Dubai SME boosts growth with over Dhs233m worth of support in 2023

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Dubai SME, a unit of the Dubai Department of Economy and Tourism, expanded its role as a driver of the small and medium enterprise (SME) sector’s growth, with a record Dhs233.4m in incentives and services in 2023.

The organisation facilitated the establishment of 2,937 new businesses in 2023 and provided vital support and guidance services to 1,186 Emirati entrepreneurs, according to its annual report.

The report revealed that the Mohammed Bin Rashid Fund for SME, a key initiative of Dubai SME, provided Dhs11.8m worth of funding to 16 projects last year.

“Following the launch of the Dubai Economic Agenda D33, 2023 marked an exceptional year for Dubai SME, with the organisation continuing to help accelerate the goal of positioning the emirate as the most competitive environment for entrepreneurial ideas and startups,” said Abdul Baset Al Janahi, the CEO of Dubai SME.

“As we look forward to 2024 and beyond, we are determined to identify and leverage investment opportunities to further drive growth in the SME sector.”

Furthermore, 46 Emirati entrepreneurs with tech startups received support from the Business Incubation Department services at Hamdan Innovation Incubator.

“Technology projects play a key role in fostering innovation, boosting productivity and contributing to competitiveness, economic growth and the creation of new job opportunities,” Dubai SME said in the report.

Dubai SME has supported 16,443 national companies and 50,131 entrepreneurs have benefited from its services since its founding in 2002.

The organisation highlighted that the cumulative value of incentives and services provided to Emirati entrepreneurs and national companies reached Dhs1.5bn in 2023.

Dubai supports SMEs

Dubai SME adopts a diverse range of initiatives and programmes ranging from identifying talented entrepreneurs to nurturing business ideas to provide support for businesses throughout their growth and expansion journey.

Earlier in 2024, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai unveiled a Dh500m initiative to accelerate the growth of Dubai-based SMEs into global markets.

The financing programme, which is known as the Dubai International Growth Initiative, is backed by the Government of Dubai and Emirates NBD.

The initiative is open to all SMEs founded in Dubai, irrespective of the nationality of the owner and is designed to empower businesses to expand internationally.

Last year, Dubai approved the adoption of the future model of the organisation, which seeks to support the establishment of 27,000 new Emirati businesses and contribute around Dhs9bn to the city’s GDP.

Read: Dubai unlocks Dhs500m to fuel SME growth, here’s how firms can apply