Zayed Fund for Innovation and Entrepreneurship launched in Chechnya

WAM -- The Zayed Fund for Innovation and Entrepreneurship was inaugurated in Grozny, the capital of the Republic of Chechnya, in the presence of Ramzan Kadyrov, President of Chechnya.

The fund was created upon the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and to implement the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

His Highness Sheikh Mohamed bin Zayed Al Nahyan had assigned the Khalifa Fund for Enterprise Development, KFED, in the previous year, to work with the Chechen Government on establishing a similar association to support and develop businesses with a capital of US$50 million, with the aim of developing medium, small and micro enterprises in Chechnya and to support its economy.

During the inauguration ceremony, President Kadyrov thanked the UAE and highlighted its vital role in supporting the economic development of his country.

He stressed that the UAE is a leading country in the development and the economic and social empowerment of many countries, under the framework of its desire to promote global stability and community security.

Hussain Jassim Al Nowais, Chairman of KFED, stressed that the establishment of the Zayed Fund for Innovation and Business Administration is an implementation of the directives of the wise leadership, in line with mutual aspirations to promote co-operation and strengthen bilateral relations. He highlighted that establishing the fund, which carries the name of the late Sheikh Zayed bin Sultan Al Nahyan, is an implementation of the joint vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan and President Kadyrov.

He noted that the fund’s model was inspired by KFED, which is based on the four pillars of training, guidance, financing and support.

He added that the Zayed Fund for Innovation and Business Administration aims to empower and motivate youth and raise their leadership capacities, to contribute in developing Chechnya’s economy and achieve its prosperity and social empowerment.

Hasan Khakimov, Deputy Prime Minister of Chechnya and Chairman of the Zayed Fund for Innovation and Business Administration, expressed his appreciation to the UAE for supporting the Chechen people.

He revealed that the Board of the Zayed Fund for Innovation and Business Administration will include four members of KFED, who were approved during a meeting that was held earlier today on the fund’s strategy, financing programmes and support programmes for the next five years.

WAM/Tariq