The UAE's Khalifa Fund for Enterprise Development has signed a memorandum of understanding (MoU) with the Crown Prince Foundation to support entrepreneurship and development projects in Jordan.

The initiative is in accordance with the directives of HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, and the instructions of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to support Jordan, said a statement.

This initiative falls in line with its mission to promote entrepreneurship, encourage innovation and achieve sustainable growth of SMEs while harnessing its experience and replicating its successful model to develop SMEs at the regional and global levels and act as a major catalyst for economic growth in these countries, it said.

HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE's Armed Forces, had assigned Khalifa Fund to develop a $100 million project in Jordan that supports microenterprises, promote SMEs, and develops the economy of the kingdom.

The MoU states that both countries will support creativity and innovation and develop entrepreneurship in line with their respective national strategies, taking into account the national regulations and policies in the UAE and Jordan.

Under this MoU, both parties undertake to implement major programs and special initiatives to support innovation and the growth of microfinance and SMEs, in addition to contributing effectively to building the capacities of women, youth and people from disadvantaged areas, with the aim of fuelling an entrepreneurial culture among the youth.

Hussain Jasim Al Nowais, chairman of Khalifa Fund for Enterprise Development, said: “Through this MoU, we aim to strengthen cooperation with regional and international institutions that support entrepreneurship and SMEs, in addition to collaborating with one of the leading organisations in Jordan, committed to building a bright future for the Jordanian youth.”

“We affirm our keenness to establish strong relations with the various regional economic and social institutions in order to support the local economy and promote trade between the UAE and Jordan,” he said.

Al Nowais continued: “Through this strategic cooperation with Jordan, we aim to replicate the success stories of Abu Dhabi and the UAE, which have become beacons of entrepreneurship and youth empowerment and a model of outstanding achievements, reflecting the leadership and vision of HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE.”

“Our fund has begun its regional mission to support and empower SMEs by transferring its operational model to many regional and international countries,” he added.

Dr Fawaz Hatim Zu'bi, chairman of the board of trustees, said: “This MoU is in line with our policies which aim to strengthen partnerships with various Arab and international entities in order to provide Jordanian youth with development opportunities that are consistent with their aspirations and promote their role in social and economic development.”

“Our partnership with Khalifa Fund will support the Jordanian youth in general, and those belonging to disadvantaged areas in particular,” he said.

“We will prioritise supporting SMEs and microenterprises as they complement many of our projects and play a great role in promoting the overall economic development process in Jordan. Through this partnership, we aim to strengthen the role of the youth in leading this development process,” he added.

“We will exchange our experiences with Khalifa Fund and together, we will create new success stories to be added to the fund’s rich repertoire of similar initiatives in many countries around the world,” he concluded.

Under the MoU, Khalifa Fund will ensure the implementation and monitoring projects in addition to providing corrective measures, if any. The fund will also provide the financial support and expertise required for the Crown Prince Foundation or any of its affiliates entrusted with managing a specific initiative or part of an initiative, as part of the Fund's ongoing efforts to adopt campaigns aimed at instilling social responsibility, and its contribution to the development of SMEs in many regional and international countries, said a statement.

This MoU reinforces its full commitment to instilling a culture of entrepreneurship and encouraging innovation and creativity among young people, as well as promoting SMEs and microenterprises as they are the cornerstone for a diversified, sustainable and competitive economy, it said.

For its part, the Crown Prince Foundation will enable beneficiaries to implement and monitor projects, and will provide corrective measures, if any, as well as facilitate the interaction between Khalifa Fund, agencies, authorities and stakeholders to ensure the success of projects in Jordan, it stated. – TradeArabia News Service