Discussion forum addressing concerns of entrepreneurs for meeting challenges faced

As this discussion forum will bring together entrepreneurs allowing them to express their concerns and to define challenges they face in their business endeavors and will allow officials from all concerned authorities to answer such concerns.

Mr. Ghabbash said that enterprises start small and grow gradually, as many entrepreneurs begin their business this way and become outstanding business leaders.

His Excellency welcomed the participation of the Ministry of Labor indicating many agreements concluded with various organizations interested in supporting entrepreneurs which is proven by many privileges given to the members of these organizations.

"That these initiatives has various positive sides such as to enhance emiratization policy, promote corporate social responsibility which shall not be limited to participation to the charity and volunteer purposes, but shall also include their responsibility towards community and individuals,"

His Excellency stated.

He added that the role played by Mawarid Finance is considered one of the best ones, since businessmen and companies should have a substantial role as an integral part of the activities played by the companies and establishments.

Mr. Ibrahim Al Mansouri, Deputy Chief Executive of Khalifa Fund to Support and Develop Small and Medium Enterprises, said that this cooperative initiative between Mawarid Finance and Khalifa Fund comes as Khalifa Fund is keen to adopt initiatives that lead to a proper investment environment suitable to support and develop small and medium enterprises. He confirmed that one of the priorities is to provide financing services to entrepreneurs in order to meet the lack of finance considering that guarantees required by banks are not available with those entrepreneurs.

Statements above are made within the preparations of Khalifa Fund to organize a discussion forum in cooperation with Mawarid Finance Group of Companies, which will be held at 4:00 p.m., at Sheraton Abu Dhabi Hotel, about the concept of Islamic Finance and the role of government and private organizations to support entrepreneurs, to facilitate business endeavors and raise awareness among small entrepreneurs of investment opportunities in presence of senior officials and decision makers of the Ministry of Labor, Abu Dhabi Chamber of Commerce and Industry, Department of Planning and Economy, Abu Dhabi Business Women Council, Mohammad bin Rashid Establishment for Young Business Leaders, Saud bin Saqr Programme for Young Business Leaders, Entrepreneurs Forum and Sharjah Establishment for Support of Pioneering Projects (Ruwad).

Mr. Al Mansouri said that the policy adopted by Mawarid Finance Group of Companies with regard to enhance ties with community through good corporate social responsibility encouraged the Fund to welcome any cooperation with the Group as a first step toward continuous cooperation between the two organizations to achieve goals set by the Fund among which is to expand and diversify financing programs in order to meet the needs of all community at all levels.

Mr. Ibrhaim Al Mansouri indicated programs launched by the Fund during the last year such as Khutwa Program, a financing program targeting small home-based enterprises with a financing limit Dhs250 thousand, Bidaya Program which provides finance to new enterprise with financing limit Dhs3m as well as Ziyada Program which aims to expand existing enterprises with financing limit Dhs5m in addition to Al Radda Program launched by the Fund in cooperation with The Punitive and Correction Institution Department of Abu Dhabi, which targets nationals who are able to start their own businesses after they finish their sentence.