Sheikh Mohammed bin Saud opens branch of Khalifa Fund for Enterprise Development in RAK

His Highness Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, opened the branch of Khalifa Fund for Enterprise Development to help develop local enterprises in the emirate.

Sheikh Mohammed bin Saud toured the new office of the Khalifa Fund at the RAK Chamber of Commerce and Industry building after the ribbon cutting ceremony which was held in the presence of sheikhs, senior officials of the Khalifa Fund and heads of local government departments.

The Khalifa Fund, launched on June 3, 2007, aims to create a new generation of Emirati entrepreneurs by instilling and enriching the culture of investment amongst young people, as well as supporting and developing small to medium-sized investments.

Speaking at the function, Sheikh Mohammed bin Saud hailed the far-sighted leadership and vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and the orders of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to widen the remit of Khalifa Fund to cover all the emirates in the UAE.

“The availability of the services of Khalifa Fund to the citizens in Ras Al Khaimah would significantly support the development process taking place in the emirate. The pioneering initiatives of the Khalifa Fund would help channelize the creative and entrepreneurial talent of the youth towards nation building and enlist them in the process of creating a sustainable and diversified economy,’ Sheikh Mohammed bin Saud said.

His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, had last month issued a decree facilitating the activities of the Khalifa Fund in the emirate. The decree had exempted the projects funded by it from all types of fees levied by various local government departments and stipulated that all concerned local authorities should provide necessary support to help the Fund operate in the emirate.

Dr. Ahmed Khalil Al Mutawa, Executive Director of the Khalifa Fund for Enterprise Development, announced that the Fund has started receiving applications from citizens in Ras Al Khaimah for its range of services including non- financial and development support, as well as financial services.

He added that the Fund would organize a workshop in Ras Al Khaimah in the coming weeks to familiarize its range of services, including training, development, data and consulting services, to the young entrepreneurs seeking to establish or expand investments.

With regard to terms of funding for selected viable projects, Dr. Ahmed Al Mutawa said that Khalifa Fund would require the beneficiary to head the project and contribute ten percent of the total investment of the project. The Fund would be committed to making the remaining funding according to the project’s funding requirements.

The Khalifa Fund provides a range of financial programmes to entrepreneurs such as Bedaya, a programme designed to support start- up SMEs with flexible loans of up to AED 3 million, Zeyada targeted at existing, early state SMEs for expansion and development purposes with funding up to AED 5 million, Khutwa, a microfinance programme that offers flexible loans up to AED 250,000 to support small enterprises, apart from schemes covering manufacturing sector and social financing programmes directed at various sections of the society.

Sheikh Abdullah bin Humaid bin Abdullah Al Qasimi, Chairman of the Office of the Ruler of Ras Al Khaimah and Sheikh Saqr bin Mohammed bin Saqr Al Qasimi were among the dignitaries who attended the function.