The Khalifa Fund for Enterprise Development (KFED) is a UAE government agency that supports SMEs. Recently KFED has awarded a technical and financial grant to the Emirati Entrepreneurs Association (EEA).
The grant will be used to help Emirati entrepreneurs develop their skills and foster an environment that is helpful for innovation and creativity.
"We vow to cooperate and work with the association [EEA] to promote entrepreneurship and the .... SME sector in the country," said Mouza Al Nasri, acting chief executive of the Khalifa Fund.
Small and medium business enterprises make up around 98 percent of all the businesses in UAE. SMEs contribute around 53 percent to the country’s GDP as well. Developing this business sector is one of the topmost priorities of the government under the National Economic Agenda. The target is to increase the contribution of the SME sector to the country’s GDP to 70 percent by the year 2021.
Emirati entrepreneurs receive support from KFED and other government agencies in various forms, such as participation assistance in local and international exhibitions, exemptions and priority in government procurement processes.
The beneficiaries of KFED also receive access to advanced training and consultation so that they can make the best of the money they receive.
According to The National, EEA is hoping to attract more aspiring young entrepreneurs in UAE with new funding on board. The entrepreneurs will be encouraged with support to initiate creative projects.
The goal of the association is to help the entrepreneurs with technical, advisory and administrative support through a wide range of training material.
The EEA looks forward to developing the SME sector by helping them to create stronger bonds with the public and private sectors. The organization was officially registered in 2014 with Khalifa Fund’s support.