Low-cost funding for Shams' members through partnership with Beehive

USA - English

• Middle East - English

SHARJAH, UAE, Sept. 14, 2020 /PRNewswire/ -- Sharjah Media City (Shams), the UAE's fastest growing media free zone, and Beehive, the UAE's first regulated peer to peer lending platform, have partnered to provide cheaper funding for small and medium sized enterprises (SMEs) in Shams. 

Shams helps entrepreneurs and small businesses set up in a cost-effective free zone, providing support and opportunities for those wanting to start, relocate or expand their business in Sharjah. The new partnership with Beehive makes this process even easier and cheaper by giving Shams' SMEs access to low-cost finance up to AED500,000 through Beehive's regulated peer to peer lending platform to aid their growth. Businesses that can benefit from this scheme must be in the creative or media industries.

H.E Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams), said "We are pleased to enter this partnership with Beehive, which is in line with our vision to grow Sharjah as an entrepreneurial hub. Shams is firmly establishing itself as center for many innovative and creative business startups, and we are pleased to play a part in the growing SME economy within the region."

He continued, "We are keen to offer our support to SMEs, and this agreement enables us to extend a helping hand to entrepreneurs and small business owners looking to embark on their entrepreneurial journey in the emirate, allowing them to thrive and succeed."

Craig Moore, Founder and CEO of Beehive said, "It's great to see Shams supporting the growth of SMEs to enrich the UAE's economy as a whole. Sharjah has a rich cultural history, making it an ideal place for creative SMEs to flourish."

About Beehive

Beehive P2P Ltd. is the first peer to peer lending platform in MENA to be regulated by the DFSA. Beehive directly connects businesses looking for finance with investors, creating mutually beneficial partnerships for growth. Beehive's digital platform provides smarter finance solutions to businesses, financial institutions and investors. By combining financial market experience with technology, we accelerate efficiency and functionality to deliver market innovation. Beehive has been facilitating finance to SMEs for over five years in the GCC region and is regulated by the DFSA in Dubai, and CBB in Bahrain.

For Beehive enquiries, please contact: Bryony Travers, Marketing Manager +971 58 587 1300 [email protected]

About Shams:

Sharjah Media City (Shams) is world-class media hub for innovative facilities and services. Shams offers over 120 business activities to choose from and provides the flexibility to combine different activities on the same license. Licenses issued by Shams allow companies to operate the business activities in accordance with their license and offer facilities, flexible legal framework, general and logistic services to investors. Shams provides unique services to investors from across the world and high level of innovative services in a safe and vibrant ecosystem for entrepreneurs to set up their business.

SOURCE Beehive; Shams