The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), under the Dubai Department of Economy and Tourism, expanded its support for entrepreneurs significantly in the first half of 2024, as revealed in a recent report. This aligns with the Dubai Economic Agenda D33, which aims to double the city’s economy by 2033, bolstering its global business standing.
During H1 2024, Dubai SME provided guidance and training to 2,714 entrepreneurs, a remarkable 164.3% increase compared to the same period in 2023. Additionally, mentoring was extended to 1,373 Emirati entrepreneurs, a 190.3% rise from the previous year. The establishment also supported the launch of 1,986 new businesses, a 57% increase, with substantial growth in general trading, real estate, and facilities management sectors.
Since its inception in 2002, Dubai SME has played a pivotal role in fostering the SME community, guiding 48,923 entrepreneurs, mentoring 51,504 Emiratis, and contributing to the establishment of 18,429 local enterprises. In H1 2024, Dubai SME members secured contracts worth AED 395.4M, bringing the total value of contracts awarded since the organisation’s inception to AED 11.3B. The agency also formed four new partnerships with private sector entities, bringing the total to 16.
Moreover, the Hamdan Innovation Incubator supported 109 Emirati tech startups, while the Mohammed Bin Rashid Fund for SME provided over AED 18M in financial aid, doubling its contribution from the previous year. The agency also played a crucial role in the first Hatta Farming Festival, showcasing local agricultural entrepreneurs, and provided over Dhs2.5m in financial support to businesses affected by April’s unusual rainfall, including loan grace periods and deferred repayments.
