Posted on 09/05/2017

The governments of the UAE and the Russian Federation pay special attention to the establishment and development of relations that meet the interests of both countries and contribute to economic development in the name of preserving peace and stability in the regions. One of the most significant projects implemented within the framework of the interstate cooperation between the UAE and the Russian Federation is the establishment of the Sheikh Zayed Fund for the Support of Entrepreneurship and Innovation in the Chechen Republic.

We highly appreciate the honor extended to us by His Highness Sheikh Muhammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Commander-in-Chief of the Armed Forces of the UAE. On behalf of Sheikh Muhammad, the Khalifa Fund for Entrepreneurship Support (Abu Dhabi, UAE) established the Zayed Fund in the city of Grozny to become a key element of the business promotion system to achieve a sustainable social and economic impact in the Chechen Republic by providing targeted support to small and medium-sized businesses.

I would like to emphasize that the participation of the Khalifa Fund is by no means limited to the provision of financial resources. In its operational activities, the Zayed Fund relies on the many years of experience of the Khalifa Fund experts, which are based on four main principles: training, counseling, financing and administrative support. Employees of the Chechen office received special training in Abu Dhabi at the head office of the Khalifa Fund, where they got acquainted with the current processes and methods of working with entrepreneurs, and continue to closely interact and consult their emirate counterparts in the course of establishing their activities.

We expect that the Zayed Fund in the Chechen Republic will be able to finance about 3,000 projects totaling more than 300 million US dollars within the next ten years, which will create almost 70,000 work places for the residents of the Republic.