Securing Department's Ability to Provide Facilities and Grants for Projects Supported by Fund

Abu Dhabi, 20 October 2010: Department of Finance - Abu Dhabi (DoF) today signed a memorandum of understanding with the Khalifa Fund to Support and Develop Small & Medium Enterprises Projects Development, to provide financial grants and facilities for projects supported by the Khalifa Fund. The agreement is in line with the directives of HH Sheikh Mohammed bin Khalifa bin Zayed Al Nahyan, Chairman of DoF, and efforts exerted to improve bilateral relations with al governmental bodies.

The MoU was signed at the headquarters of DoF by H.E Mohammed Sultan Gnome Al Hamili, Executive Director of DoF, and Dr. Ahmed Khalil Al Mutawa, Executive Chairman of Khalifa Fund. The ceremony was attended by a number of directors, managers and employees of both DoF and the Khalifa Fund.

The MoU aims to develop strong bilateral relationship between the two parties, as DoF will present facilities and grants necessary to assist the projects supported by the Khalifa Fund. This will play a vital role in the execution of these projects and achieving their intended purpose. The agreement also seeks to enhance cooperation between DoF and the Khalifa Fund to support this category of projects by providing support, in addition to ensuring the best financial facilities are available.

"This agreement is in line with the vision of HH Khalifa bin Zayed Al Nahyan, UAE President, May Allah protects him, and the directives of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the Armed Forces and Chairman of the Executive Council of the Emirate of Abu Dhabi. It is also in line with the directives of HH Mohammed bin Khalifa bin Zayed Al Nahyan, Chairman of DoF. These directives aim at developing and enhancing the economy of  the Emirate of Abu Dhabi. This agreement will further help the Emirate to further secure its position as a leading Arabic and international economic and investment center", HE Mohammed Sultan Gnome Al Hamili said.

"By signing this MoU with the Khalifa Fund, we seek to support all national initiatives, in addition to rehabilitating national human resources that help to develop and diversify the UAE economy. This is consistent with the strategic plans of DoF which aim to achieve greater prosperity for the Emirate of Abu Dhabi through providing world-class financial management coupled with sound fiscal policy.", he added.

Dr. Ahmad Khalil Al Mutawaa praised the support provided by the Department of finance for the project which will go under the Khalifa funds umbrella. This will further the likelihood of success and continuity of small and medium projects, and enable them to play a supportive role in strengthening the national economy.

He continued: "providing loans and Privileges for small and medium projects and development projects, will enable the projects to increase their competitive capacity, and strengthen their performance to lead, develop and grow." He also remarked "that these kind of loans promote a more positive business environment for small and medium companies to play a Vital and important role in the economic variety and stability, and I ask all government companies and large national companies to support and ensure the continuity and  growth of this category of projects."

According to the agreement, the two parties are committed to working with each other to ensurethat best facilities are available for projects. This will be achieved by appointing representatives of each party to follow up on the implementation and the terms and conditions included in the MoU, in addition to exchanging information about these projects and activities.

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About Department of Finance:
The Department of Finance (DoF) was established in 1962, and plays a vital role in providing all local government entities with the best of breed of financial services. DoF aims at enhancing the prosperity of the Abu Dhabi community by contributing to economic growth, promoting private sector participation, and supporting the efforts of Abu Dhabi government to be one of the top 5 governments in the world. DoF includes 5 main directorates and they are: Government Budgeting, Government Accounting, Information Technology, Customs and General Support Services.

DoF is adopting the latest processes and technology to further strengthen the effectiveness and efficiency of its services. In this context, DOF has developed a strategic plan for 2009-2013 that aims to identify efficient ways to finance all Abu Dhabi Government projects. Some strategies outlined in the plan include public-private partnerships, a common and standardized financial framework to ensure financial stability of Abu Dhabi Government, a gradual transition towards a defined decentralized financial-management model, protection of borders and citizens, facilitation of trade, and revenue collection through effective customs.

© Press Release 2010