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Sun 10 Jan 2010 03:12 PM

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$30.2m funding approved for Abu Dhabi SMEs

Sheikh Khalifa Fund approves funding for 67 new enterprises in the UAE capital.

Some AED111.12m ($30.2m) funding has been approved by an Abu Dhabi agency for start-up costs for 67 new small to medium sizes enterprises.

The Sheikh Khalifa Fund for Support and Development of Small and Medium Enterprises announced on Sunday it had approved the additional funding, WAM news agency reported.

The fund has so far financed 205 projects with AED340m money since it was formed in June 2007.

Seventy seven projects have been in the industrial sector, 14 were agricultural and 114 in the service sector.

The Sheikh Khalifa Fund, an independent agency formed by the Abu Dhabi government, has a capital of AED1bn, the news agency reported.

Its objective is to support and assist UAE citizens, particularly in Abu Dhabi, to form private businesses.

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