Tuesday 16 July 2019

Khalifa Fund signs MoU with Adnoc to boost entrepreneurship

ABU DHABI, March 26, 2019

The Khalifa Fund for Enterprise Development (KFED) has signed a memorandum of understanding (MoU) with the Abu Dhabi National Oil Company (Adnoc) under which the fund will provide a range of training programmes and entrepreneurship workshops for Adnoc’s employees and retirees who are looking to enhance their skills and knowledge in the SME sector.  
The signing of the agreement was held at the Adnoc Headquarters between Mouza Al Nasri, acting chief executive Officer at Khalifa Fund, and Ghannam Al Mazrouei, director of the human capital and administration directorate at Adnoc. 
This new initiative is in line with the fund’s efforts to support and develop entrepreneurship and create a new generation of competent UAE entrepreneurs, a statement said.
The MoU is aimed at enhancing cooperation between the two parties that will further boost entrepreneurship and support SMEs. The agreement stated that KFED will provide a series of training programs for Adnoc employees and retirees and give them the opportunity to become members of the fund in accordance with existing policies, as well as free entrepreneurship workshops and consultancy. 
Adnoc for its part will provide the technical expertise in evaluating business plans in the oil and gas sector for applicants supported by the fund, as well as platforms for ‘Sougha’ products to be showcased within Adnoc during its official events and activities.
Al Nasri said: “This agreement is in line with Khalifa Fund’s endeavours to establish cooperation and exchange experiences with various governmental, semi-governmental and private entities within the UAE. The MoU with Adnoc today further upholds these efforts, demonstrating the interest of both parties to explore cooperation opportunities in the field of entrepreneurship and how to promote SMEs. 
"This step also marks the beginning of our collaboration with Adnoc, and we look forward to further strengthen it in the future. The fund is prepared to provide the support and training for Adnoc’s employees and retirees who wish to enter the entrepreneurial world and develop small and medium-sized national enterprises that could provide new jobs based on creativity and innovation,” Al Nasri added.
Al Mazrouei stated: “Adnoc is proud to be associated with the Khalifa Fund for Enterprise Development. The signed MoU falls in line with our strategy to strengthen cooperation and work together with other national entities. It also supports Adnoc’s efforts to empower its current and retired employees, facilitating all ways to help build a prosperous future and ensure their continued participation in the growth, development and progress of the UAE at various economic and social levels.”
The MoU is a part of the “Adnoc Pioneers” programme, which was launched in April 2018 with the aim of creating a strategic platform of communication between Adnoc and all those who contributed to its development and growth. In addition, a specialised department within the Human Resources Department has been established to train current employees who are approaching the retirement age and prepare them for life after retirement, thus ensuring the importance of future planning, strengthening ties and ensuring communication between the company and its retired personnel.
Since its inception, KFED has been committed to help Emirati entrepreneurs pursue their ideas and projects by providing them with the services and consultancy and enhance their knowledge which can help them achieve success and contribute to the social and economic development of the Emirate of Abu Dhabi and the UAE in general.  - TradeArabia News Service


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