The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support innovation in the UAE, today announced it has provided a guarantee for a loan worth AED 5 million to Quiqup, an innovative q-commerce tech startup powered by AI and machine learning. The business is at the forefront of the next generation of mobility of goods and services in urban cities, helping to accelerate the UAE to become the fastest q-commerce economy in the world.
The announcement is in line with MBRIF’s mandate to support the tech and innovation ecosystem with initiatives that will be beneficial for the country and support the environment for entrepreneurs in the UAE. Quiqup is proud to support the UAE business landscape, from SMEs to enterprise organizations, with reliable services that provide opportunities for local businesses to succeed.
Dubai-headquartered Quiqup is revolutionising the e-commerce landscape. They have disrupted the last mile through their unique operating model, powered by their proprietary AI infrastructure, delighting consumers with a 60-minute q-commerce experience. The world is moving into super-fast delivery and the trend is already taking place in cities like London, Berlin and New York. As the new economy moves towards q-commerce, 60-minute delivery will become the standard rather than the current two to three days. This will impact all categories including food, fashion, beauty and cosmetics, as brands compete to meet consumer expectations. Quiqup enables companies to quickly adapt their e-commerce through its proprietary technology and hyper-local fulfilment centres spread across the city.
The guarantee from MBRIF enables Quiqup to access affordable debt finance to continuously invest in their research and development capabilities and strengthen their innovative technology solution, as they plan to scale across the region.
Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and the representative of MBRIF, said: “Our aim at MBRIF is to enable companies that have a strong innovative capability with the potential to contribute significantly to the UAE’s economic development. In this context, we are pleased to support Quiqup through our Guarantee Scheme. We have been working closely with them and have witnessed the immense potential they have. We believe Quiqup’s deep knowledge and expertise make them well-positioned to tap into local and regional markets from the UAE.”
Bassel El Koussa, CEO of Quiqup, added: “Quiqup is proud to have the MBRIF contribute to our journey. We are committed to innovate e-commerce logistics through the development of cutting-edge technology and operating models. The UAE has been a fantastic market for our product and a real launchpad for Quiqup. We are excited to continue our rapid growth trajectory and look forward to developing this partnership with MBRIF further.”
In addition to its Innovation Accelerator programme, the Guarantee Scheme is a key program offered by MBRIF to provide innovators with unique access to affordable debt finance without giving up equity.