Abu Dhabi, UAE, date: Khalifa Fund for Enterprise Development has announced the expansion of its ground breaking Scale-up Funding Programmes to encompass more sectors, further empowering UAE National entrepreneurs. Following the successful launch of seven new funding products. Khalifa Fund is now extending its support to include funding existing businesses in the Food & Beverage sector, and Personal Services sector which involves Beauty, Sports, Flower & Gifts, Laundry, and Wedding Services subsectors. These will be added to the 6 priority sectors supported previously including: healthcare, education, agriculture, information communications technology, tourism and manufacturing, fostering innovation and sustainability within the entrepreneurial ecosystem of Abu Dhabi.

Khalifa Fund launched the Scale-up Funding Programmes in November 2023, designed to offer comprehensive and integrated support to existing businesses in Abu Dhabi that have already demonstrated their success, enabling them to thrive through medium-term, interest-free loans. Differently to standard bank loans, Khalifa Fund offers flexible repayment periods ranging from 36 to 48 months, after a grace period ranging from 3 to 18 months, while the funding products value ranges from 600,000 to 2 million dirhams. As a result, each funded entrepreneur is assigned a dedicated business counselor to guide and supervise their businesses progress.

The additional sectors align with Khalifa Fund's strategic vision to propelling economic growth and fostering a dynamic entrepreneurial landscape in Abu Dhabi, which Khalifa Fund has been committed to. Since its establishment in 2007, Khalifa Fund has funded over 1162 projects across various sectors, locally, with a total funding value of 1.1 billion dirhams.

Mrs. Mouza Obaid Al Nasri, Acting CEO of Khalifa Fund for Enterprise Development, stated: "The expansion of our funding products to include additional sectors is a strategic move to bolster our commitment to following comprehensive and inclusive approach in empowering Emirati entrepreneurs and supporting the growth and expansion of their businesses. The funding products are designed to encourage entrepreneurs to innovate and adopt modern technologies and sustainable practices, fortifying Abu Dhabi's position as a thriving entrepreneurial hub for innovation and sustainability solidifying.

She added: "The decision to add the Food & Beverage and Personal Services sectors came after a thorough analysis of local and regional market requirements. The sectors included in Khalifa Fund's funding scheme are among the most impactful on GDP. Investing in SMEs within these sectors contributes to fostering economic diversification, creating new job opportunities, and promoting overall national economic growth".

Khalifa Fund Scale-up Funding Programme includes seven funding products: Financing Business Operating Capital, offering entrepreneurs the necessary financial resources to cover day-to-day operations such as salaries, inventory, overhead, and other short-term financial obligations, excluding rent; Financing Fixed Asset (vehicles and logistics), offering financing up to 80% for a company's new logistics assets, such as vehicles, boats, and logistics machinery; and Financing Fixed Asset (equipment and machinery), offering financing up to 80% of an SME's new equipment or machinery.

The other funding products comprise Financing Invoice Financing (receivables), a short-term working capital finance product designed to bridge working capital needs, allowing a company to receive up to 80% of trade receivables payments before they are due under the agreed-upon terms; Financing Advance Payment Guarantee (APG), which serves as a contract ensuring the fulfillment of contractual obligations through a performance guarantee bond, where entrepreneurs can secure financing for 70% of the APG through this product; Financing E-commerce Inventory, a digital retail funding product empowering e-commerce enterprises by providing immediate financial support by covering 80% of the finished goods, enabling entrepreneurs to prepare an efficient inventory for peak seasons; and Financing Agri-Tech, which provides competitive financing solutions that facilitate the adoption of advanced technology solutions to foster innovation, sustainability, and growth within the agricultural industry.

Entrepreneurs who wish to apply to any of the new funding products, can submit their application via the Abu Dhabi Government Services platform, TAMM. For more information, visit: http://www.tamm.abudhabi/en/abu-dhabi-government-entities/khalifafundforenterprisedevelopment .

About Khalifa Fund for Enterprise Development

Khalifa Fund for Enterprise Development was established in 2007, by the virtue of the Law 14 of 2005 and its amendments, in the implementation of the vision of the late Sheikh Khalifa Bin Zayed Al Nahyan. The Khalifa Fund works as an independent, not-for-profit economic development agency of the Government of Abu Dhabi for the development and support of small-to-medium enterprises (SMEs).

The Fund helps to develop local enterprises in Abu Dhabi through instilling and enriching an investment culture amongst UAE nationals. The Fund also seeks to support and develop SMEs in the Emirate.

Khalifa Fund was founded in 2007 with a total capital of AED 300 million, which gradually increased in 2008 to AED 1 billion, in order to meet the growing demand for the Fund’s services. In 2011, the Fund’s total capital was increase to AED 2 billion, and the Fund covered all of the UAE.

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KBS Strategies
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