The Ministry of Finance has signed a memorandum of understanding with the Khalifa Fund for Enterprise Development in its Abu Dhabi office. This agreement aims to enhance cooperation between the two parties to support entrepreneurs and small to medium-sized enterprises (SMEs), enabling them to engage in procurement opportunities within the federal government.
The agreement was signed by Younis Haji Al Khouri, the Undersecretary of the Ministry of Finance, and Muna Obaid Al Nuaimi, the CEO of the fund, in the presence of Mariam Mohammed Al Amiri, the Assistant Undersecretary for Government Financial Management.
Younis Haji Al Khouri stated, “The memorandum of understanding with the Khalifa Fund is part of the Ministry of Finance’s ongoing efforts to enhance national partnerships that support SMEs and empower them to actively participate in the governmental procurement framework.” He emphasized the ministry’s commitment to provide a sustainable business environment for entrepreneurs and national projects, opening new avenues for growth by integrating with government supply chains. He also remarked on the ministry’s dedication to developing the federal government procurement system to improve its efficiency and competitiveness, ensuring it is inclusive of all components of the business environment, especially local entrepreneurs, in line with the nation’s sustainability vision.
A Significant Step
Muna Obaid Al Nuaimi remarked that the memorandum of understanding with the Ministry of Finance is a significant milestone in empowering national SMEs and reaffirms the Khalifa Fund’s role as a key catalyst for economic diversification and a supporter of sustainable growth and long-term competitiveness.
The fund plays a crucial role in qualifying the businesses registered with it, systematically integrating them into federal government supply chains. This enhances their organizational readiness and capacity for innovation, transforming them into effective pillars of economic growth, while increasing their participation in government procurement and contributions to Gross Domestic Product (GDP).
Federal Catalog
Under the memorandum, the Ministry of Finance commits to providing registration opportunities and signing framework agreements to enable entities to join the federal catalog of products and services. This effort is aimed at enhancing business prospects within the federal government. The ministry will also work on developing the capabilities and skills of SME owners, qualifying them to become approved suppliers for federal governmental entities. Additionally, it will prepare educational materials that include registration procedures for the federal supplier registry, benefits available to entrepreneurs under the federal government, and details on participation in tenders, alongside categories of products and services listed in the federal catalog.
Moreover, the ministry plans to communicate necessary notifications to the Khalifa Fund to promote business opportunities presented by federal entities through the digital procurement platform, aligning with the areas of operation of small and medium enterprises.
The memorandum also includes provisions for the ministry to coordinate with relevant authorities to ensure the integration of efforts and achieve common objectives. It will further collaborate with the fund to organize training workshops, while the Khalifa Fund commits to encouraging small and medium enterprise owners to register in the federal supplier registry, following the approved procedures of the Ministry of Finance.