Dubai: A Dh500 million fund to support small and medium-sized enterprises has been launched 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 UAE, said: “Dubai has launched several initiatives aimed at empowering businesses, under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum. Among these, the Dubai International Growth Initiative, which allocates AED500 million to support SMEs, serves as 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, has launched the “Dubai International Growth Fund for SMEs”, an initiative developed through a partnership between the Dubai Government and Emirates NBD.
“Dubai’s vibrant business environment has fostered the creation of numerous global success stories and inspired entrepreneurs to make a remarkable 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 Dubai Government and Emirates NBD,” Sheikh Hamdan said in a post on his official X account.
“With a value of Dh500 million, this initiative aims to support small and medium-sized enterprises and accelerate their progress and global expansion. To all entrepreneurs worldwide who have chosen Dubai as their launchpad, we extend our steadfast support locally and internationally. You are key contributors to Dubai’s success, and your partnership is vital to achieving the goals of the Dubai Economic Agenda D33,” 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 businesses play a pivotal role in the emirate, employing over 60% of the workforce. We express our appreciation to Emirates NBD for its strategic partnership with the Government of Dubai to support this initiative. The private sector remains a crucial partner in nurturing the growth of Dubai's economy.”
Open to all SMEs founded in Dubai, irrespective 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 further details on the financing programme in February.
Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin. A joint steering committee will be established, comprising representatives from the Government of Dubai and Emirates NBD, responsible for guiding the initiative, selecting eligible SMEs, overseeing the implementation and ensuring its success meeting the emirate's strategic objectives.