Business

A delegation received from the Chechen Republic by the Khalifa Fund for Enterprise Development (KFED) recently at its headquarters in Abu Dhabi. The delegation was in the UAE to tour local business incubators, learn about the countrys innovation programs and entrepreneurship, and to acquire new knowledge about funding mechanisms and support programs for aspiring entrepreneurs.

Mouza Al Nasri, Acting Chief Executive Officer of KFED, and various department heads welcomed the delegation that included the three final teams of the Zayed Innohub program, which was organized by the Zayed Fund for Entrepreneurship and Innovation in Chechnya. The Zayed Innohub initiative is a free accelerator program for young teams with the most innovative ideas and technological solutions for start-ups and small and medium enterprises (SMEs). The program was developed by the Grozny State Oil Technical University and implemented with financial support from the Zayed Fund.

During the visit, Al Nasri said that the Zayed Fund, whose operational model is inspired by KFED, has a significant role to play in the success of many entrepreneurs by providing them the needed support such as training, mentoring, and funding. She also commended the efforts of the Zayed Fund for extending a hand to projects with positive impact on Chechnyas strategic sectors including agriculture, food, construction, and technology. The Zayed Fund also aims to support the improvement of the technical skills of the Chechen youth.

Through the Zayed Fund, which was established in 2017, KFED is able to help bring the culture of innovation and entrepreneurship to the Chechen community for its growth and development. The Zayed Fund will continue to empower the Chechen youth and help them contribute to Chechnyas economy and sustainable development. Over the past three years, the Zayed Fund has been able to achieve positive results, in line with the vision of H.H. Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, and the directives of H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to strengthen the strong friendly ties between the UAE and the Chechen Republic across several fields, Al Nasri said.

She further showcased KFEDs pivotal role in spreading the culture of entrepreneurship and fostering innovation and creativity among young people through its various initiatives and programs in the UAE. She added that the Fund is keen to share with different brotherly and friendly countries its experience and proven entrepreneurship model to empower owners of start-ups and SMEs and transform their creative ideas into successful projects.

KFEDs department heads also presented the Funds socio-economic and training programs, leading initiatives, funding mechanisms, and other services offered to UAE entrepreneurs who are in the process of establishing their businesses.

The three final teams of the Zayed Innohub program also visited startAD, the Abu Dhabi-based global accelerator at New York University Abu Dhabi powered by Tamkeen; the Abu Dhabi Global Market (ADGM); the Khalifa Innovation Center (KIC); the Sharjah Entrepreneurship Center (Sheraa); Dubai SME; the Takamul programme; the Technology and Innovation Pioneers (TIP) programme; and Krypto Labs.

The establishment of the Zayed Fund for Entrepreneurship and Innovation is the result of a bilateral agreement between H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chechen President Ramzan Kadyrov. Both parties aimed to empower women and the youth, hone their abilities, and develop their entrepreneurial skills to increase their contributions to Chechnyas wellbeing and economy.

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