Dubai's $136m Initiative Aids SMEs in Global Expansion Efforts

31 Jan, 2024

Dubai's $136m Initiative Aids SMEs in Global Expansion Efforts

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, has unveiled a Dh500 million ($136 million) initiative aimed at assisting small and medium-sized enterprises (SMEs) based in Dubai to broaden their reach in both regional and global markets. The Dubai International Growth Initiative, a collaborative effort between the Dubai government and Emirates NBD, marks a significant stride in bolstering the endeavors of Dubai's SMEs striving to establish a footprint on the international stage. Emphasizing its strategic importance, the Dubai Government Media Office highlighted the initiative's alignment with the Dubai Economic Agenda, D33, which aims to double the emirate's economic size.

Dubai, renowned as the commercial, financial, and tourism nucleus of the Middle East, recognizes the pivotal role SMEs play in sustaining its status as a global business and trade hub. Sheikh Hamdan underscores the conducive business environment in Dubai, attributing it to consistent and robust support for entrepreneurs, investors, and SMEs, which enhances the emirate's appeal for local and global investments.

In the UAE, SMEs constitute over 90 per cent of registered businesses and serve as the primary source of job opportunities. Various initiatives, both at the federal and emirate levels, have been introduced to bolster SME growth and augment their contribution to the national economy. Dubai's latest initiative, open to SMEs regardless of the owner's nationality, targets strategic sectors and offers competitive financing facilitated by Emirates NBD.

A joint steering committee, comprising representatives from the Dubai government and Emirates NBD, will oversee the initiative's implementation to ensure alignment with the emirate's strategic objectives. Sheikh Maktoum bin Mohammed underscores the pivotal role of SMEs, emphasizing the government's commitment to their sustainable global expansion in line with the D33 Agenda. Amidst Dubai's continued growth momentum post-pandemic, the initiative stands poised to further fortify the emirate's economic resilience, driven by key sectors including tourism, transportation, trade, and manufacturing.