Gulf News reported that the Khalifa Fund for financing Emarati entrepreneurs is to fund around 10 projects worth AED 52.5 million.

Mr Hussain Jasim Al Nowais chairman of the Khalifa Fund for Enterprise Development said that "We are ready to fund ten projects worth AED 52.5 million. The Fund has also proposed 50 ideas for industrial projects with investments of up to AED 236 million. It is an open invitation to local entrepreneurs with innovative ideas to benefit from the fund's services."

Mr Al Nowais said that the ideas for the new projects suggested by the Fund are within the framework of its mandate to contribute in developing and enhancing the industrial sector's performance in Abu Dhabi in line with the government's directives and the Abu Dhabi Vision 2030.

He said that the Fund has prepared in depth studies based on Abu Dhabi Vision 2030 for developing various economic sectors. Several industrial sectors were found to have the potential for providing promising investment opportunities, the most prominent of which are the metals and plastics sectors.

Mr Al Nowais said that the fund is ready to provide the necessary financing for establishing ten out of these projects after confirming their investment feasibility.

He said that the fund has carried out in depth investment feasibility studies for ten of these ideas and we are fully ready to initiate financial support and associated non finance procedures for all local entrepreneurs who have been selected for implementing these projects. The expected total finance value for these projects amounts to approximately AED 52.5 million.

(Sourced from gulfnews.com)