Khalifa Fund gives Dh40m to small firms

Abu Dhabi: The Khalifa Fund for Supporting Small and Medium Enterprises (SMEs) announced on Sunday that the total value of funding in the past six months reached Dh40 million.

"We have 30 projects in the pipeline in the coming three months, and most of the projects we funded so far are related to industrial services, as well as the micro-financing for housewives' projects that account for 90 per cent of the funds released so far," chairman Hussain Al Nowais said.

"Our criteria remain unchanged as the applicant must be a UAE national, and manage the project himself, and the business must be economically feasible," he said.

The increasing importance of SMEs in Abu Dhabi comes within the framework of the public private partnership, where the government is providing for the necessary infrastructure and utilities, as well as the suitable legal framework.