Zawya ; Sharjah: 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 access to financing for businesses operating 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 through 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 Peter Tavener, Co-Founder and CEO of Beehive.

Supporting business expansion through financing

The partnership aims to address the financing challenges facing growing SMEs as they seek to meet increasing 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 requirements 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 changing 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 want the same thing, which is to see more UAE businesses growing 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 quickly, and support businesses through the next steps.”

More than 1,800 business activities

Established in 2017, SPC Free Zone, an affiliate of 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.