Sharjah Publishing City Free Zone (SPC Free Zone) has signed a Memorandum of Understanding (MoU) with Beehive, a digital financing provider specialising in small and medium-sized enterprises (SMEs), to expand businesses’ access to financing within the free zone.
Beehive, a subsidiary of Etisalat operating in the UAE, Saudi Arabia and Oman, will provide businesses referred by SPC Free Zone with a direct channel to connect with investors via its digital platform, along with an exclusive 15% discount on transaction fees. The agreement also includes dedicated follow-up support to streamline procedures and facilitate coordination with participating businesses.
The MoU was signed by Saif Al Suwaidi, Director of SPC Free Zone, and by Peter Tavener, Co-Founder and CEO of Beehive.
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Supporting business expansion through financing
The partnership aims to address the financing challenges faced by growing SMEs as they seek to meet rising demand and expand their operational capacity. By connecting businesses with investors through Beehive’s digital platform, the agreement will provide an additional financing channel to help them pursue expansion plans and respond to market opportunities.
The initiative also extends SPC Free Zone’s network of business support services beyond company formation and licensing, providing licensed businesses with access to financing solutions as their operational needs evolve.
Responding to evolving business needs
Saif Al Suwaidi, Director of SPC Free Zone, said: “The ability of businesses to grow is a key measure of the strength of any business environment. As their needs evolve at each stage of development, we must continue to enhance the services and partnerships that enable them to progress.”
He added: “We are continually expanding our range of services and benefits to meet the evolving needs of businesses operating within the free zone. Our partnership with Beehive adds a digital financing channel that broadens their access to capital and supports their growth and expansion plans.”
Expanding access to business finance
For his part, Peter Tavener, Co-Founder and CEO of Beehive, said: “Beehive and SPC Free Zone share the same goal, which is to see more UAE businesses grow with confidence. Through this partnership, companies in the SPC Free Zone have a fast, direct route to Beehive’s business finance options, from long-term growth funding to short-term finance against unpaid invoices.”
He added: “We are here to make SME funding straightforward, provide clear answers promptly, and support businesses with the next steps.”
More than 1,800 business activities
Established in 2017, SPC Free Zone, an affiliate of the Sharjah Book Authority (SBA), enables businesses to undertake more than 1,800 activities across sectors including publishing, media, trade, technology and professional services, with 100% foreign ownership. It also provides company formation, licensing and business support services within an integrated business environment that attracts entrepreneurs and investors from around the world.
