The Fund will provide equity financing by investing with qualified Emirati entrepreneurs and possibly third party investors in various sectors.

Abu Dhabi (May 20, 2012) - Khalifa Fund for Enterprise Development ("KFED") and the National Bank of Abu Dhabi ("NBAD")  plan to launch the Imtiyaz SME Development Fund, a private equity fund aimed at encouraging Emirati entrepreneurship and providing equity financing to promising new small and medium sized enterprises (SMEs) or fast-growing existing SMEs.

Mr. Michael Tomalin, the Group Chief Executive of the NBAD and Mr. Abdullah Al Darmaki, the Chief Executive Officer of KFED, have signed a Memorandum of Understanding ("MoU") at the NBAD head office to jointly establish the fund.

The Fund will have an initial equity size of AED 80 million with matching commitments from KFED and NBAD. The size of the Fund is expected to reach AED 500 million.

The Fund expects strong support from major government related entities, large corporations and institutional investors. The support would involve providing or enabling viable investment opportunities and/or contributing capital to the fund.

"Our partnership with NBAD to launch the Imtiyaz SME Development Fund will build on KFED's commitment towards promoting Emirati

entrepreneurial activity, encouraging economic diversification and creating a favorable financing and investment environment for SMEs'. We will develop the Imtiyaz Fund by building and expanding our public and private partnerships and the priority will be given to businesses that contribute to technology and knowledge transfer to the local market" said Mr. Al Darmaki.

"NBAD is an active supporter of SMEs in the country. This joint initiative with KFED reflects our continued commitment to further empower Emirati entrepreneurs and enable faster development of the SME sector in the UAE, a sector expected to become a key driver of innovation and economic growth" said Mr. Tomalin.

Khalifa Fund for Enterprise Development launched its operations in 2007 to promote entrepreneurial activity and empower the nation's business talent. KFED trains potential entrepreneurs, provides soft loans and ongoing support during the set-up and operation of SMEs. The Direct Investment Unit in KFED along with NBAD's Private Equity practice will look after the operation of the Imtiyaz Fund.

The National Bank of Abu Dhabi has launched several SME-centric products since 2011. This includes the opening of several Business Banking Centres throughout the UAE and serving exclusively SMEs. NBAD has also partnered with the KFED, Abu Dhabi Chamber of Commerce and Industry (ADCCI), Dubai SME, and RAK Free Trade Zone on various initiatives aimed at promoting the sector.

-Ends-

About Khalifa Fund
In June 2007 the Khalifa Fund was created as an independent agency of the Government of Abu Dhabi, now with a capital of Two Billion Dirhams to satisfy the needs and requirements of entrepreneurs. The Fund provides a comprehensive program to expand their business activity, within the context of the efforts which the Fund exerts to provide an appropriate business enabling environment and to enhance the capabilities of potential entrepreneurs.

The Fund uses a modern assistance and support services system, including training, development, providing access to market intelligence and consultancy services in addition to developing various marketing initiatives.

The Fund also provides various financial solutions for promising enterprises that may serve the national economy in the form of programs such as (Khutwa, Bedaya, Zeyada and Tasnea) which are made available to all types of SMEs.

Khalifa fund also launched social-economic initiatives, such as sougha which aims at preserving the Emirati heritage. Al radda, the first program in the U.A.E which is for prison inmates. Ishraq for patients who are recovering from addiction which are inmates of the national center of rehabilitation. 

About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD).

Ranked as one of the top 50 safest banks in the world, NBAD currently operates across 13 countries on four continents.

NBAD has a network of 122 branches and more than 500 ATMs to provide banking services to customers all over the UAE.

Besides brick & mortar branches, NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.

NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60 ATMs outside the

UAE. NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.

NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.

NBAD Investment Management (DIFC) Limited is regulated by the DFSA. 

For further enquiries, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Email: ehab.khairi@nbad.com
Web: www.nbad.com

© Press Release 2012