ABU DHABI, 15th May, 2016 (WAM) — Hussein Jassim Al Nowais, Chairman of the Khalifa Fund for Enterprise Development, said the fund has embarked on a plan to implement the directives of the prudent UAE leadership to allocate $20 million in support of the development of small and medium enterprises sector in Yemen.

He noted that the Khalifa fund’s team of experts has been tasked with preparing a comprehensive study on how best to implement this quality and creative initiative.

Al Nowais stressed that this initiative would contribute to the promotion of social, economic, security and political stability of large segments of Yemeni society, and would also support the government’s efforts to raise the standard of living in disadvantaged areas in Aden and Mukalla.

He said the move aims to support the Yemeni government’s efforts to address the spread of poverty and unemployment, and to promote the role of women in the development process by providing an opportunity for skilled cadres to achieve their ambitions and establish their own businesses that will contribute to strengthening the overall national economy in Yemen.

Al Nowais underlined that the UAE leadership attaches great importance to development projects that achieve economic and social benefits for ordinary Yemeni citizens.

He stressed the importance of strategic relations between the two sisterly countries and the need to provide support that could help Yemen in restoring its vital and important role in the region.