Sheikh Hamdan bin Rashid al Maktoum, the Crown Prince and Chairman of Dubai’s Executive Council, announced a Dh500 million initiative to enhance the growth of small and medium-sized companies (SMEs) in Dubai, helping them expand into global markets.
The “Dubai International Growth Initiative,” is a partnership between the Dubai government and Emirates NBD to provide financing support.
Sheikh Hamdan stressed that Dubai’s ongoing support for entrepreneurs, investors, and small businesses shows its reputation as a business-friendly hub, attracting local and global investments.
The initiative welcomes all SMEs based in Dubai, regardless of ownership nationality. Its goal is to help these businesses grow and expand internationally.
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE highlighted the significance of supporting the sustainable global expansion of SMEs in alignment with the D33 Agenda. SMEs constitute a vital segment of Dubai’s economy, employing over 60 percent of the workforce.
Emphasizing the private sector’s role in economic growth, Sheikh Maktoum highlighted its importance as a crucial partner.
The initiative will focus on key strategic sectors within the emirate.
Emirates NBD Supports Dubai’s SMEs
Emirates NBD will reveal more about its financing program in February. The bank will offer competitive financing rates, tied to the Emirates’ Interbank Offered Rate (EIBOR) without extra charges.
A joint committee with government and Emirates NBD representatives will steer the initiative. Their role includes selecting eligible SMEs, overseeing implementation, and ensuring alignment with the city’s goals.
Various support systems such as the National SME Programme, the UAE SME Council, Operation 300bn, the Khalifa Fund, and Dubai SME assist SMEs in the UAE.
This sector represents over 95% of registered businesses in the emirate and provides the majority of job opportunities in the UAE.
Source: Gulf business
