SRTI Park Partners With Italian Institutions To Boost Investment Opportunities For Startups

During President His Highness Sheikh Mohamed bin Zayed Al Nahyan's visit to Italy, significant agreements were made at the UAE-Italy Business Forum. Sharjah Research, Technology, and Innovation Park (SRTI Park) signed memorandums of understanding with three prominent Italian institutions. These agreements aim to attract numerous Italian startups and SMEs to SRTI Park over the next three years, boosting joint investments in technology and innovation.

The memorandums involve SRTI Park collaborating with Kilometro Rosso, Italiacamp, and Andersen Italy. Kilometro Rosso is a leading European scientific hub, Italiacamp focuses on economic and social value creation for Italy, and Andersen Italy is part of an international advisory firm. By 2028, around 100 Italian companies are expected to establish operations at SRTI Park.

These companies will span various sectors such as medical devices, AI diagnostics, robotics, autonomous driving, space exploration, water treatment, new materials, architecture, and interior design. Hussain Al Mahmoudi, CEO of SRTI Park, expressed enthusiasm about these partnerships. He highlighted the vibrant Italian startup ecosystem supported by strong venture capital investments.

Al Mahmoudi stated: "These agreements with leading Italian institutions represent a pivotal moment for SRTI Park as we expand across Europe. Italy has a vibrant startup ecosystem backed by strong venture capital investment in fields central to our science park’s activities. We are delighted to welcome Italian tech companies to launch operations at SRTI Park, giving them access to the Middle East market. Our ecosystem offers attractive facilities and incentives for innovation-driven ventures."

A key aspect of these agreements is collaboration in research and development through partnerships with the American University of Sharjah and the University of Sharjah. Nicola Bettio from SRTI Park commented on this milestone: "This agreement marks a significant milestone in fostering synergy between Italian tech startups, technology organisations, and SRTI Park. The four organisations are committed to leveraging innovation, research, and deep-tech collaboration to create lasting impact in Italy and the UAE."

Kilometro Rosso operates across eight technology clusters with 33 laboratories. It boasts over 900 patents and €750 million in R&D projects funded by €180 million acquired funding. Salvatore Majorana from Kilometro Rosso emphasized the importance of cross-border collaboration: "Developing cross-border collaboration is the essence of science parks... This agreement provides an extended platform for our startups to test products and explore the UAE market."

Expanding Opportunities for Italian Startups

Italiacamp supports projects with high social and economic impact for Italy. It manages the Dubai Hub for Made in Italy at Dubai World Trade Centre Free Zone hosting over 150 startups. With SIMEST investing in Italiacamp EMEA in 2024, they aim to attract more than 50 mature Italian tech startups by 2028 in healthcare, advanced manufacturing, mobility, sustainability, and creative industries.

Fabrizio Sammarco from Italiacamp said: "This partnership strengthens our commitment to fostering international growth for Italian businesses... we are turning that vision into tangible value for Italy by bringing our ecosystem’s talent to new markets." Leo Cisotta added that this agreement supports internationalisation efforts between Italian startups and UAE innovation ecosystems.

Commitment from Andersen Italy

Andersen Italy plans to bring 30 SMEs to Sharjah by 2027 focusing on waste management, food security among other sectors. Andrea De Vecchi from Andersen Italy remarked: "Italian inventiveness is globally recognised... With significant bilateral trade between the two nations... this collaboration with SRTI Park will strengthen business networks..." The partnerships align with growing trade ties between Italy-UAE reaching €4.8 billion in early 2024.

Italy has become a major player globally in innovation with over 14k active startups contributing significantly towards economic growth employment securing €2.1 billion funding last year alone supported actively by public sector initiatives like Cassa Depositi e Prestiti backing numerous venture capital private equity funds indirectly supporting over 40k innovative startups SMEs.

With inputs from WAM