Funds join hands to support nationals
A memorandum of understanding (MoU) to create investment opportunities for UAE nationals in technology and research was signed yesterday between the Khalifa Fund to Support and Develop Small and Medium Enterprises and the Information and Communications Development Fund (ICT Fund).
Hussain Jassem Al Nowais, Chairman of the Khalifa Fund's Board of Trustees, signed the agreement on behalf of his organisation, while representing the ICT Fund was Ahmed Humaid Al Mazrouei, Chairman of its board.
Under the agreement, the two sides will co-operate in encouraging scientific research and technological advances to create investment opportunities and train and encourage UAE nationals to establish tech projects backed by the ICT Fund.
Al Mazrouei said: "The MoU is the result of the mutual goals of both parties – encouraging scientific research and technological development to create investment opportunities for small and medium enterprises and to support existing projects with advanced technologies."
He said the ICT Fund will provide technical assistance to enhance and develop IT and communications technology related projects, provide financial and technical support to research and studies in business and technical projects, and provide consultancy to the projects supported by the Khalifa Fund.
Referring to projects already under the ICT Fund, Al Mazrouei said so far a number of initiatives have been carried out with a total investment of Dh60 million.
Al Nowais said the agreement was in line with the Khalifa Fund's goal of creating an appropriate investment environment for entrepreneurs and to provide a comprehensive package of facilities to the projects.
He said the Khalifa Fund has provided Dh150 million to support 105 new small and medium enterprises (SMEs) in the emirate.
"Khalifa Fund continues its support to young entrepreneurs in establishing SMEs. We will also support the students of Khalifa Science and Technology University, which will start working from September," Al Nowais said.