Wednesday, October 1, 2014

Masdar and the Khalifa Fund for Enterprise Development join forces to boost Emirati entrepreneurship

ABU DHABI, UAE: Masdar has signed a framework agreement with the Khalifa Fund for Enterprise Development with the goal of enhancing opportunities for Emirati-led clean technology entrepreneurship.

The agreement was signed by Dr. Ahmad Belhoul, CEO of Masdar, and Abdullah Al Darmaki, CEO of the Khalifa Fund for Enterprise Development, at Masdar. Together, the two organizations will explore areas of collaboration in the growing clean tech sector in Abu Dhabi and will work towards fostering greater business development expertise.

With a clear focus on enabling Emirati entrepreneurs, the agreement capitalizes on the synergies to be realised through closer collaboration, innovation and business development. It spans all relevant areas of clean tech enterprise activity encompassing different projects across Masdar, Masdar Institute and the Khalifa Fund.

Masdar will support the Khalifa Fund in developing its most promising clean tech ventures. It will also refer Emirati entrepreneurs to the Khalifa Fund and will explore joint funding of pertinent proposals. Both parties intend to help Emirati entrepreneurs expand their networks in an effort to foster greater business enterprise across the UAE.

The agreement also makes provision for Khalifa Fund related enterprises to enjoy significant benefits when choosing to locate in Masdar City. Qualifying companies are to be exempt from registration fees and first year licensing fees. This builds on an already compelling business case for choosing Masdar City, where entrepreneurs enjoy exemptions from custom duty and corporate tax, and full repatriation of both capital and profits. This comes atop quick and easy business set-up with a ‘One-Stop Shop’ for registration, government relations, and visa processing.

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