Established in June 2007, Khalifa Fund for Enterprise Development aims to support and empower the nation’s budding business talent. As part of its event Khalifa Fund today announced the launch of a Direct Investment Fund to support the development of Emirati small and medium-sized enterprises in the UAE. Aimed at serving the Emirate’s economic development and diversification goals, the new Dhs100m for-profit fund focuses on direct investment in early-stage businesses, principally on those in knowledge-based sectors.
Today’s event, sponsored by The General Secretariat of the Executive Council, Union National Bank and Sorouh, also included an awards ceremony recognizing Khalifa Fund’s most promising entrepreneurs and success stories in 2009 across four categories:
• Khutwa: Naeema Saleh Al Maysari, Memories Photography;
• Bedaya: Ghanim Mubarak Al Hajeri, Emirates Zone Group Carpentry and Furniture;
• Zeyada: Mohamed Suhail Al Mazroui, Liwa Center for Dates Packing & Trading; and
• Environmentally-friendly: Mohamed Salem Al-Mehairbi, Emirates Vision Environmental Services.
After the ceremony, 20 Khalifa Fund-supported entrepreneurs showcased their projects to H.H. Sheikh Seif bin Zayed and other leading government officials. Reflecting the wide reach of Khalifa Fund’s support across all sectors, the diverse selection of businesses on display included perfume manufacturing, spice trading, publishing, chocolate and confectionary manufacturing, web design and wooden pallet production.
H.E. Hussain Al Nowais, Chairman of Khalifa Fund, commented on the organization’s second anniversary, saying:
“As today’s ceremony reminds us, small and medium-sized enterprises are the lifeblood of the UAE’s thriving economy. Khalifa Fund seeks to support and enable SMEs by fueling and fostering entrepreneurship among UAE Nationals.”
In addressing Khalifa Fund’s achievements over the past two years, Al Nowais said, “We are proud to have successfully provided over Dhs320m in support to almost 200 business projects to-date, certainly an affirmation that we are on track in developing a competitive SME base and helping to realize and fulfill the aspirations of Emirati entrepreneurs from all walks of life.”
Khalifa Fund is committed to the training and development of a new generation of Emirati business owners with the capabilities to participate in Abu Dhabi’s ongoing growth and economic development.
“In two years alone, some 1,100 Emirati men and women have benefited from 71 training programs. Today’s ceremony recognizes and celebrates the achievements of just a sampling of Abu Dhabi’s start-up entrepreneurs. In our celebration today, we acknowledge the commitment, talent and courage of entrepreneurs in their pursuit of business success,” Al Nowais added.
Thursday, July 9- 2009 @ 10:56 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.