Khalifa Fund for Enterprise Development (KFED) and the National Bank of Abu Dhabi (NBAD) has announced plans to launch the Imtiyaz SME Development Fund.
The private equity fund is aimed at encouraging Emirati entrepreneurship and providing equity financing to promising new small and medium sized enterprises (SMEs) or fast-growing existing SMEs.
The Group Chief Executive of NBAD Michael Tomalin, and the Chief Executive Officer of KFED Abdullah Al Darmaki have signed a Memorandum of Understanding at the NBAD head office to jointly establish the fund.
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