Abu Dhabi, UAE: Khalifa Fund for Enterprise Development, the UAE’s leading SME socio-economic development entity, and Elite Agro, a leading UAE-based food and agricultural investment organisation, today announced the signing of a two-year Memorandum of Understanding. The MoU between the two respective parties has been developed to manage and operate a number of protected farms that fall under the umbrella of Khalifa Fund, with the aim of increasing their production capacity and operational efficiency by introducing the use of innovative agricultural technologies.
The MoU was signed virtually today by Mouza Obaid Al Nasri, Acting CEO of Khalifa Fund for Enterprise Development and Dhafer Rashed Alqasimi, General Manager of Elite Agro.
Mouza Obaid Al Nasri, Acting CEO of Khalifa Fund for Enterprise Development, said: “This agreement will promote the spirit of entrepreneurship amongst Emirati farmers while contributing to food security in the UAE. Through the ongoing Zari’ programme, Khalifa Fund provided AED 88 million worth of financing to 88 farms that use innovative water technology. This agreement is a major step towards achieving our goal to foster entrepreneurship in the agricultural industry, providing the necessary support and funding for farmers to operate successful businesses.”
She added, “Elite Agro are experienced in the field of agricultural investment, with extensive experience managing farms, both traditionally and those utilising modern farming systems. Khalifa Fund has a positive outlook on future agricultural projects that will benefit from this agreement. Elite Agro will manage and operate a number of agricultural projects in collaboration with their owners with the end aim to improve production, increase operational efficiency and convert them into investment-friendly projects.”
She further commented, “Our two-year agreement will allow farmers to benefit from the vast experience of Elite Agro, as well as play an instrumental role in bringing modern technology to those projects. It will encourage the exchange of knowledge pertaining to research and development in the produce industry, organise scientific and technical meetings surrounding innovation and tech in agriculture, and strengthen the engagement of UAE nationals in the fresh produce industry.”
Dhafer Rashed Alqasimi, General Manager of Elite Agro Commented: “We are very proud of this partnership with Khalifa Fund and we plan on working closely together to develop the agricultural industry in the UAE. Khalifa Fund was one of the first entities to support innovative technologies that decrease the cost of agricultural production through decreased water and energy consumption.”
He Concluded: “Elite Agro has a vast experience in this field, utilising the latest agro-tech, pointing to their preparedness to contribute towards sharing the knowledge and technology needed to advance targeted agricultural projects and to improve the quantity and quality of production.”
For more information on Khalifa Fund’s strategic investments, collaborations, and latest services, please visit www.khalifafund.ae.
-Ends-
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, President of the UAE and Ruler of Abu Dhabi. 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 2009 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.
For media inquiries, please contact:
Cameron Hurrion
KBS Communications
cameron@kbscommunications.ae
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
