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Abu Dhabi’s Khalifa Fund for Enterprise Development is launching seven new funding products to give a boost to the country’s entrepreneurial ecosystem.
The products, which will provide Emirati entrepreneurs with medium-term interest-free loans, will focus on existing businesses in several priority sectors including healthcare, education, agriculture, information communications technology, tourism, manufacturing, and sustainability.
The funding products include financing business operating capital, which will offer entrepreneurs the necessary financial resources to cover day-to-day operations such as salaries, inventory, overhead, and other short-term financial obligations, excluding rent. The Financing Fixed Asset (vehicles and logistics), will offer financing up to 80% for a company’s new logistics assets and Financing Fixed Asset (equipment and machinery), will finance up to 80% of an SME’s new equipment or machinery.
As the UAE shifts focus on building food security, a Financing Agri-Tech fund has also been made available which will provide competitive financing solutions to facilitate the adoption of advanced technology solutions within the agricultural industry.
(Writing by Bindu Rai, editing by Seban Scaria)
