The Khalifa Fund for Enterprise Development will launch a series of new initiatives this year to support small and medium enterprises, its chairman said.
“The year 2015 will be the year for development, improvement of the services and acceleration of the processes at the Fund. The Fund’s management will launch initiatives to promote the culture of entrepreneurship and to support the SME sector in the country,” Hussain Al Nowais said at the first meeting of its new board.
Up to end of 2013 the fund has provided Dh904 million of capital to 608 projects since its establishment in 2007.
Last month, Sheikh Mohammad Bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, issued a resolution reshuffling the fund’s board of directors.
The growth of the SME sector is a key plank of government efforts to diversify the economy and create more jobs in non-oil industries. New legislation was introduced in April aimed at raising the contribution of SMEs to the country’s economic output up to 70 per cent by 2020 from the current level of 60 per cent.
Emirati business owners will benefit from land grants for industrial or agricultural purposes and receive support for promoting their companies at exhibitions around the world.
The law also includes benefits to inventors, patent owners and companies that invest in research and development.
The Khalifa Fund provides “comprehensive programmes to meet the needs of entrepreneurs ... that includes training, development, providing data and counselling services as well as marketing,” said Abdullah Al Darmaki, its chief executive.
The Fund also ran a series of programmes last year for the “empowerment for Emiratis in different society segments to enhance the level of social welfare” including for those with special needs and former prison inmates.
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