Dubai SME CEO Abdul Baset Al Janahi on building a global business hub

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As Dubai continues to solidify its position as a leading hub for entrepreneurship and investment, immense focus is placed on nurturing the small and medium enterprises (SMEs) sector, recognising the integral role they hold in both society and economic expansion.

SMEs are the backbone of the emirate’s economy and the growth of the sector is aligned with the goals of the Dubai Economic Agenda, D33, to double the size of Dubai’s economy by 2033 and to consolidate its position among the top three global cities for business and leisure.

At the core of the D33 Agenda lies a clear set of priorities aimed at empowering Dubai to become the fastest-growing and most attractive hub for multinational corporations (MNCs), SMEs, and local champions.

The agenda also emphasises creating a globally competitive cost environment to facilitate business set-up and operation, as well as providing a world-leading business-friendly and sustainable environment.

Strong public-private partnerships

Dubai’s success as an entrepreneurial hub is underpinned by robust public-private partnerships across sectors, fostering innovation, driving investment, and creating an ecosystem conducive to sustainable growth and prosperity. The city’s status as a global liveability hub underscores its allure as a destination of choice for talent and businesses. With its strategic location, connectivity, and dynamic lifestyle offerings, Dubai offers a unique environment for entrepreneurs to thrive and succeed.

Dubai stands out as a top choice for residents, investors, and visitors and has been consistently recognised across multiple global indices, including being crowned the number one global destination for an unprecedented third year in a row in the Tripadvisor Travellers’ Choice Awards 2024 and ranked number two in Euromonitor International’s Top 100 City Destinations Index 2023. Dubai was also named the top city in the world to relocate to in a report published in 2023 by financial services provider Remitly, and the world’s best city for remote workers in the 2023 Executive Nomad Index by property consultancy Savills. These accolades underscore Dubai’s commitment to excellence across diverse sectors.

Through strategic initiatives and programmes, Dubai aims to enhance the contribution and performance of the SME sector, while forging a path towards a future defined by innovation, growth, and opportunity.

There are several projects under the D33 Agenda designed to support SMEs in Dubai, including the development of a programme to identify 400 companies with high potential and support their capacity building and global expansion.

Government support

Another innovative concept is the ‘Dubai International Growth Initiative’, launched in January by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai. A partnership between the Dubai government and Emirates National Bank of Dubai (Emirates NBD), this initiative aims to allocate Dhs500m to accelerate the expansion of Dubai-based SMEs into global markets.

Additionally, the Intelak Hub, the city’s only startup platform dedicated to the travel, tourism, and aviation sectors, epitomises Dubai’s unwavering commitment to innovation, while continuous enhancements to federal policies and reforms, combined with visa initiatives including Golden Visa for investors, entrepreneurs and global talents, in addition to five-year multi-entry visa and a virtual working programme, further bolster Dubai’s appeal as an attractive destination for business.

Small and medium enterprises constitute 99.2 per cent of establishments and 50.5 per cent of the workforce and contribute nearly 46.4 per cent to the total value-add generated in our city. Beyond their economic impact, SMEs are driving innovation and attracting talent into new and emerging industry sectors.

They are a critical component of the UAE’s strategic blueprint for diversifying its non-oil economy and play an integral role in fostering job creation as well as driving sustainable economic growth.

Dubai SME: A pillar of support

With their agility and skill, SMEs play a pivotal role in shaping the future of Dubai as a vibrant global business hub. Inspired by Dubai’s visionary leadership and in alignment with the D33 Agenda, the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of the Dubai Department of Economy and Tourism (DET), aims to propel the growth of Emirati entrepreneurship and SMEs by providing comprehensive support and resources to guide them throughout every step of their entrepreneurial journey.

A total of 2,937 new businesses were established and supported by Dubai SME in 2023, bringing the total to 16,443 businesses since 2002, and the total value of incentives and services provided to Dhs233.4m, according to its 2023 annual report.

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

Dubai SME places a strong emphasis on integrating national talents into the city’s entrepreneurial ecosystem, having supported 1,186 Emirati entrepreneurs in 2023 alone, reaching 50,131 entrepreneurs to date.

With the launch of the Hamdan Innovation Incubator (Hi2) in 2014, Dubai SME has been successful in empowering many businesses to flourish including entrepreneurs leveraging innovative solutions and emerging technologies such as artificial intelligence, cybersecurity, blockchain, data analytics, cloud solutions, and augmented reality.

Through the incubator, Dubai SME has been able to support 46 Emirati entrepreneurs with startups in the technology sector.

Promoting a healthy and supportive environment for small businesses to operate and thrive in, Dubai SME provides its members with various services including, but not limited to, training programmes, workshops, trade licences, funding and investment, product promotion, rating systems, and government procurement programmes, business development and advisory services.

In 2022 alone, members of Dubai SME secured contracts totalling Dhs1.12bn ($305m), providing ample evidence of Dubai’s ongoing commitment to fostering entrepreneurial growth within the community. We also help promote a culture of innovation and leadership across all sectors and industries to further enhance Dubai’s position as the regional capital for entrepreneurship.

By setting up initiatives such as certified incubators, business development programmes, and dedicated working spaces, we are creating a future where Emirati entrepreneurs lead the way in driving Dubai’s economic prosperity.