The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) significantly boosted its support for entrepreneurs and businesses in the first half of 2024, ensuring SMEs contribute to economic growth in Dubai.
On World Entrepreneurs Day, August 21, Dubai SME released its H1 2024 results, showcasing its alignment with the Dubai Economic Agenda, D33, which aims to double the city’s economy by 2033 and reinforce Dubai’s status as a leading global business and leisure hub.
Between January and June, 2,714 entrepreneurs benefited from Dubai SME’s guidance and training, a 164.3 per cent increase from 1,027 in the same period last year. Additionally, 1,373 Emirati entrepreneurs received mentoring, a 190.3 per cent rise from 473 in H1 2023. Dubai SME also supported the establishment of 1,986 new enterprises, a 57 per cent increase from 1,265 in H1 2023, fostering growth in sectors like general trading and real estate.
Since its 2002 inception, Dubai SME has guided 48,923 entrepreneurs, mentored 51,504 Emirati entrepreneurs, and supported 18,429 local enterprises.
Abdul Baset Al Janahi, CEO of Dubai SME, highlighted the importance of SMEs in Dubai’s economic growth and the establishment’s dedication to helping entrepreneurs succeed and positioning Dubai as a top global city.
In H1 2024, Dubai SME facilitated contracts worth AED 395.4M ($108M) and formed four new partnerships with private sector entities, bringing the total to 16. The Hamdan Innovation Incubator (Hi2) supported 109 Emirati tech startups, increasing its network to 23 incubators. The Mohammed Bin Rashid Fund for SME doubled its financial support to over AED 18M ($4.9M). Dubai SME also supported businesses affected by April’s rainfall with over AED 2.5M ($681,000) in aid and loan repayment extensions.
