Dubai takes a strategic leap forward in supporting small and medium enterprises (SMEs) by unveiling a groundbreaking $136M initiative, aiming to propel them into global markets.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, unveiled the “Dubai International Growth Initiative,” allocating $136.1M to expedite the expansion of small and medium-sized enterprises (SMEs) based in Dubai on the global stage.
Embracing Growth: AED 500M Initiative Expands Dubai SMEs Internationally
This initiative, launched in collaboration with Emirates National Bank of Dubai (Emirates NBD), underlines Dubai’s crucial role in the global economy and its position as a leading international hub for business and trade.
Sheikh Hamdan emphasized the significance of SMEs in Dubai’s economy, constituting 95% of registered businesses. The Dubai International Growth Initiative aligns with the goals of the Dubai Economic Agenda, aiming to double the size of the economy.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, expressed that supporting SMEs is a strategic commitment to Dubai’s future economic development, playing a pivotal role by employing over 60% of the workforce, according to Arabian Business.
Open to all SMEs founded in Dubai, regardless of the owner’s nationality, the initiative aims to empower businesses for international expansion, focusing on key strategic sectors of the emirate. Emirates NBD will provide financing at competitive rates, with a joint steering committee overseeing the initiative’s implementation. Further details on the financing program will be announced by Emirates NBD in February.
