Khalifa Fund now worth Dh1 billion

The President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Ruler of Abu Dhabi, has increased the capital of Sheikh Khalifa Fund for Support and Development of Small and Medium Enterprises from Dh300m to Dh1bn.

General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, ordered the increase in the capital in line with the directives of the President.

Sheikh Mohammed ordered the raise to be made during a reception held by the fund to mark the first anniversary of its establishment. The ceremony coincided with the graduation of 444 fund beneficiaries from the Sheikh Khalifa Programme for Training and Development of Business Entrepreneurs.

Fourteen institutions and agencies were honoured at the function in recognition of their support for small and medium enterprises.

Meanwhile, the Khalifa Fund will contribute some of the cost of new projects under the terms of a new five-year plan.

Fund Chairman Hussain Jassem Al Nowais said an investment fund would be created to help new businesses – and owners could apply on the condition they cover 10 per cent of the total value.