Dubai SME members secure contracts worth Dhs395.4m in H1 2024

26 Aug, 2024

Dubai SME members secure contracts worth Dhs395.4m in H1 2024

Dubai SME, an agency under the Dubai Department of Economy and Tourism (DET), has significantly expanded its support for entrepreneurs in the first half of 2024. This expansion aligns with the Dubai Economic Agenda D33, aiming to double Dubai’s economy by 2033. In H1 2024, Dubai SME guided and trained 2,714 entrepreneurs, marking a 164.3% increase from the previous year, and mentored 1,373 Emirati entrepreneurs, a 190.3% rise. Additionally, the agency supported the creation of 1,986 new enterprises, with notable growth in general trading, real estate, and facilities management sectors.

Since its inception in 2002, Dubai SME has guided 48,923 entrepreneurs and mentored 51,504 Emiratis, contributing to the launch of 18,429 local enterprises. In H1 2024, Dubai SME members secured contracts worth Dhs395.4m, bringing the total to Dhs11.3bn since the agency’s inception. The agency also formed four new partnerships with private sector entities, increasing the total to 16.

Furthermore, the Hamdan Innovation Incubator supported 109 Emirati tech startups, while the Mohammed Bin Rashid Fund for SME provided over Dhs18m in financial support, doubling from the previous year. The agency also offered over Dhs2.5m in financial assistance to businesses affected by the unprecedented rainfall in April.