Dubai unveils Dhs500m growth initiative to support SMEs

Image courtesy: Dubai Media Office

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai has unveiled a Dh500m initiative to accelerate the growth of Dubai-based small and medium-sized enterprises (SMEs) into global markets.

The financing programme, which is known as the Dubai International Growth Initiative, was launched by the Government of Dubai in partnership with Emirates NBD.

Sheikh Hamdan said, “The consistent and robust support for entrepreneurs, investors and SMEs reflects the emirate’s business-friendly environment, making it an attractive destination for both local and global investments.”

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.

“Facilitating the sustainable global expansion of SMEs is a priority for the government in line with the D33 Agenda. These businesses play a pivotal role in the emirate, employing over 60 per cent of the workforce,” said Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE.

“The private sector remains a crucial partner in nurturing the growth of the economy.”

It will focus on key strategic sectors of the emirate.

Emirates NBD supports Dubai SMEs

Emirates NBD is set to announce further details on the financing programme in February.

The bank will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin.

A joint steering committee will be established, comprising representatives from the government and Emirates NBD, responsible for guiding the initiative, selecting eligible SMEs, overseeing the implementation and ensuring its success in meeting the city’s strategic objectives.

SMEs in the UAE receive support from the National SME Programme, the UAE SME Council, Operation 300bn, the UAE’s industrial strategy, the Khalifa Fund and Dubai SME.

The sector accounts for more than 95 per cent of registered businesses in the emirate as well as most job opportunities in the UAE.

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