Majid Al Futtaim, one of Dubai's biggest private sector companies and the Middle East's largest mall operator, has launched a new initiative to boost local start-ups by connecting them with global market opportunities.
The Dubai-based company has rolled out Launchpad X concept store – a collaborative commercial store for entrepreneurs.
It includes local start-ups and winners from Majid Al Futtaim’s launchpad accelerator programme that was announced last year to build entrepreneurship and support small and medium enterprises.
Located in City Centre Mirdif, the concept store houses local brands that have displayed “outstanding innovation, creativity and growth potential”, the company said in a statement on Thursday.
It connects these businesses with the “unparalleled go-to-market opportunities” offered by Majid Al Futtaim shopping malls.
The concept store marks the “next major milestone in Majid Al Futtaim’s strategic focus to help unlock the incredible potential of start-ups in the region”, Fuad Sharaf, managing director of the UAE shopping malls at Majid Al Futtaim Properties, said.
“We are confident that Launchpad X will not only connect the region’s leading start-ups to new opportunities that strengthen their commercial footprint but also be a catalyst for innovation and a powerful force for driving the region’s economic development.”
The brands showcased at Launchpad X include luxury home fragrances company Wallace & Co, sustainable luxury fashion and home essentials brand Reform, active and loungewear brand LC, healthy snacks for families Koala Picks, upcoming trainers and streetwear boutique HypeSelection, premium coffee spot Blue Matcha, women’s boutique Bambah and Egyptian sustainable and ethnic crafts brand Kiliim.
Last month, Majid Al Futtaim Holding reported a sharp rise in its first-half profit and revenue on the back of the robust economic momentum of its UAE home market.
Net profit for the six-month period to the end of the June soared an annual 74 per cent to Dh1.7 billion ($463 million) from the same period a year ago, while revenue for the reporting period climbed 5 per cent to Dh18.9 billion.
Launched in 2022, the company’s launchpad accelerator programme offers successful participants access to innovative technology, mentorship, training and market opportunities.
It facilitates local brands across segments such as fashion and lifestyle, leisure, ClimateTech and community.
Nearly 50 per cent of its initial cohort of winners were female entrepreneurs, who gained access to various growth opportunities such as accelerating customer acquisition, improving operational efficiencies and access to new revenue streams.