ABU DHABI, UAE, Nov 2, 2023 - (ACN Newswire) - Verofax, an award-winning product validation and traceability solution provider, is thrilled to announce its selection as one of the top three winners of the Emirates Global Aluminum (EGA) Ramp-Up Programme. The programme attracted over 600 startups from around the globe, all vying for a chance to make a significant impact in the industry.
About the EGA Ramp-Up Programme
Emirates Global Aluminum, the largest industrial company in the United Arab Emirates outside of oil and gas, initiated the EGA Ramp-Up Programme to nurture the next generation of entrepreneurs. These businesses are expected to contribute to economic growth and job creation, particularly in the realm of low-emission commodity exports.
The programme, supported by C3, consisted of a three-month series of customized workshops focusing on business and impact for 20 finalist startups. These workshops were aligned with EGA's strategic objectives of promoting growth and sustainability.
Verofax's Unique Contribution
Verofax's commodity validation and traceability solution empowers exporters to automate compliance and streamline border clearance at customs in regulated markets. This is particularly crucial given the European Union's recent introduction of Carbon Border Tax regulations, which impose tariffs of up to 35% on non-compliant exporters of high-emission commodities like steel and aluminum.
Wassim Merheby, CEO of Verofax, said, "We are very excited to have won the EGA challenge for Growth and Impact. This win underscores EGA's commitment to low-emission commodity manufacturing. We are thrilled to promote regional exports from the Middle East with our seamless validation and traceability solutions. The EU imports of targeted high-emission commodities amount to over $80 billion, mostly catered today by China and Russia. The new regulations open doors for near-shore exporting countries like the UAE and Saudi Arabia to benefit and increase exports."
A Commitment to Sustainability and Growth
Abdulnasser bin Kalban, Chief Executive Officer of EGA, said, "Our goal with EGA Ramp-Up is to contribute further to the UAE's economic diversification and development by supporting innovative young entrepreneurs to launch their impact-driven and sustainability-focused businesses. We hope our support will enable these companies to thrive and that some may even become EGA suppliers, further increasing our local procurement and supporting 'Make it in the Emirates' and achieving the UAE's Operation 300bn industrial growth strategy."
As part of the Entrepreneurial Nation strategy, EGA Ramp-Up supports achieving the Centennial 2071 goal of increasing entrepreneurship in the UAE.
"These startups represent some of the most promising talent in the UAE, and C3 is thrilled to have partnered with EGA to equip them with the tools needed to accelerate their businesses. Through our tailored mentorship programme, we have nurtured their growth trajectory, enabling them to create lasting impact," said Kevin Holliday, Managing Director of C3 - Companies Creating Change.
EGA is a global leader in aluminum production, with operations in Abu Dhabi and Dubai, an alumina refinery in Abu Dhabi, and a bauxite mine and associated export facilities in the Republic of Guinea. EGA is committed to reaching net-zero greenhouse gas emissions from its operations and supply chain by 2050. Visit www.ega.ae/en/ramp-up.
Verofax is a compliance and commerce SaaS solution provider, validated by Microsoft and holding four patents on AI analytics that enable intelligent supply chain and operations. Fortune 100 enterprises across 50 markets have adopted Verofax solutions for securing their supply chain and connecting directly to customers. Verofax is committed to achieving Net Zero by 2025 and promotes global offset and community relief projects across the globe. Visit https://verofax.com.
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Source: Verofax Ltd
Sectors: Retail & eCommerce, PE, VC & Alternatives, Local Biz, Startups
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