The Sharjah Investment and Development Authority (Shurooq) has signed a memorandum of understanding (MoU) with Dubai SME, the agency of the Department of Economic Development in Dubai mandated to develop the small and medium enterprise (SME) sector.

Under the agreement, the two sides will work together to foster the entrepreneurial spirit in Dubai and Sharjah and achieve the vision of the respective emirates of enabling SMEs to be major drivers of economic, social and cultural development, said the Wam report.

The two entities aim to create an environment that supports the launch of new businesses and start-up growth.

The deal was signed by Marwan bin Jassim al Sarkal, CEO of Shurooq, and Abdul Baset Al Janahi, CEO of Dubai SME.

Marwan bin Jassim Al Sarkal, CEO of Shurooq, said that the initiative will highlights the importance of cooperation and integration between all government departments and entities in other emirates.

He added that collaborating with successful business development organisation such as Dubai SME will boost the sector in both emirates, and will provide exceptional support for start-up businesses and provide continuous guidance and practical help to those who are have already taken advantage of the outstanding opportunities the emirates have to offer.