Khalifa Fund awards nearly 30% of $14m funding to women

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(AFP/Getty Images)

(AFP/Getty Images)

Nearly 30 percent of 69 projects awarded AED51m ($14m) funding by the Khalifa Fund for Enterprise Development in the first quarter of 2013 were managed by female entrepreneurs, the fund’s CEO has revealed.

“Females occupied 28.3 percent of the projects financed by the Khalifa Fund, which is considered a good indicator of female engagement in the business sector, enhancing the role of women in the economic development of the UAE,” said HE Abdullah Saeed Al Darmaki, CEO of the fund.

The fund was set up in 2007 with a total capital investment of AED2bn to help develop local businesses, promote innovation and creativity and encourage entrepreneurs from the region to start their own companies.

“Since its establishment till the end of the first quarter of 2013 the fund approved finances for 82 projects under the Khutwa Programme, 295 projects under Bedaya Programme and 117 projects under Zeyada Programme,” Al Darmaki said.

“This is in addition to ten projects under Tasneea Programme and 30 projects through the microfinance programme which has a social frame to support the Emiratis who have home-based business and need small capital,” he added.

A total of 69 projects were awarded AED51m ($14m) in the first quarter, bringing the total awarded since 2007 to AED856m ($233m) and 541 projects.

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