Emirates NBD reveals criteria for SMEs to join Dubai International Growth Initiative

Emirates NBD today revealed the criteria for small and medium enterprises (SMEs) to participate in the first phase of the AED 500 million ‘Dubai International Growth Initiative’.

The innovative initiative was presented in January by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubaito accelerate the global expansion of small and medium enterprises (SMEs) founded in Dubai.

Launched to strengthen Dubai’s position as a leading global business center and support the important role the private sector plays in fostering the growth of the emirate’s economy, the ‘Dubai International Growth Initiative’ is aligned with the Dubai Economic Agenda D33 goal of doubling the size of the emirate’s GDP.

The first phase of the initiative is open to SMEs founded in Dubai in select sectors, including food and beverage (F&B), fast moving consumer goods (FMCG), retail including distribution of spare parts and machinery, e-commerce, services and manufacturing. Additional sectors will be added in later phases. Focusing on Dubai’s key strategic sectors, the initiative ensures that approved participants gain access to financing for their global expansion.

Through the support of Emirates NBD, the initiative will provide up to AED 15 million in financing to eligible businesses for up to seven years, allowing them to manage cash flow effectively during their global expansion phase. The cost of financing will be based on the Emirates Interbank Offered Rate (EIBOR), with no additional margin.

A joint steering committee, made up of representatives of the Dubai Government and Emirates NBD, will be in charge of guiding the initiative. The committee will be responsible for selecting eligible SMEs, overseeing the implementation of the initiative and ensuring its success in meeting the emirate’s strategic objectives.

To participate in the initiative, SMEs must meet a set of eligibility criteria that align with the Government of Dubai’s strategic vision. To be eligible, SMEs must:

– Be founded and operational in Dubai, with a successful and proven business model.

– Operate within the F&B, FMCG, retail sectors, including the distribution of spare parts and machinery,
e-commerce, services and manufacturing.

– Use financing to establish global business expansion of your current line of business.

– Effectively manage refunds based on the cash flows of your current operations.

– Present a comprehensive business plan that outlines your strategy for global growth.

Application process

Once the initial eligibility criteria have been met, a dedicated specialist will conduct a comprehensive review of the applicants’ business followed by review by the joint steering committee for inclusion in the initiative. Qualified applicants will work closely with Emirates NBD to receive customized financial solutions to address your unique growth needs.

How to apply

All SMEs founded in Dubai, regardless of the nationality of the owner, can benefit from the ‘Dubai International Growth Initiative‘, which seeks to empower SMEs to expand internationally.

News source: Dubai Press Office