Khalifa Fund doubles and spreads to the north

ABU DHABI // The UAE Executive Council yesterday doubled the money available to the Khalifa Fund for Enterprise Development, expanding it to include financing for projects in the Northern Emirates.

In a bid to boost entrepreneurship, Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, ordered an increase in the fund's capital from Dh1 billion to Dh2bn.

The Khalifa Fund will now offer financing to start-up entrepreneurs in all emirates, not just Abu Dhabi.

Sheikh Mohammed said: "We have to provide [Emirati youth] with whatever necessary to enable them to innovate and create to further develop their talents, and to contribute to the socio-economic aspirations of the UAE."

Sheikh Mohammed said his recent tour of the Northern Emirates gave him "first-hand information on the needs of citizens", leading him to increase the fund's capital and expand services nationwide.

The fund has begun to set up a branch in Fujairah, which will soon begin receiving applications for finance. A branch in Ajman is expected to open by the end of June, taking the number of branches to five, with the remainder in Abu Dhabi.

rjones@thenational.ae