Sheikh Hamdan approves new ‘future’ model of Dubai SME

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, has approved several key projects that align with targets set as part of the Dubai Economic Agenda D33.

The projects include the adoption of a future model of the Mohammed Bin Rashid Establishment for SME Development (Dubai SME), the Dubai Media Office reported.

The project was signed off during the Executive Council meeting held on June 19.

New model and strategy of Dubai SME to boost entrepreneurial ecosystem

Sheikh Hamdan said: “Small and medium enterprises continue to receive the unwavering support of HH Sheikh Mohammed bin Rashid Al Maktoum. Over the past two decades, the development of an entrepreneurial ecosystem has provided Dubai’s economy with dynamic growth based on knowledge and innovation. Today, SMEs play a pivotal role, accounting for the largest share of businesses in Dubai.”

The new strategy of Dubai SME, which operates under the Department of Economy and Tourism, will bolster the entrepreneurial ecosystem in Dubai across all economic sectors and stakeholders.

The strategy will enable a flexible and diversified future economy, contributing approximately Dhs9bn to the GDP, creating 86,000 job opportunities, empowering 8,000 Emirati entrepreneurs, and supporting efforts to establish 27,000 projects. These efforts also align with the aim of the Dubai Economic Agenda D33 to raise the demand for local services and goods to Dhs3tn by 2033, Dubai Media Office reported.

The Dubai SME strategy expands to include emerging projects in key sectors, supporting 100 per cent Emirati-owned establishments, promoting emerging projects in the new economy for Emiratis and other nationalities, and assisting high-growth companies in both new and traditional sectors to access global markets.

It also supports the growth of independent next-generation companies, covering sectors such as financial services, advanced manufacturing, transportation, energy technology, retail and e-commerce, professional services and new business models, food and agricultural technology, health and society, and education technology.

Other project signed

The council also approved the centennial Sewerage System, a major new municipal project for Dubai, at the meeting, according to the Dubai Media Office.

The system, which will create one of the world’s most advanced and sustainable infrastructure, will be constructed in partnership with the private sector with an investment of Dhs80bn.

.@HamdanMohammed, in the presence of @MaktoumMohammed & @HHAhmedBinSaeed, chairs a meeting of @TECofDubai, during which he approved several groundbreaking projects to support the Dubai Economic Agenda D33.https://t.co/K2u4tSzRTX pic.twitter.com/k42z4oEUKL

— Dubai Media Office (@DXBMediaOffice) June 19, 2023

The project has been designed to serve the needs of the population for the next 100 years in alignment with the Dubai Economic Agenda D33 and the Dubai Urban Plan 2040.