Ras Al Khaimah Municipality has launched a new initiative to attract innovative start-ups and SMEs to the UAE.
The SME Edition of RAK Energy Innovation Competition (#rakinnovates) offers an opportunity for start-ups and SMEs from around the world to get market exposure and form strategic partnerships in the power, water and industrial sectors in the UAE. Shortlisted start-ups and SMEs will be invited for discussions with a large executive panel, comprising top managers from leading government entities and multinationals.
Companies with solutions that address one or more of three regional challenges are eligible to participate. The challenges are in the fields of energy management, industrial efficiency and decentralised energy systems. One winning start-up or SME will be selected for each challenge, and the three winners will get a cash prize of AED 100,000, an attractive business set-up package from RAKEZ, and support to business development.
On the occasion of the launch, at RAK Energy Summit, His Excellency Munther Mohammed bin Shekar, Director General of Ras Al Khaimah Municipality said, “Developing an ecosystem of innovative companies in the energy and water space is one of our goals under Ras Al Khaimah Energy Efficiency & Renewables Strategy 2040. The RAK Energy Innovation Competition supports this goal, by creating opportunities for new technologies and business models that are relevant to the specific energy challenges we face in the region.”
Interested SMEs can apply online on Reem website before the deadline of 28 February 2023. After the deadline, the executive panel will evaluate applications and select winners. The Start-up Sponsor for the competition is RAKEZ, while the SME Community Partner is RAK SME. Marketing of the initiative is supported by several international organisations with significant global outreach, such as the German-Emirati Joint Council for Industry and Commerce, the Canadian Trade Commission in UAE, the Association of Czech and Slovak Compatriots and Enrupt. Interested SMEs can know more about the competition on the Reem website (https://reem.rak.ae/en/Pages/SMECompetition.aspx).
RAKEZ and RAK DED, in collaboration with Ras Al Khaimah Municipality, already offer attractive, incentivised set-up packages for companies operating in the field of sustainable energy, such as energy auditors, ESCOs, renewable energy consultancies, industrial energy management and IoT solution providers. More information on this type of incentives is available here.