The Khalifa Fund for Enterprise Development (KFED), in cooperation with the Ajman Municipality and Planning Department, recently hosted the special ‘Entrepreneurs Forum’ at the Fairmont Ajman hotel for Emirati-owned small and medium enterprises (SMEs) and KFED members. The event was held to help the attendees reinforce and enhance their communication ties with local government and semi-government entities, the private sector, local partners and stakeholders. The forum also served as a strategic opportunity for young Emirati entrepreneurs in the move to explore investment opportunities in Ajman.
Mouza Al Nasri, Acting Chief Executive Officer, KFED, said, “This is the first time that we are holding an event of this kind in Ajman. The Entrepreneurs Forum has been designed and developed to provide a key link between Emirati entrepreneurs, SMEs and various government and semi-government entities, as well as representatives from the private sector, which in turn, can help enhance communication, coordination and a smooth exchange of experiences and knowledge.”
Mouza expressed the KFED's readiness in providing world class services and strategic support aimed towards enabling them in achieving their goals and help play a key role in the promotion of the UAE's continuing economic and social development.
"Today's forum demonstrates the KFED's steadfast commitment to promote a culture of entrepreneurship, encouraging local Emiratis to invest in SMEs and contribute to the competitiveness of the national economy and the Gross Domestic Product (GDP). This event will help enable local Emirati youth to implement their innovative projects and take advantage of the incubating environment that Ajman is building by the continuous efforts to support entrepreneurs and instill a culture of self-employment in them," Al Nasri added.
Several government entities and strategic partners attended the event, including the National Program for Small and Medium Enterprises and Projects headed by Director Mohammed Al Yousefi. The National Program initiative was established in pursuant to Federal Law No. 2 of 2014 issued by the Ministry of Economy. The initiative is aimed towards helping companies grow and strengthen their capacities to enable them to effectively contribute in developing the country's economic and innovation-based landscape, empowering entrepreneurs, SMEs, in creating standards and guidelines providing the necessary expertise and the technical, administrative and training support needed in various fields.
During the forum, the Municipality & Planning Department of Ajman gave a presentation about the emirate's priority projects and investment opportunities, including their current efforts to encourage entrepreneurship in the UAE and Ajman, in particular. The department also discussed its Ajman Heritage District Project, an initiative that looks towards supporting investors in establishing their respective projects and providing an ideal environment that offers all the needed elements of success and continuity.
The AED 25 million Ajman Heritage District project is a new investment destination that matches the expectations of investors in the emirate and includes various models and options of investment opportunities at competitive prices with support to SMEs. The Municipality and Planning Department designed the project on a total area of 42 thousand square meters. The project has a strategic location, embracing the Ajman Museum, one of the oldest palaces in the Arabian Gulf and the historic Saleh souq, making it a vibrant project and a haven for culture, economy and tourism.
H.E. Abdulrahman Mohammed Al Nuaimi, Director General of the Municipality and Planning Department in Ajman, said: “The project opens up a wide spectrum of investment opportunities at competitive prices with support to SMEs owners. The Ajman Heritage District is an ecotourism project that houses the historical Ajman Museum. The project’s designers have paid close attention to the buildings to ensure that they blend well and fit into the environment without destroying the Perennial trees. This careful consideration is in line with our goal to preserve our natural wealth.”
For his part, Dr. Eng. Mohammed Ahmed bin Omair Al Muhairi, Executive Director, Infrastructure Development Sector of Ajman Municipality and Planning Department, said that the project was implemented amid the growing large-scale urban developments in Ajman to show that the emirate is fully supportive of modernization, while working to preserve its unique identity and heritage. He was confident that the project will attract support from local communities and will soon become a hub for various activities and events.
Meanwhile, KFED showcased its services to entrepreneurs participating at the forum. Mohamed Bin Aylan, Senior Business Consultant, KFED, highlighted the advisory services provided to entrepreneurs to help enable them in preparing feasibility studies for their own projects. Aylan also threw the spotlight on the technical services that allow entrepreneurs to evaluate technical offers, select machines and provide advice on the design of their factories. He lauded the support provided by the Fund to Emirati entrepreneurs via agreements with a large group of strategic partners including ZonesCorp and other entities. In addition to several other services, including the issuance of letters to accelerate the delivery of electricity to the certified projects, facilitate exemptions from government fees, and provide opportunities to communicate with various stakeholders to obtain the required approvals and exemption of projects from providing bank guarantees based on the agreement signed with the Ministry of Human Resources and Emiratization.
During the event's closing, Khalifa Al Kuwaiti, Senior Manager, Entrepreneurship Development Department, informed the participants about entrepreneurship and how to transform creative and innovative ideas into successful projects that contribute to the growing national economy. The workshop discussed ways on how to better develop entrepreneurs’ capacities and provide them with the necessary skills needed in establishing and manage their projects.
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