Large financial institutions in the United Arab Emirates have been making it difficult for small and medium enterprises (SMEs) to obtain the finances they need to operate. Typically, the large banks focus on the bigger industries and turn a blind eye to SME operators. This practice has created some challenges to those in smaller industries and hasn’t helped the emirate’s economy as a whole. However, with recent support from the Khalifa Fund, local business in Ras Al Khaimah, a northern region member of the UAE, have received financial funding to stimulate the emirate economy.

The ruler of Ras Al Khaimah, Sheikh Saud Bin Saqr, has applauded the chairman of Khalifa Fund, Hussain al Nowais, because the funding has played a pivotal role in the economic turnaround for Enterprise Development. The investments from the Khalifa Fund have already begun to produce positive results by fueling the creation of numerous SMEs around the region.

Continued growth and encouragement in the SME sector will help boost local economic development that will eventually begin to contribute to the national economy. Chairman and organization leader, Hussain al Nowais, set up more than 24 training programs in Ras Al Khaimah that helped enhance the local SME development where 450 UAE men and women participated.

It’s extremely important to fuel the Enterprise Development in the UAE because local entrepreneurs will have the opportunity to provide their services and products to the community. This will lead to an increase in jobs for Emiratis which will be a positive rippling effect. With more people working, money will be circulated back into the economy, setting up for a brighter future. One of the greatest benefits from the Khalifa Fund is the ongoing support that will help SMEs recognize successful business strategies and how to avoid failures.