As part of its participation in the inaugural Abu Dhabi Business Week 2024, Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding (MoU) with Gravity iLabs which is specialised in designing strategies and operating models to overcome challenges faced by today’s business leaders. This strategic collaboration aims to nurture and harness the talents and skills of Emirati workforce, demonstrating the shared commitment to inspire youth to venture into entrepreneurship, establish innovative SMEs, and elevate Abu Dhabi’s entrepreneurial and SME ecosystem.
The MoU outlines the joint efforts of both entities to develop a robust pool of highly skilled Emirati trainers and professionals. This will be achieved through the development of specialised programmes designed to upskill Emiratis in Al Ain and other areas within Abu Dhabi. The initiative further seeks to support participants post-training by facilitating opportunities in the private sector or enabling them to launch their independent businesses.
Commenting on the partnership, Ms. Mouza Al Nasri, Acting CEO of Khalifa Fund for Enterprise Development, stated: “This agreement aligns with our proactive approach to forging partnerships with leading local and international entities. It supports our mission to foster a culture of entrepreneurship and innovation, and to prepare the UAE labour market, particularly in Al Ain, by empowering national talent and encouraging Emirati youth to actively participate in the private sector and SME entrepreneurship. This is in line with Abu Dhabi’s economic vision and its objectives to enhance Emirati human capital, empower local participation in the workforce, promote entrepreneurship and freelancing, create new job opportunities, and increase Emiratisation in priority economic sectors.”
She added: “Training and capacity-building for Emirati entrepreneurial talent are integral pillars of Khalifa Fund’s strategic approach. These efforts aim to boost the prosperity of SMEs and non-oil economic sectors, contributing to a knowledge-based, diversified, and sustainable Emirati economy. This reinforces Abu Dhabi’s position as a global hub for innovation, entrepreneurship, and SME development.”
Mr. Kailash Krishnamurthy, CEO of Gravity iLabs, remarked: “This collaboration with Khalifa Fund represents a key milestone in our shared efforts to nurture and develop Emirati talent. Through this partnership, we will empower young Emiratis to access career opportunities in the private sector or pursue independent entrepreneurial ventures after completing our training programs. Investing in local talent and building specialised skills is crucial for fostering innovation and driving the future of entrepreneurship in the UAE, and we look forward to working closely with Khalifa Fund to make this vision a reality.”
In addition to the MoU signing with Gravity iLabs, Khalifa Fund’s participation in the inaugural Abu Dhabi Business Week features several key events and announcements, including the unveiling of its new strategy, the launch of “MZN Hub” the Khalifa Fund’s operational arm, and the closing ceremony of the Khalifa Fund Entrepreneurship Competition, which was launched last month to celebrate and honour its winners.
About Khalifa Fund for Enterprise Development
Khalifa Fund for Enterprise Development was established in 2007, by the virtue of the Law 14 of 2005 and its amendments, in the implementation of the vision of the late Sheikh Khalifa Bin Zayed Al Nahyan. The Khalifa Fund works as an independent, not-for-profit economic development agency of the Government of Abu Dhabi for the development and support of small-to-medium enterprises (SMEs).
The Fund helps to develop local enterprises in Abu Dhabi through instilling and enriching an investment culture amongst UAE nationals. The Fund also seeks to support and develop SMEs in the Emirate.
Khalifa Fund was founded in 2007 with a total capital of AED 300 million, which gradually increased in 2008 to AED 1 billion, in order to meet the growing demand for the Fund’s services. In 2011, the Fund’s total capital was increase to AED 2 billion, and the Fund covered all of the UAE through a network of branches.
