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Abu Dhabi: Abu Dhabi on Tuesday announced an increase in the capital of the Khalifa Fund for Small and Medium Enterprises (SMEs) from Dh300 million to Dh1 billion.
General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, made the announcement during a ceremony marking the fund's first anniversary.
Major contributors to the success of the Khalifa Fund including heads of the Central Bank, Department of Economy and Planning, Abu Dhabi Chamber of Commerce and Industry, and Union National Bank, were honoured at the event.
"The fund paves the way for the youth to actively participate in the establishment of a sound national economic base, and provides for a new factor in diversifying the sources of income," Shaikh Mohammad said.
"During the past year we have provided the finance of Dh130.3 million for 95 projects in various sectors including agriculture, manufacturing, services, and trade," Hussain Jasem Al Nowais, the fund's chairman, said.
"We are now seeking to offer land for the young entrepreneurs in cooperation with the Higher Authority for Specialised Economic Zones (Zonescorp) where small buildings will be erected to host SMEs," Al Nowais added.
The area allocated by Zonescorp for the SMEs is about 500,000 square metres, according to Al Nowais who explained that the facilities there are within the framework of the "Incubators" concept announced by the fund last year. "Through this concept we will provide all the possible support for the SMEs during the first three years of operation, such as providing the premises at cost," he said.
Other facilities include the exemption from the fees collected by other entities such as Zonescorp, the Ministry of Labour, the Abu Dhabi Chamber of Commerce and Industry.
Last year, the fund received 2,644 applications and helped to establish SMEs in the city of Abu Dhabi, Al Ain and Al Gharbeya (Western district).
"We have provided training and vocational education to 444 UAE nationals in collaboration with the Petroleum Institute and the Abu Dhabi Vocational Education Institute," Al Nowais said.
The fund also announced six priorities comprising its five-year strategic plan from 2008 to 2012, in line with the Abu Dhabi Policy Agenda.
"Our first priority is to set the appropriate investment environment for developing SMEs, and accordingly we will be forming an advisory council from the public and private sectors, and streng-then our strategic partnerships with local and foreign institutions," the chairman said.
"We have approved the financing of 61 projects within the Bedaya (Start) Program framework, a programme designed to cater to financing SMEs by up to Dh3 million for each project," Al Nowais said.
He explained that an additional 10 projects were financed through the Reyada (Pioneering) Programme which provides up to Dh5 million. On a smaller scale, the fund has provided fin-ancing for 24 projects within the Khatwa (Step) Programme.
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