Dubai has launched a Dh500 million initiative to accelerate the expansion of small and medium-sized enterprises (SMEs) established in the emirate into global markets.
The Dubai International Growth Initiative was launched by the Government of Dubai in partnership with Emirates NBD on Sunday.
“The Dubai International Growth Initiative will support the global expansion of SMEs founded in Dubai,” said HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai. “Small and medium-sized enterprises play a vital role in the emirate’s economy, comprising 95% of registered businesses.”
“The consistent and robust support for entrepreneurs, investors and SMEs reflects Dubai’s business-friendly environment, making it an attractive destination for both local and global investments,” Sheikh Hamdan added.
According to the statement, the initiative is open to all SMEs founded in Dubai, irrespective of the nationality of the owner. It is designed to empower businesses to expand internationally. The initiative will focus on key strategic sectors of the emirate. Emirates NBD will announce further details on the financing programme in February.
“Facilitating the sustainable global expansion of SMEs is a priority for the government in line with the D33 Agenda,’ said HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE. “These businesses play a pivotal role in the emirate, employing over 60% of the workforce.”
Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin. A joint steering committee will be established, comprising representatives from the Government of Dubai and Emirates NBD, responsible for guiding the initiative, selecting eligible SMEs, overseeing the implementation and ensuring its success in meeting the emirate’s strategic objectives.
