Dubai: The Abu Dhabi Businesswomen Council (ADBWC), a subsidiary of the Abu Dhabi Chamber, signed a Memorandum of Understanding (MoU) with Flat6Labs, the leading early stage venture capital firm in the Middle East and North Africa (MENA) region. The MoU aims to strengthen cooperation between the two parties to support and enable women entrepreneurs to grow their businesses, fulfil their aspirations, and contribute to the growth of Abu Dhabi’s economy.
The MoU was signed by Asma Al Fahim, Chairwoman of the Abu Dhabi Businesswomen Council, and Ryaan Sharif, General Manager of Flat6Labs, at the Chamber's building, in the presence of representatives from both parties.
Under the terms of the MoU, the two parties will organise workshops to introduce the members of the Abu Dhabi Businesswomen Council to Flat6Labs’ services and financing programs, and provide them with the required guidance by coaches and experts to advance their business. The MoU also aims to provide women entrepreneurs with a platform to participate in the Flat6Labs Ignite program and have a chance to get financial rewards, as well as organise competitions for entrepreneurs in the technology field, which brings about mutual benefits for both sides.
Asma Al Fahim, Chairwoman of the Abu Dhabi Businesswomen Council, said: “The MoU with Flat6Labs affirms the Council's unwavering commitment to developing the capabilities of women entrepreneurs and enabling them to take their businesses to the next level, in accordance with the highest international standards. There are many women-led startups with creative ideas and untapped potential, which need our support. Our partnership with Flat6Labs plays a pivotal role in assisting these startups to improve their strategy and drive their business growth.”
“The Abu Dhabi Businesswomen Council continues to expand its strategic partnerships with different entities to fulfil its objective of supporting entrepreneurs, uncovering promising opportunities for its members, and encouraging them to realise their potential, to propel the growth of business and generate benefits for the society,” Al Fahim added.
Highlighting data from Wamda which showed that through 2021, female-founded startups in the MENA received just 1.2% of the region’s venture capital funding, Ryaan Sharif, General Manager at Flat6Labs UAE said, “There is a pressing need to bridge the gender divide. Doing so will benefit the entire startup ecosystem as diversification will enable new ideas to flourish. Of the over 2,000 startups supported by Flat6Labs over the last decade, over a third (36%) have been female led, so we are keenly aware of the passion, persistence, and unique perspective that women entrepreneurs bring to the table. We take pride in partnering with the Abu Dhabi Businesswomen Council to level the playing field and offer promising female founders the support and mentorship they need to achieve their full potential.”