Agreement between the Ministry of Finance and"Khalifa Fund" To support small and medium enterprise owners
ABU DHABI, 17 December, 2017 (WAM) – The Ministry of Finance signed a memorandum of understanding with the Khalifa Fund for Enterprise Development at the Ministry’s office in Abu Dhabi, with the aim of enhancing cooperation between the two sides in supporting entrepreneurs and owners of small and medium enterprises accredited to the Fund, which contributes to enabling them to participate in purchasing opportunities within the scope of the federal government.
According to a press release issued today, the memorandum was signed by His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, and His Excellency Moza Obaid Al Nasiri, CEO of the Fund, in the presence of His Excellency Maryam Mohammed Al Amiri, Assistant Undersecretary of the Ministry of Finance for the Government Financial Management Sector.
His Excellency Younis Haji Al Khouri said that the memorandum of understanding with the Khalifa Fund to develop projects comes within the framework of the Ministry of Finance’s efforts to strengthen national partnerships that support owners of small and medium enterprises, and enable them to participate effectively in the government procurement system. The Ministry is keen to provide a sustainable business environment that supports entrepreneurs and national projects, and opens new horizons for growth for them through integration with government supply chains.
He added: Cooperation with the Khalifa Fund for Enterprise Development represents a qualitative step towards linking small and medium enterprises with the commercial opportunities available through the digital procurement platform, and enabling them to benefit from the programs and initiatives provided by the Ministry, especially the federal catalog and the federal supplier register.
He pointed out that the Ministry is committed to developing the federal government procurement system in a way that enhances its efficiency and competitiveness, and ensures its inclusion of all components of the business environment, especially citizen entrepreneurs, in line with the state’s vision for achieving sustainability.
He noted the importance of continuous cooperation with strategic partners to achieve common goals, support the national entrepreneurship environment, and enhance the effective contribution of small and medium-sized companies in supporting the national economy.
His Excellency Moza Obaid Al Nasiri, CEO of the Khalifa Fund for Enterprise Development, said that signing the memorandum of understanding with the Ministry of Finance constitutes a qualitative step in the process of empowering national small and medium enterprises, and confirms the role of the Khalifa Fund as a major catalyst for economic diversification and a supporter of sustainable growth and long-term competitiveness. Through this cooperation, the Fund plays a pivotal role in qualifying its approved projects and integrating them systematically within the federal government’s supply chains, which enhances their institutional readiness and ability to innovate, and turns them into effective pillars of economic growth, while increasing their participation in government procurement and increasing their contribution to the gross domestic product. This participation does not only represent a commercial opportunity, but a strategic tool to enhance productivity and build strong Emirati companies capable of growing locally and competing regionally and globally.
Under the memorandum of understanding, the Ministry of Finance is committed to providing opportunities for registration and signing of framework agreements, enabling entities to join the Federal Directory of Products and Services “Federal Catalog,” and contributing to enhancing business opportunities within the scope of the federal government. The Ministry is also committed to developing the capabilities and skills of small and medium enterprise owners and qualifying them to be qualified suppliers to federal government agencies.
The Ministry of Finance is also preparing awareness materials, including registration procedures in the Federal Suppliers Register, the benefits granted to project owners within the scope of the Federal Government, and the mechanism for participating in tenders, in addition to the categories of products and services included in the “Federal Catalog.”
The Ministry will also send the necessary notifications to the Khalifa Fund to promote business opportunities offered by federal agencies through the digital procurement platform, in accordance with the areas of work of small and medium-sized companies.
The memorandum also includes the Ministry coordinating with the relevant competent authorities to ensure the integration of efforts and the achievement of common goals, in addition to cooperating with the Fund in organizing training workshops, in addition to registration in the “SME Champions” platform, in a way that enhances the opportunities for the effective participation of these projects in major supply chains and government contracts.
On the other hand, the Khalifa Fund for Enterprise Development is committed to encouraging small and medium enterprise owners to register in the federal supplier registry, in accordance with the procedures approved by the Ministry of Finance, in addition to promoting business opportunities offered by federal agencies through the digital procurement platform, by sending notifications to registered members.
The role of the Fund includes providing the Ministry of Finance with updated lists of members’ names according to relevant needs and activities, provided that these lists are updated periodically and regularly. Cooperation also includes organizing training workshops on concessions, registration mechanisms, and participation in federal government tenders, in coordination with the Ministry of Finance, and according to dates agreed upon between the two parties.
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