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

Image: WAM

Calling all ambitious homegrown small and medium enterprises (SMEs).

Emirates NBD has revealed the eligibility criteria for the first phase of the much-anticipated Dhs500 million ‘Dubai International Growth Initiative’.

The initiative was introduced in January by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, to accelerate the global expansion of Dubai-based SMEs.

The programme aims to propel local businesses onto the global stage, aligning with the Dubai Economic Agenda D33’s goal of doubling the emirate’s GDP.

Phase one invites firms operating in food & beverage (F&B), fast-moving consumer goods (FMCG), retail (including parts and machinery distribution), e-commerce, services, and manufacturing to apply.

Additional sectors will join in later phases, ensuring strategic alignment with Dubai’s growth areas.

Selected SMEs can access up to Dhs15m in financing through Emirates NBD, spread over seven years.

This flexible support eases cash flow concerns during crucial expansion phases, with competitive rates based on the Emirates’ Interbank Offered Rate (EIBOR).

A joint committee comprising government and Emirates NBD representatives will guide the initiative.

They’ll handpick eligible businesses, oversee implementation, and ensure the program delivers on its strategic objectives.

Criteria to participate in Phase One of the Dubai International Growth Initiative

To be eligible, businesses are required to:

• Be founded and operational in Dubai, with a proven successful business model.
• Use the financing to establish global business expansion of their current line of business.
• Effectively manage the repayments based on cashflows from their current operations.
• Present a comprehensive business plan outlining their strategy for global growth.

The application process

Upon fulfilling the initial eligibility criteria, a dedicated specialist will conduct a comprehensive review of the applicants’ business followed by the joint steering committee’s review for inclusion in the initiative.

Qualified applicants will work closely with Emirates NBD to receive tailored financial solutions to address their unique growth needs.

All Dubai-founded SMEs, irrespective of the nationality of the owner, can benefit from the Dubai International Growth Initiative.