“Mohammed bin Rashid for Project Development”: Utilizing artificial intelligence to provide financial solutions for start-up companies for the first time in the region.

The Mohamed Bin Rashid Foundation for Small and Medium Enterprise Development, a subsidiary of the Department of Economy and Tourism in Dubai, has announced its collaboration with “CheeX Digital Assets” (CXDA), a company operating in the field of financial technology that relies on artificial intelligence to provide short-term loan solutions to enhance financial liquidity, boost investment, support economic growth, and enable small and medium-sized enterprises to become bankable.

According to the statement issued by the institution, this is the first time in the region that artificial intelligence is being used to provide innovative financial solutions for startups. This collaboration is a sign of the emirate’s readiness to adopt a range of new solutions in the field of financial technology, enhancing its position as a leading innovation center.

The company “CheX for digital assets” in JC Flowers Co’s portfolio, one of the oldest private equity investment funds in New York with a portfolio estimated at around $7 billion, will provide innovative solutions that enable investors, company founders, and borrowers to operate in a market that is characterized by ease, credibility, and transparency.

This strategic partnership with the Mohammed bin Rashid Foundation for Small and Medium Enterprises Development will in turn contribute to creating a comprehensive roadmap that revolves around key factors such as financial awareness, capacity building, and also striving to attract foreign investments to Dubai by enhancing the attractiveness of the small and medium-sized companies sector, in line with Dubai’s economic agenda, D33.

Abdul Basset Al Jinahee, the Executive Director of the Mohammed Bin Rashid Foundation for Small and Medium Enterprises Development, stated that the foundation aims to raise awareness about small and medium-sized companies in Dubai, in addition to its pivotal role in supporting the business sector and promoting growth by providing guidance and counseling to project owners and entrepreneurs.

He added that this partnership with ‘Chi-X Digital Assets’ can achieve more momentum and growth on a broader scale, by focusing on the importance of providing market solutions and improving financial liquidity in the small and medium-sized enterprises sector, as well as enhancing the sector’s contribution to achieving the objectives of the “Dubai Economic Agenda D33”.

On his part, Terry Port, the chairman of the board and CEO of “CheeX for Digital Assets” company, stated, “We acknowledge the immense and untapped potential of the small and medium-sized enterprise sector and the crucial role it plays in the economy. Our mission is to eliminate the barriers that hinder this potential and facilitate its release and harness its power.”

“It was also noted that the Mohammed bin Rashid Foundation for Small and Medium Enterprises Development is the entity that possesses an ambitious vision, with a focus on achieving success for the advancement of this sector in Dubai to advanced levels, contributing to the achievement of Dubai’s economic agenda targets D33.”

He said, “We are confident that our partnership with the Mohammed Bin Rashid Foundation for Small and Medium Enterprises Development will bring a new era of liquidity and growth in this sector, and it will make a permanent and tangible difference.”

The partnership aims to complement and unify the main standards of small and medium-sized projects, relying on company records and loans. This enables the creation of information groups that are necessary to facilitate the access of enterprises to financing.

Partnership facilitates the process of applying for loans by providing an easy experience for users, in addition to delivering high levels of personalized and proactive customer service.

Partners benefit from the artificial intelligence-powered tools provided by Prime Dash, allowing them to achieve immediate results and evaluate loan applications.
The partners provide unprecedented access to financial analysis, including possible scenarios, to help small and medium-sized enterprises achieve financial security for their businesses

.
In addition, the partnership also provides a platform to access a comprehensive portfolio of business support tools, in order to provide companies with the resources they need to take advantage of opportunities and address challenges during their financial journey.

(WAM)