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VP issues law establishing Mohammed Bin Rashid Fund to support SMEs

(WAM) / 12 December 2012

His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, issued a law establishing the Mohammed bin Rashid Fund to support Small and Medium sized Enterprises.

The Fund will join the Mohammed Bin Rashid Establishment for Small & Medium Size Enterprises Development (MBRE), one of the institutions run by the Dubai Department of Economic Development.

The fund aims to support and finance projects of young entrepreneurs where a hundred projects will be financed every year.

The fund will be mandated to give loans, provide financial guarantees or to contribute to the projects. It will also have the mandate to attract financial and technical support for projects undertaken by community members or companies and institutions operating in the country.

Its functions also include the monitoring of the commitment of the entrepreneurs who receive support from the Fund abiding by the standards and controls specified by the Fund.

Fund will also prepare studies on the economic feasibility of projects and investment initiatives by the members of the Hamdan bin Mohammed bin Rashid Al Maktoum Programme.

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