Tawazun Industrial Park (TIP), a wholly owned subsidiary of Tawazun Economic Council, has extended preferred status to Khalifa Fund supported or sponsored SME’s on an equal opportunity basis for various works in the park.Several concessions are being offered to small and medium scale companies supported by the Khalifa Fund under a Memorandum of Understanding signed today by Abdullah Saeed Al Darmaki, Chief Executive Officer of Khalifa Fund for Enterprise Development and Rashed Hilal Al Darmaki, Chief Executive Officer of Tawazun Industrial Park. It contains concessions in the form of exemption from registration fees and tender fees for projects below a certain amount.
TIP will also extend expedited payment terms to these SMEs along with replacing the bank guarantee requirement for some projects with guarantee cheques. The MoU also stressed the need for Khalifa Fund SMEs to compete in the open market with regards to the quality of goods and services.
“The support and facilities given for the small and medium enterprises will allow them to improve, develop and increase their competitiveness capabilities. We encourage all government, semi-government and major national companies to provide the required support to assist this category to continue,” said Al Darmaki.
“This MoU will enhance entrepreneurship and will encourage and facilitate the growth of private businesses and stimulate the initiative among Emiratis which will lead to stimulation of the development of key economic sector which is the SME sector that is the base of national economy.” “Tawazun was very generous to give the privilege of number of the Fund?s members to provide certain supplementary services such as retail, laundry etc.,” added the CEO.
“An integral part of our vision is to be an active contributor to the local economy. We are pleased to support the Khalifa Fund SMEs without compromising on the quality of goods and services. TIP is currently witnessing extensive growth in all aspects and therefore, will continue to offer innumerable opportunities now and in the near future. In fact, we are already hosting 4 Khalifa Fund SMEs in our services and retail sector”, said Rashed Hilal Al Darmaki.
The MoU will be effective from the date of signing, and will offer advantages to the Khalifa Fund SMEs to market their products and services by enhancing their presence and opportunities in the local market.