF – an initiative launched by the Ministry of Finance to promote and foster innovation in the UAE – in accessing affordable debt funding to accelerate the growth of their business.
The company developed a software, under the name ‘SteelpacRebar’, which provides supply chain solutions that increases the efficiency of the reinforcenment steel (rebar) supply chain and minimises material supply and deployment costs.
According to Cronstructive Trading, the technology improves workshop drawings’ productivity by 30 percent, enhancing the traceability for rebar shipments off and on-site.
It also prevents misuse of an average of three to five percent of total rebar on-site, and optimises the efficiency of the rebar supply chain, resulting in significant cost savings and minimising waste of steel, the company noted. Wastage savings of an estimated AED2 millions can be achieved, Constructive Trading notes, adding that thousands of hours of abortive time across a project duration can also be avoided.
Commenting on the announcement, Fatima Alnaqbi, Chief Innovation Officer MBRIF and Representative of the Ministry of Finance, said, “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.”
Alnaqbi added, “Constructive Trading has created a ground-breaking 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. We look forward to working with many more innovative businesses and SMEs in the future.”
For his part, Andrew James Woolnough, Founder of Constructive Trading, said, “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.
“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,” he added.
In addition to Construction Trading, members of the MBRIF Guarantee Scheme programme include Oliv, a technology-enabled innovative job portal; Pure Harvest, a technology-enabled agribusiness, and Lamsa, an award-winning Arabic edutainment mobile app that offers free access for children.
The MBRIF Guarantee Scheme works with innovative companies and banks to create easier access to funding for innovators and entrepreneurs whose businesses contribute to the UAE’s economic development and diversification.
Eligible Guarantee Scheme applicants are UAE-based individuals or companies, or those willing to be based in the UAE in the near future, particularly those with a strong contribution towards innovation, commercialisation and industry parameters.