Khalifa Fund signs agreements with Sandooq Al Watan, BP to Support

The Khalifa Fund for Enterprise Development has signed sponsorship and partnership agreements with British Petroleum, BP, and Sandooq Al Watan, a national initiative launched by prominent Emirati businessmen to support research projects for the post-oil era, respectively, to support the Pitch@Palace competition.

Pitch@Palace is the UAE version of the international contest launched by H.R.H. Prince Andrew, Duke of York, in the United Kingdom in 2014. It targets innovative tech start-ups and SMEs, helping them expand and become leading enterprises locally and internationally, and addresses their financial, marketing, management or development needs.

Khalifa Fund CEO, Abdullah Al Darmaki, and Sandooq Al Watan’s General Manager, Mohamed Al Qadhi, signed the partnership agreement, wherein Sandooq Al Watan pledged to support a boot camp for Pitch@Palace competitors at Abu Dhabi’s Khalifa University on 2nd October. Al Darmaki also signed a sponsorship agreement with Chief Representative and General Manager of BP in the UAE, Salem bin Ashoor, to support the initiative "Sandooq Al Watan is a strategic partner for us at the Khalifa Fund for Enterprise Development," Al Darmaki said, lauding the partnership agreement. "Our two organisations share key strategic objectives, most notable of which is promoting entrepreneurship and empowering UAE citizens to score achievements across all sectors. We look forward to further strengthening our relationship in the future in order to cover more vital sectors."

"Sandooq Al Watan has already launched many successful initiatives," he added, "which have led to significant results in terms of developing the youth’s skills and know-how. This resonates with our mission to empower young Emiratis and involve them in the sustainable development of the UAE."

Continuing on a similar note, Al Qadhi said, "We are delighted to be supporting Khalifa Fund in the local edition of the Pitch@Palace start-up platform, which resonates with Sandooq Al Watan’s ‘Our Future’ initiative. ‘Our Future’ supports innovative ideas and turns them into real projects by offering innovators the opportunity to network with influential businessmen and secure investments for their projects. The end goal is to stimulate growth and promote these projects locally, all the while boosting the UAE’s global competitiveness."

Commenting on the sponsorship agreement with BP, Al Darmaki underlined the strong ties that the Khalifa Fund and BP share, recalling the British oil giant’s previous support for the fund’s social activities.

"BP is delighted to partner up with the Khalifa Fund for Enterprise Development to support the Pitch@Palace UAE," said Bin Ashoor. "The initiative offers renewed support for a new generation of Emirati entrepreneurs with innovative ideas that can be achieved with knowledge and determination. It’s a great opportunity to encourage UAE start-ups to pitch their ideas in front of influential decision makers and receive the support they need to scale their businesses to an international level."

Twelve submissions will be shortlisted to take part in the final national challenge on 4th October at Abu Dhabi’s Emirates Palace hotel. Only two winners will then qualify for the final phase in London’s Saint James's Palace in December 2017.

Pitch@Palace UAE is an initiative implemented by Khalifa Fund For Enterprise Development in partnership with Sandooq Al Watan, the Sharjah Entrepreneurship Centre, Khalifa University, Khalifa Innovation Centre, Venture Souq, Wamda, and SME Advisor, with the support of Etihad Airways and Emirates Palace, to discover the best business ideas, connect them with a local and global network of financiers and corporations, and develop them into fully fledged international companies.