Abu Dhabi, UAEFriday 23 August 2019

UAE to step up support for economy in Chechnya

Khalifa Fund for Enterprise Development to help boost business projects in the republic

Chechen leader Ramzan Kadyrov, right, meets Khalifa Fund chairman Hussain Jasim Al Nowais
Chechen leader Ramzan Kadyrov, right, meets Khalifa Fund chairman Hussain Jasim Al Nowais

The UAE is to step up its efforts to aid economic development in Chechnya, in what has been hailed as a sign of deepening ties with Grozny.

Ramzan Kadyrov, the Chechen Republic’s pro-Moscow leader, hosted a delegation from the Khalifa Fund for Enterprise Development, which is based in Abu Dhabi and provides help to businesses across the UAE and beyond.

Hussain Jasim Al Nowais, the Khalifa Fund chairman, led the delegation to Grozny, where he pledged to help develop small and medium enterprises in Chechnya, part of the Russian Federation, which has experienced a period of relative stability under Mr Kadyrov following years of conflict and turmoil.

The help will be provided by the Zayed Fund for Innovation and Entrepreneurship, which was set up last year. It offers grants, training and advice to entrepreneurs in Chechnya, and will increase its activity next year.

“Zayed Fund for Innovation and Entrepreneurship, established by Khalifa Fund for Enterprise Development in Chechnya, is one of the most effective means to promote sustainable development and economic diversification, which is vital for the country’s economic stability," Mr Kadyrov said.

Sheikh Mohamed bin Zayed, Crown Prince and Deputy Supreme Commander of the Armed Forces, has ordered that the Khalifa Fund work with the Chechen government to develop entrepreneurship with a US$50 million (Dh183.7m) investment.

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The Zayed Fund has already provided training and funding in Chechnya, but will increase its activities in 2019.

Mr Al Nowais said: "Zayed Fund, launched by Khalifa Fund last year in the Chechen capital under the guidance of the UAE’s wise leadership, aims to spread the culture of innovation and entrepreneurship among the Chechen community, thus ensuring high growth rates in the local economy."

The move comes weeks after Sheikh Mohamed met the Chechen leader at a Sea Palace barza.

The two agreed to develop ties between both countries.

The outspoken leader of the Chechen Republic is a frequent visitor to the Emirates and previously attended the Formula One Abu Dhabi Grand Prix.

He also visited the UAE during Ramadan, in June, when he attended an iftar reception hosted by Sheikh Mohamed.

Updated: December 27, 2018 01:40 PM

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