In 2013, Kuwait’s Parliament approved the creation of the Kuwait National Fund for Small and Medium Enterprises (SME Fund) to support SMEs in Kuwait. Endowed by H.H. the Amir of Kuwait, the SME Fund has been allocated a capital of KWD two billion (USD 7 billion) to invest in Kuwaiti startups. The SME Fund is mandated with the task to diversify Kuwait’s economy and create new employment opportunities for Kuwaiti youth, . Support entrepreneur and SMEs to join the country’s private sector in leading a more diversified and sustainable economy.
The SME Fund focuses on four key industries: ICT, Creative Industries, Manufacturing, and General Services. The Fund aims to build a platform for entrepreneurial incubation, acceleration and VC growth; a new culture for quantifiable positive impact; a culture of producers and streamlined government procedures. This allows this sector to lead, help organize and streamline all SME-related activities, and ultimately lead to more jobs in the private sector.
Furthermore, in partnership with Wamda, “Nuwait”, an entrepreneurship content platform was developed in line with KNF’s mission to inspire, enable and connect entrepreneurs and SMEs. The platform will highlight the activities and progress of Kuwait’s SMEs in each of the country’s industries and provide tips and advice from experts and mentors in the entrepreneurship ecosystem.
Nuwait Community is a product of Nuwait, a storytelling platform launched by the Kuwait SME Fund to highlight stories of small and medium enterprises in Kuwait.
Nuwait Community is a platform that allows startups to connect with other startups, investors and support organizations. The platform aims to build a database of ecosystem players in Kuwait in order to create an interconnected community in the country.