KFED plays pivotal role in the success of many entrepreneurs

Business Bureau, Gulf Today

The Khalifa Fund for Enterprise Development (KFED) recently received a delegation from the Chechen Republic at its headquarters in Abu Dhabi.

The delegation was in the UAE to tour local business incubators, learn about the country’s entrepreneurship and innovation programmes, and acquire new knowledge about funding mechanisms and support programmes for aspiring entrepreneurs.

 Mouza Al Nasri, Acting Chief Executive Officer of KFED, and various department heads welcomed the delegation that included the three final teams of the Zayed Innohub programme, which was organised by the Zayed Fund for Entrepreneurship and Innovation in Chechnya.

The Zayed Innohub initiative is a free accelerator programme for young teams with the most innovative ideas and technological solutions for start-ups and small and medium enterprises (SMEs).

The programme was developed by the Grozny State Oil Technical University and implemented with financial support from the Zayed Fund.

During the visit, Al Nasri said that the Zayed Fund, whose operational model is inspired by KFED, has a significant role to play in the success of many entrepreneurs by providing them the needed support such as training, mentoring, and funding.

She also commended the efforts of the Zayed Fund for extending a hand to projects with positive impact on Chechnya’s strategic sectors including agriculture, food, construction, and technology. The Zayed Fund also aims to support the improvement of the technical skills of the Chechen youth.

“Through the Zayed Fund, which was established in 2017, KFED is able to help bring the culture of innovation and entrepreneurship to the Chechen community for its growth and development. The Zayed Fund will continue to empower the Chechen youth and help them contribute to Chechnya’s economy and sustainable development. Over the past three years, the Zayed Fund has been able to achieve positive results, in line with the vision of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and the directives of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to strengthen the strong friendly ties between the UAE and the Chechen Republic across several fields,” Al Nasri said.

She further showcased KFED’s pivotal role in spreading the culture of entrepreneurship and fostering innovation and creativity among young people through its various initiatives and programs in the UAE. She added that the Fund is keen to share with different brotherly and friendly countries its experience and proven entrepreneurship model to empower owners of start-ups and SMEs and transform their creative ideas into successful projects.

KFED’s department heads also presented the Fund’s socio-economic and training programs, leading initiatives, funding mechanisms, and other services offered to UAE entrepreneurs who are in the process of establishing their businesses.

The three final teams of the Zayed Innohub programme also visited startAD, the Abu Dhabi-based global accelerator at New York University Abu Dhabi powered by Tamkeen; the Abu Dhabi Global Market (ADGM); the Khalifa Innovation Center (KIC); the Sharjah Entrepreneurship Center (Sheraa); Dubai SME; the Takamul programme; the Technology and Innovation Pioneers (TIP) programme; and Krypto Labs.

The establishment of the Zayed Fund for Entrepreneurship and Innovation is the result of a bilateral agreement between Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chechen President Ramzan Kadyrov. Both parties aimed to empower women and the youth, hone their abilities, and develop their entrepreneurial skills to increase their contributions to Chechnya’s economy and wellbeing.

Earlier the Khalifa Fund for Enterprise Development (KFED) has revealed a strategic sponsorship to support the UAE-UNIDO Exhibition that is part of the 18th session of the General Conference (GC) of the United Nations Industrial Development Organization (UNIDO), which took place from Nov.3 to 7, 2019 at the Emirates Palace in Abu Dhabi.

KFED featured the ‘Youth Hub’ to bolster growth in the UAE’s thriving industrial sector, particularly in the fields of entrepreneurship and SME development.

Themed ‘Industry 2030 – Innovate. Connect. Transform our Future.’, the event shed light on the future of manufacturing and leading industrial developments across the world and will highlight the potentials in current global trends including youth and entrepreneurship, gender, Industry 4.0, sustainable energy, industrial parks, and circular economy. It also held key discussions on policies that could help accelerate the realisation of the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals.