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Memorandum Of Understanding (MoU) Between The ICT Development Fund & Khalifa Fund To Support And Develop Small & Medium Enterprises

Today witnessed the signature of the Memorandum of Understanding (MoU) between the Information & Communications Development Fund (ICT Fund), represented by H.E. Ahmad Humaid Al Mazrouie, Chairman of the Board of Trustees, and Khalifa Fund to Support and Develop Small & Medium Enterprises, represented by H.E. Hussain Jassem Al Nowais, Chairman of the Board, aiming to develop their means of cooperation in encouraging scientific research and technological advances to create investment opportunities and qualify and encourage UAE Nationals to establish ICT projects. The MoU aims at demonstrating and evaluating the available investment opportunities in the ICT field between both parties, organizing specialized scientific seminars of mutual interest to spread awareness of the investment opportunities in the telecom industry, presenting a program for exchanging expertise among the two parties, cooperating in establishing advanced technological business incubators, and coordinating in promoting entrepreneurs’ ICT related projects investment thinking. In this respect, H.E. Ahmad Humaid Al Mazrouie stated: “This MoU is the result of the mutual goals of both parties with respect to encouraging scientific research and technological development to create investment opportunities to small and medium enterprises, to develop the existing projects by supporting them with advanced technologies, to qualify entrepreneurs and encourage them to establish enterprises related to the ICT field, and to promote scientific research through technical and financial support to the applied scientific projects to create the proper environment for investing in these fields. Hence, the ICT Fund will provide technical assistance to enhance and develop ICT related projects, provide financial and technical support to establish ICT business incubators, provide financial support to applied research and studies in the business and technical projects whether via the working groups in the universities or other similar groups, and provide ICT consultations to the projects supported by Khalifa Fund.” In his turn, H.E. Hussain Jassem Al Nowais said: “The signing of this MoU is within the framework of Khalifa Fund to Support and Develop Small & Medium Enterprises in order to create the appropriate investment environment for entrepreneurs and to provide a comprehensive package of facilities that will promote the competitive privileges of these projects; where the main goal of Khalifa Fund is to strengthen the investment culture and to engrave the values of leadership among the UAE National entrepreneurs, in harmony with the general policy of the emirate of Abu Dhabi that aims to build a solid economy capable of achieving constant development rates. Mr. Al Nowais praised the cooperation of the ICT Fund, clarifying that Khalifa Fund is keen to cooperate with all parties to open new investments horizons for the UAE National entrepreneurs; and said: “Khalifa Fund will provide consultancy support and administrative training to the entrepreneurs nominated by the ICT Fund, in addition to its funding services provided through the programs Bedaya, Zeyada and Khutwa. The scope of cooperation between both parties, however, is subject to expand in later phases to serve the mutual goals of both parties in order to establish a base of small and medium national IT enterprises; where each party is supposed to provide suggestions considered necessary to develop the means of cooperation.

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