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Lulu Hypermarket Group in Abu Dhabi has announcedthatit will give projects under the umbrella of the KhalifaFund for Enterprise Development special packages, facilities and privileges under an agreement signed by the two parties. The privileges will enable the owners of those projects to better market their products.
The agreement was signed on the sidelines of the Abu Dhabi Entrepreneurship Forum (ADEF 2013) organized by the Khalifa Fund.The special privileges include exemptions on registration fees for suppliers in the first year, shorter collection times, and discounts of up to 50% on the supply fee at Lulu Hypermarket Group during the year. The signing ceremony was attended by the CEO of the Khalifa Fund,HE Abdullah Saeed Al Darmaki,and MrSaifuddinTahirBhaiRopaula, CEO of Lulu Hypermarket.
According to the terms of the agreement, Lulu Group will give projectsthat are under the umbrella of the Khalifa Fund preferential treatment, for instance giving them the right to reduce their prices in order to compete with lower prices for the same product offered by rival suppliers.
Following the signing of the agreement, HE Abdulla Saeed Al Darmaki, CEO of the Khalifa Fund commented:“This agreement will open up limitless possibilitiesfor numerous projects supported by the Khalifa Fund - especially those specializing in the retail sector such as agricultural products like fruits and vegetables; and SMEs in the food industry as well as sweets, perfume, accessories and many more.”
HE Al Darmaki stressed that this agreement will promote entrepreneurship in the stateby accelerating the development of SME’s, while simultaneously contributing to the development of key economic sectors.
MrSaifuddinTahirBhaiRopaula, CEO of Lulu Hypermarket said: “Thisagreement givesnumerousadvantages to SME’s who are supported by the Khalifa Fund, giving them the competitive edge against more well-established suppliers.We aim to give these SME’sspecial privileges such as reducing theirpayment collection time from 90 days to only 30 days. This will givethem abundant liquidity,thus ensuring continuity in their daily operations.”
The Khalifa Fund was founded to createa supportive environment in which SME’s can thrive, thereby contributing to national prosperity and economic competitiveness at the global level. The special privilegesoffered by the Lulu Hypermarket Groupare viewed as a major boost that will reduce production costs, increase profitability and enhance the competitiveness of enterprises supported by the Khalifa Fund, with ripple benefits for the national economy.
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