Dubai: A Dh500 million fund has been launched to support small and medium-sized businesses to further boost Dubai’s vibrant business environment.
His Highness 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 AED 500 million to support SMEs, is a strategic commitment to the future development of Dubai’s economy.”
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, launched the “Dubai International Growth Fund for SMEs”, an initiative developed through a partnership between the Government of Dubai and Emirates NBD.
“Dubai’s vibrant business environment has fostered the creation of numerous global success stories and inspired entrepreneurs to make a notable impact with their ideas and initiatives. Today, we are delighted to announce the launch of the ‘Dubai International Growth Fund for SMEs’, developed through a partnership between the Government of Dubai and Emirates NBD,” Sheikh Hamdan said in a post on his official X account.
“Worth Dh500 million, this initiative aims to support small and medium-sized businesses and accelerate their progress and global expansion. To all the entrepreneurs around the world who have chosen Dubai as their launch pad, we offer our strong support locally and internationally. You are key contributors to Dubai’s success and your partnership is vital to achieving the goals of the D33 Dubai Economic Agenda,” he added.
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 and employ more than 60% 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.