Business & Money | Friday 27 March, 2020 12:44 am |

Khalifa Fund Enterprise Development (KFED) announced that it will postpone the collection of payments for outstanding instalments for three months for UAE nationals and owners of micro small and medium enterprises (MSMEs) that are part of the mortgage program helping them establish their commercial projects.

H.E. Mohammed Ali Al Shorafa, Chairman of KFED, said that the latest initiative falls within the economic stimulus package announced by the Abu Dhabi Executive Council designed to support the private sector, particularly UAE nationals whose projects have been successful in their respective markets. He noted that the Fund continues to look into other initiatives that would support and stimulate growth for MSMEs, especially those activities that are affected by the spread of COVID 19 which had impacted the global economy.

H.E. Al Shorafa discussed the need for support for 496 commercial projects under KFED and owned by UAE nationals to ensure their business continuity, and that postponing the payments to their outstanding instalments will minimize their costs and help them continue their market operations, as well as in providing their services to the community as most of their business activities are related to the services sector.

"We are currently studying the conditions of the local market and the extent of the impact to the business sector, following the precautionary measures currently being implemented by the UAE’s prudent leadership to ensure the health and safety of the members of the community against the spread of coronavirus," he added.

H.E. highlighted KFED’s plans to conduct a survey among citizens who are project owners to shed light on the challenges they face and enable the Fund to develop supportive mechanisms for them in coordination and cooperation with relevant authorities.

Al Shorafa further explained that the Fund working to learn more about the provision for short-term loans allocated to troubled MSMEs affected by the current circumstances, which will be followed by a specialized workshop which will be conducted remotely and online to enable project owners to manage their business during the crisis. It aims to find innovative solutions that could help them continue providing their products and services.

His Excellency reiterated that KFED is prepared to provide consulting, capacity building and support services to project owners to enable them meet their commitment while following the directives of the UAE Government to stop the spread of coronavirus and still continue to offer their services to the community and contribute to the efforts towards keeping citizens and residents within their homes amidst the current situation.