SME expansion to be accelerated in Dubai

A new initiative has been launched by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to speed up the expansion of small and medium-sized businesses (SMEs) in Dubai into global markets through $136 million (AED500 million).

Government of Dubai and Emirates National Bank of Dubai (Emirates NBD) launched the initiative. All SMEs founded in Dubai are eligible for the initiative, regardless of their nationality. Various strategic sectors in the emirate will be targeted by the initiative.

Dubai's leading role as a hub for international trade and business was underlined by Sheikh Hamdan:

“Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, and aligned with the objectives of the Dubai Economic Agenda, D33 to double the size of the economy, the Dubai International Growth Initiative will support the global expansion of SMEs founded in Dubai. Small and medium-sized enterprises play a vital role in the emirate’s economy, comprising 95 percent 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.”

Emirates NBD will provide financing to eligible companies at competitive rates, charging EIBOR with no additional margin. The Government of Dubai and Emirates NBD will form a joint steering committee to guide the initiative, select eligible SMEs, oversee the implementation, and ensure its success in meeting Dubai's strategic goals.