Dubai SME members secure contracts worth Dhs395.4m in H1

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), an agency under the Dubai Department of Economy and Tourism (DET), significantly expanded its support for entrepreneurs in H1 2024, according to a recent report.

This growth aligns with the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy by 2033 and solidify the emirate’s global business standing.

In H1 2024, Dubai SME provided guidance and training services to 2,714 entrepreneurs, marking a 164.3 per cent increase from the same period in 2023.

Additionally, 1,373 Emirati entrepreneurs received mentoring, a 190.3 per cent rise from the previous year.

The establishment also supported the creation of 1,986 new enterprises, a 57 per cent increase from H1 2023, with significant growth in sectors such as general trading, real estate, and facilities management.

Dubai SME has actively supported SME community since its launch

Since its inception in 2002, Dubai SME has guided 48,923 entrepreneurs and mentored 51,504 Emirati entrepreneurs, contributing to the launch of 18,429 local enterprises.

“As we celebrate World Entrepreneurs Day, it is essential to recognise the vital role SMEs play in Dubai’s economic development,” said Abdul Baset Al Janahi, CEO of Dubai SME. “Our efforts are geared towards making Dubai the best city to visit, live, work, and invest in.”

In H1 2024, Dubai SME members secured contracts worth Dhs395.4m, bringing the total value of contracts awarded since its inception to Dhs11.3bn.

The agency also formed four new partnerships with private sector entities, increasing the total number to 16.

The Hamdan Innovation Incubator (Hi2), a Dubai SME initiative, supported 109 Emirati tech startups in H1 2024, while the Mohammed Bin Rashid Fund for SME provided over Dhs18m in financial support, doubling its contribution from the previous year.

Additionally, the agency played a key role in the first Hatta Farming Festival, showcasing local agricultural entrepreneurs and offering workshops to support SME growth in the region.

Following the unprecedented rainfall in April, it also provided over Dhs2.5m in financial assistance to affected businesses, including loan grace periods and deferred repayments.

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