In the UAE, small and medium-sized enterprises (SMEs) form the backbone of the economy, garnering robust support from various government initiatives and programs.
From the National SME Programme to the UAE SME Council, Operation 300bn, and Dubai SME, these entities assist SMEs, fostering their growth and sustainability.
Taking things up a notch, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has unveiled a $136 million initiative, which aims to catapult Dubai-born SMEs onto the global stage.
The new program, Dubai International Growth Initiative, a joint effort between the Dubai government and Emirates NBD, is open to all Dubai-based SMEs, regardless of the owner’s nationality. It aims to provide financing and support for ventures looking to expand internationally. The focus will be on key strategic sectors crucial to the emirate’s future.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, emphasized Dubai’s crucial role in the global economy and its prominent status as a premier international center for business and trade.
“The consistent and robust support for entrepreneurs, investors, and SMEs reflects Dubai’s business-friendly environment, making it an attractive destination for local and global investments,” he said.
Further details on the financing program will be announced in February, along with establishing a joint steering committee.
This committee, comprising representatives from the government and Emirates NBD, will oversee the initiative’s implementation and ensure it aligns with Dubai’s strategic objectives.
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