ABU DHABI, 30th June, 2020 (WAM) — Khalifa Fund for Enterprise Development, the independent, non-profit development entity mandated by the Abu Dhabi Government to support small and medium enterprises, SMEs, have revealed its achievements for year-end 2019.
A fundamental pillar of Khalifa Fund is to support the growth of the entrepreneurial ecosystem in the UAE by providing funding for startups and SMEs through strategic funding support, consultancy and mentorship. In 2019 Khalifa Fund activated 79 new loans, totaling 1,170 activated projects since inception. The new activated loans were valued at AED50.3 million, totaling AED1.32 billion in activated loans since the inception of Khalifa Fund.
Mouza Al Nasri, Acting CEO of Khalifa Fund for Enterprise Development, said, “Following guidance from UAE leadership and in cooperation with our strategic stakeholders, Khalifa Fund realised positive results in 2019. Our aim is to continue this progress in 2020, alongside our dedicated partners, which will lead to an exciting and thriving environment for entrepreneurs in the UAE. We look forward to exploring new opportunities which will contribute to the overall betterment of the SME sector, while acting in direct alignment with Abu Dhabi Government and UAE National Agenda.
Mrs. Al Nasri added, “Ensuring that entrepreneurs and SMEs are provided with the resources to be successful is a core priority of Khalifa Fund. The Fund aims to secure their success, from ideation and incubation to growth and expansion, through the continued provision of financing, support, capacity building, and consultancy.”
In 2019, Khalifa Fund continued supporting national and international projects, through strategic partnerships that support the transfer of knowledge and economic growth both at home in the UAE and globally through international outreach in 22 countries. This expansion came through the implementation of government directives and in partnership with official agencies in friendly countries which thereby aided in knowledge-based, economic growth for SMEs.
Khalifa Fund’s legacy of supporting entrepreneurs and SMEs was continued in 2019 through the organisation of 78 workshops promoting entrepreneurship, which brought the total to 978 workshops hosted. Additionally, 1,530 new applications were received in 2019, totalling 30,000 applications.
Sougha, a Khalifa Fund social programme which empowers Emirati women and artisans to maintain local heritage through traditional crafts, hosted 31 training sessions for 222 female artisans in 2019, thereby distributing the knowledge and skill to those who would benefit the most. Sougha generated an average of AED 17,000 of sales income for participating artisans.
Through careful financial analysis of 165 funded projects, from companies who shared their financial details, it was found that for every dirham funded for these projects, the national economy benefited by AED 2.85. The average revenue for funded projects in this analysis totaled AED 2,992,069, with an average profit of AED 222,915. Further, since inception, Khalifa Fund projects, to the creation of 15,000 jobs in the private sector, 1,800 of which were for Emiratis. The findings from 2019 clearly reveal that projects supported by Khalifa Fund continue to contribute to the national economy of the UAE.