The Sheikh Khalifa Fund for Support and Development of Small and Medium Enterprises, has approved to finance 67 new small and medium enterprises at a cost of AED 111.12 million, bringing the number of projects financed by the fund since its inception in June last year to 205 projects with the cost of AED 340 million in which 23 per cent of the projects are for women.
A breakdown shows that the Fund financed 77 projects worth Dh 176 million in the industrial sector, 14 agricultural projects valued at Dh 17.4 million and 114 services projects in tune of Dh 146.6 million.
Hussein Jassim Al Nowais, Board Chairman of the Sheikh Khalifa Fund, pointed out that in 2009 the fund was able to expand the scope of its extended services and diversified its activities to ensure achievement of the policy of the Government of Abu Dhabi to support small and medium enterprises and development projects.
An amendment to the law was made to establish the Khalifa Fund to ensure that the fund’s capital increased to one billion dirhams, in addition to opening up new areas to allow it to implement initiatives to enter into partnerships to establish a constructive and productive projects which are compatible with the economic vision for the Emirate of Abu Dhabi 2030, he added.
In June 2007, the Khalifa Fund was created as an independent agency of the government of Abu Dhabi, to cultivate entrepreneurship amongst UAE Nationals and develop small ‘&’ medium enterprises. Its establishment aims to contribute to the implementation of the vision of HH Sheikh Khalifa bin Zayed Al Nahyan, Ruler of Abu Dhabi and the President of the United Arab Emirates, and the directives of HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The objective of the fund is to support and assist UAE citizens, particularly in Abu Dhabi, to enter into private businesses, thus fulfilling socio-economic goals for a more competitive and sustainable economy.
In an effort to increase the opportunities of success, the Khalifa Fund introduced a comprehensive program with a wide range of support services. The Khalifa Fund’s key activities focus on the creation of new businesses through offering a platform of ideas and appropriate financial and non-financial support, promoting entrepreneurial spirit amongst the UAE nationals through inspiring them, and raising their awareness, educating, instilling best practices and bringing forward specific market opportunities.
Since it was created in June 2007, the Fund provided funds to 35 Khutwa (First Step) projects, 144 Bedaya (Beginning) projects and 26 Zeyada (Growth).
