Defense and Security Development Fund and Tawazun Industrial Park collaborate to support SMEs

2222Tawazun’s Defence and Security Development Fund and Tawazun Industrial Park have collaborated through a new programme that is seen to support National private SMEs operating in the defence and security sector and ensure their effective contribution to the UAE’s economic development

The new SME’s leasing programme is in the planning phase and execution and registration will begin early 2020 where Tawazun Industrial Park, will provide 75,000 SQM of its land area and manage the construction and leasing, while the Defence and Security Development Fund will fund the development of industrial facilities for SMEs.

The programme aims to attract National SMEs specialised in advanced manufacturing and developments in the defence and security sectors through providing facilities at incentivised rates.

Abdulla Naser Al Jaabari, chief officer and head of Defence and Security Development Fund, said that the Fund is expected to work on developing the area in four phases starting 2020.

Each phase will consist of a number of facilities aimed at National private SMEs. He confirmed that the Fund has developed a set of criteria that must be met by the companies seeking to benefit from its services in this field. To be qualified, the companies must be defined as SMEs – as per the Ministry of Economy’s definition.

Faiz Saleh Al Nahdi, CEO of Tawazun Industrial Park, added that the programe is another step towards the Nation’s 2030 Vision and encourages and facilitates the development of the key small to medium scale industries in the defence and security sector, which will positively contribute towards the country’s economic diversification and growth.

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