Dubai SME expands role in driving growth with over Dh233 million worth of support in 2023
Organisation helped create 2,937 new businesses and guided 1,186 Emirati entrepreneurs
Dubai: The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a subsidiary of the Dubai Department of Economy and Tourism (DET), expanded its role as a key driver of the emirate's small and medium enterprise (SME) sector's growth, with the total value of its incentives and services reaching Dh233.4 million in 2023.
According to Dubai SME's annual report, the organisation facilitated the establishment of 2,937 new businesses in 2023 and provided vital support and guidance services to 1,186 Emirati entrepreneurs. The report also revealed that the Mohammed Bin Rashid Fund for SME, a key initiative of Dubai SME, provided Dh11.8 million worth of funding to 16 projects, highlighting its pivotal role in supporting entrepreneurial initiatives.
Furthermore, 46 Emirati entrepreneurs with start-ups in the technology sector received support from the Business Incubation Department services at Hamdan Innovation Incubator (HI2). Technology projects play a key role in fostering innovation, boosting productivity and contributing to competitiveness, economic growth and the creation of new job opportunities. Moreover, around 100 businesses benefited from Dubai SME's entrepreneurship promotion services in 2023.
Key achievements from 2002 to 2023
Since its inception in 2002, Dubai SME has supported 16,443 national companies, while 50,131 entrepreneurs have benefited from its services. By 2023, the cumulative value of incentives and services provided to Emirati entrepreneurs and national companies reached Dh1.5 billion.
Abdul Baset Al Janahi, CEO of Dubai SME, said: "Dubai SME strives to support entrepreneurship and the development of small and medium enterprises, which are the backbone of the emirate's economy. Following the launch of the Dubai Economic Agenda D33, 2023 marked an exceptional year for Dubai SME, with the organisation continuing to help accelerate the goal of positioning the emirate as the most competitive environment for entrepreneurial ideas and start-ups. "