The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed, has announced a landmark Dh500 million ($136 million) Dubai International Growth Initiative to help small and medium size enterprises based in the emirate expand in regional and global markets.
Taking to X, the Dubai Government Media Office said on Sunday that the initiative is one of several steps Dubai has taken to support businesses and “serves as a strategic commitment to the future development of Dubai’s economy.”
SMEs represent over 90% of registered businesses in the UAE, besides providing the most job opportunities in the country. Several initiatives have been launched at both the federal and emirate level, to help SMEs develop and boost their to the national economy.
Objective of doubling the size of Dubai’s economy
The latest initiative is open to all SMEs founded in Dubai, irrespective of the owner’s nationality. Emirates NBD, the biggest lender in Dubai by market value, is set to provide financing to eligible companies at competitive rates, according to The National.
Elaborating, the media office said a joint steering committee shall be established for guiding the initiative, selecting eligible SMEs, overseeing the implementation process and ensuring the move succeeds in meeting the emirate’s strategic objectives.
Dubai remains the commercial, financial and tourism hub of the Middle East. Crown Prince Sheikh Hamdan said the city has a leading role in the global economy and SMEs are important to maintain the emirate’s position as an international hub for business and trade.
He noted that the Dubai International Growth Initiative comes in line with the objectives of the Dubai Economic Agenda, D33, to double the size of the economy, adding the move is set to support the global expansion of SMEs founded in Dubai.
Dubai’s growth momentum since COVID-led slowdown
“The consistent and robust support for entrepreneurs, investors and SMEs reflects Dubai’s business-friendly environment, making it an attractive destination for both local and global investments,” The National quoted Sheikh Hamdan as saying.
It is important to emphasise here that Dubai has been maintaining growth momentum since bouncing back from the COVID-driven slowdown. Its economy expanded by an annual 3.3% in the first nine months of 2023, supported by growth in tourism and transportation sectors.
The latest government data suggests sectors including transport, trade, accommodation and food services, financial services, information and communication, property, and manufacturing drove Dubai’s economic growth in the aforementioned period.
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