Business

The Khalifa Fund for Enterprise Development (KFED) has signed up with a workshop on the execution of Abu Dhabi National Oil Company's (ADNOC) new In-Country Worth (ICV) strategy that was launched in order to help promote socio-economic value, advertise locally-made material and products, and support government and personal collaborations in the UAE. The participation remained in keeping with Fund's vision to be at the center of promoting entrepreneurship among UAE citizens and boosting the competitiveness and development of small and medium enterprises (SMEs). During the workshop participated in by a variety of business owners, both events agreed to strengthen their initiatives to drive socio-economic growth in the country, exchange knowledge, and provide extra chances for young residents in various fields.

The workshop complemented Khalifa Fund's goal to maintain the solid partnerships with government, semi-government, and private entities to get their assistance for SMEs' development and success. Thus, opening new business chances and advertising collaboration inning accordance with the UAE's vision and technique to spread the culture of entrepreneurship and urge innovation in young and grown-up Emiratis as they are the future makers.

Ahmad Khalfan Matar Al Rumaithi, Senior Manager, Entrepreneurship Development - Support & Membership at Khalifa Fund, commends that the tactical participation with ADNOC develops a lot of development possibilities for local SMEs and generates job opportunity for UAE residents in the private sector which is anticipated to contribute in the country's economic growth and diversification.

Al Rumaithi said: "Khalifa Fund will continue to create a business environment amongst UAE residents, encourage innovation, and reinforce the local SME industry to add in the UAE's socio-economic growth. Our involvement in ADNOC's workshop, cultivated the ability to acquire much deeper understandings about ICV method and the knowledge of exactly how it enhances our initiatives to establish collaboration between government and exclusive entities to make the UAE one of the most crucial economies in the Arab world."

He added: "Khalifa Fund makes every effort to create a business environment that encourages development and growth of the SMEs market, in addition to boost the managerial and technical performance of entrepreneurs by instilling and cultivating the society of entrepreneurship amongst UAE residents and offering an integrated system for monetary and non-financial assistance. We will certainly sustain our success by approving SMEs with even more unique advantages and accessibility to needed centers to increase their competition."

ADNOC's workshop emphasized the importance of exchanging common experiences and knowledge to nurture the abilities of young talents, prepare successful business owners, and guarantee their socio-economic payments. ICV approach will certainly enlighten the providers from the Fund, reaffirm the significance of their financial contributions, evaluation and confirm their efficiency. In addition, it will engage the financiers from Khalifa Fund to create their skills, elevate their awareness, and promote innovation within their rankings in line with the UAE's strategic objectives.

ICV technique consists of recognizing tender classifications in which the involvement is limited to the local SMEs; offering a clear view of ADNOC future expenses to encourage and motivate suppliers to improve their local financial investments; and motivate specialized training programs to increase the work of Emiratis. All new partnerships with ADNOC includes an analysis of the international companions' payments in ICV.

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