Abu Dhabi, United Arab Emirates: Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding with AlMaryah Community Bank. The respective bank is a digital financial platform which will provide exclusive benefits to Khalifa Fund members.  The partnership aims to support Khalifa Fund entrepreneurs by offering them access to tailor-made, convenient and secure banking and financial services, helping them grow and manage their financials more efficiently.

H.E. Alia Al Mazrouei, CEO of Khalifa Fund for Enterprise Development stated: "Khalifa Fund continues to explore new partnership opportunities that offer cutting-edge technologies and digital tools which empower the SMEs in the UAE to run their operations successfully.

We are excited to partner with Al Maryah Community Bank. As leading providers of digital banking solutions, they will provide our members with digital banking solutions and explore financing opportunities to support their growth and improve the efficiency and security of financial transactions. Through this collaboration, we aim to support the growth of SMEs and the advancement of the entrepreneurial ecosystem in the UAE".

Under the agreement, Al Maryah Community Bank will provide financing to eligible SMEs supported by the Khalifa Fund through a credit guarantee scheme. The bank will also offer a range of exclusive benefits to Khalifa Fund members when they open an account with Al Maryah Bank, including no minimum balance requirements, a free Wi-Fi Protected Setup (WPS) facility, access to a marketplace, a dedicated relationship manager, and innovative banking services. Additionally, members will enjoy lower fees and charges, faster processing times, and improved security.

Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commented: “We are proud to partner today with Khalifa Fund with the main focus of growing and serving the UAE community, especially UAE National SME owners. This partnership allows us to continue to fulfil our promise in meeting our community’s banking and investment needs by supporting entrepreneurs through a range of smart, innovative, convenient, and fully digital financing solutions; promoting the overall prosperity and growth of our economy in line with Abu Dhabi’s Economic Vision”.

Al Maryah Community Bank is UAE’s first fully integrated Digital Bank that offers an omnichannel experience to individual consumers and small businesses.

For more information about the partnership, please visit the Link here.

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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 His Highness 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 through a network of branches.

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Cameron Hurrion
KBS Strategies
cameron@kbsstrategies.com