Every entrepreneurial journey starts with an idea. As a proverb says- ‘an idea can change the world’. This is indeed a true statement but sometimes it’s not just the idea that can help you to run your business but also good financial support is needed to kick start your entrepreneurial venture.
Big corporations can easily get going with their operations in a new location, but it’s not easy for Small and medium-sized businesses to begin work in a new environment.
As we all know the United Arab Emirates (UAE) is one of the most favored countries for business owners. The reason for this is its favorable tax system, government policies, and location. To back this up, the Khalifa Fund is another reason that the UAE is among the top business destinations for entrepreneurs.
Let’s get to know more about the Khalifa Fund in this blog and explore it in detail.
What is the Khalifa Fund?
The Khalifa Fund is a grant sponsored by the Government of Abu Dhabi for small and medium enterprises. It supports economic diversification and growth. The fund aims to assist UAE nationals who wish to launch or expand their businesses. Promoting an innovative and entrepreneurial culture among the local population is one of its primary goals.
The Khalifa Fund provides substantial financial support through various funding initiatives designed to address a range of industries and demands. However, the fund offers more than simply monetary support. Additionally, it offers workshops, mentorship programs, and training. These resources assist business owners in acquiring the know-how and abilities necessary for success.
By providing funding and service choices and networking opportunities with other stakeholders, the fund seeks to increase the effectiveness and capacity of entrepreneurs and small & medium enterprises. In 2007, the Khalifa Fund was founded in Abu Dhabi, with branches in the Western area and a branch in Al Ain. KFED extended its reach to the Northern Emirates in 2011, offering its services to companies in cities like Ras Al Khaimah, Ajman, and Fujairah.
Achievements of the Khalifa Fund
As we mentioned earlier in this blog, this fund aims to uplift SMEs as they usually don’t get support and find it difficult to get government assistance. The good thing is that it’s a non-profit sponsorship that doesn’t burden entrepreneurs with debts.
Since this fund was established, it has had a huge impact on the UAE’s entrepreneurial landscape. Below are a few points that highlight its success rate-
- Focus on the MSMEs: A crucial aspect of the Fund's success has been its dedication to helping micro, small, and medium-sized businesses show their potential to the world.
- Overall Support: Offering financial aid, networking opportunities, business skill development, knowledge growth, and entrepreneurial training.
- Favorable for the National Agenda: The Khalifa Fund support is in line with the UAE National Agenda, especially in areas that use creative ideas and enhance services.
How Does It Help to Boost Economic Growth?
It’s known that the UAE’s economy is growing faster than many other countries. The formula of a growing economy lies in how small and medium enterprises perform. Since the inception of the Khalifa Fund (2007), SMEs have grown in such an impressive way that they have continuously boosted the UAE’s economy. This not only impacted Emiratis but also attracted many other entrepreneurs beyond Dubai.
Eligibility Criteria for the Entrepreneurs to Apply for Khalifa Fund
There are a few criteria for entrepreneurs who want to be sponsored by the government of Abu Dhabi under the Khalifa Fund scheme. This grant especially targets young entrepreneurs and business trailblazers with creative and new ideas strong vision and soft skills. As per a few reports, the starting age to enroll for this scheme is 21.
The Fund's commitment to SMEs is demonstrated by its initiatives to foster an atmosphere that encourages company expansion, which has helped to generate 15,000 jobs in the UAE, 1,800 of which have been filled by Emiratis.
How Does Markai Corporate Services Guide You to Get the Benefits of Such a Scheme?
Starting a business in any country around the world isn’t so easy. Dubai indeed has a more supportive business environment and policies but entrepreneurs and businesses should know all the relatable things before stepping in.
Here, Markai Corporate Services plays an important role. Our expert team prepares an accurate portfolio of your business and guides you through the best solutions.
Not only the Khalifa Fund but also you can take support from other government-led beneficiary schemes just with the right guidance. Markai Corporate Services is experienced in serving what’s best for the clients.
