UAE's Wisewell Receives AED 2 Million Credit Guarantee for Water Purification Technology

en.Wedoany.com Reported - On October 8, the UAE's Mohammed bin Rashid Innovation Fund (MBRIF) provided a AED 2 million credit guarantee to local water treatment technology company Wisewell to support corporate capital investment, business expansion, and R&D activities. The guarantee focuses on IoT-based smart water purification technology, and Wisewell will continue to develop its water purification systems and expand its operational capacity.

This support falls under the MBRIF Credit Guarantee Scheme. The fund was initiated by the UAE Ministry of Finance, and its guarantee scheme was established in 2016 to provide government-backed financing guarantees to eligible innovative enterprises. According to the scheme rules published by the UAE Ministry of Finance, enterprises can obtain financing through the government guarantee mechanism without giving up equity to the fund. The announcement regarding Wisewell did not disclose the specific lending bank, underlying loan amount, guarantee coverage ratio, financing term, or drawdown arrangements.

Wisewell's smart water purification system adopts a source-point purification approach, providing drinking water treatment services for residential and commercial users. The system integrates IoT technology to provide real-time data on water quality, water consumption, and environmental impact, allowing users to view drinking water quality and consumption through connected features. The technology is also applied to drinking water supply solutions that replace single-use plastic bottled water, reducing users' reliance on bottled water procurement and delivery services.

Wisewell founder Sami Khoreibi stated that the company plans to use this financing to support accelerated R&D activities, expand operational capacity, and continue building a UAE-based water purification technology platform. The funding support covers existing water purification technology R&D and business development, but the announcement did not further specify R&D budget allocation, equipment procurement quantities, new production facilities, or specific expansion regions.

As of this announcement, Wisewell states that its water purification solutions have cumulatively prevented more than 17.4 million single-use plastic bottles from entering landfills.