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‘Dubai International Growth Initiative’ allocates Dh500 million to accelerate global expansion of SMEs – News

Published: Sunday, January 28, 2024, 5:16 p.m.

Last update: Sunday, January 28, 2024, 6:00 p.m.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, on Sunday launched the ‘Dubai International Growth Initiative’, allocating Dh500 million to accelerate the expansion of small and medium-sized businesses (SMEs). established in Dubai in global markets. The initiative was launched by the Government of Dubai in partnership with Emirates NBD.

Sheikh Hamdan underlined Dubai’s critical role in the global economy and its leading position as an international center for business and trade. “The Dubai International Growth Initiative will support the global expansion of SMEs founded in Dubai. Small and medium-sized businesses play a vital role in the emirate’s economy and account for 95 percent of registered businesses,” Sheikh Hamdan said. “The consistent and strong support to entrepreneurs, investors and SMEs reflects Dubai’s business-friendly environment, making it an attractive destination for both local and global investments,” he added.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the United Arab Emirates, said: “Dubai has launched several initiatives aimed at empowering businesses, under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum. Among them, the Dubai International Growth Initiative, which allocates Dh500 million to support SMEs, constitutes a strategic commitment for the future development of Dubai’s economy.”

Sheikh Maktoum added: “Facilitating the sustainable global expansion of SMEs is a priority for the government in line with the D33 Agenda. These companies play a vital role in the emirate, employing more than 60 percent of the workforce. We express our gratitude to Emirates NBD for its strategic partnership with the Government of Dubai to support this initiative. “The private sector remains a crucial partner in fostering the growth of Dubai’s economy.”

Open to all SMEs founded in Dubai, regardless of the nationality of the owner, the initiative is designed to empower businesses to expand internationally. The initiative will focus on key strategic sectors of the emirate. Emirates NBD will announce more details about the financing program in February.

Emirates NBD will provide financing to eligible businesses at competitive rates, charging the Emirates Interbank Offered Rate (EIBOR) with no additional margin. A joint steering committee, composed of representatives from the Government of Dubai and Emirates NBD, will be established, responsible for guiding the initiative, selecting eligible SMEs, overseeing implementation and ensuring its success in meeting the emirate’s strategic objectives.

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