Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding (MoU) with the Crown Prince Foundation to support entrepreneurship and development projects in Jordan.
This initiative falls in line with its mission to promote entrepreneurship, encourage innovation and achieve sustainable growth of SMEs while harnessing its experience and replicating its successful model to develop SMEs at the regional and global levels and act as a major catalyst for economic growth in these countries.
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE's Armed Forces, had assigned Khalifa Fund to develop a $100 million project in Jordan that supports microenterprises, promote SMEs, and develops the economy of the Kingdom.
The MoU states that both countries will support creativity and innovation and develop entrepreneurship in line with their respective national strategies, taking into account the national regulations and policies in the UAE and Jordan. Under this MoU, both parties undertake to implement major programs and special initiatives to support innovation and the growth of microfinance and SMEs, in addition to contributing effectively to building the capacities of women, youth and people from disadvantaged areas, with the aim of fueling an entrepreneurial culture among the youth.
Hussain Jasim Al Nowais, chairman of Khalifa Fund for Enterprise Development, said: "Through this MoU, we aim to strengthen cooperation with regional and international institutions that support entrepreneurship and SMEs, in addition to collaborating with one of the leading organizations in Jordan, committed to building a bright future for the Jordanian youth. We affirm our keenness to establish strong relations with the various regional economic and social institutions in order to support the local economy and promote trade between the UAE and Jordan."