Dubai's Crown Prince Launches $136 Million Initiative to Boost SME Growth
In a strategic move to propel Dubai's economy forward, Sheikh Hamdan's groundbreaking initiative, injecting Dh500 million into Dubai's small and medium-sized enterprises (SMEs) to foster global expansion.
Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, has introduced a Dh500 million ($136 million) initiative aimed at supporting the expansion of small and medium-sized enterprises (SMEs) based in Dubai into regional and global markets.
Dubbed the Dubai International Growth Initiative, this program, launched by the Dubai government in collaboration with Emirates NBD, is designed to bolster the efforts of Dubai SMEs seeking to establish a presence on the international stage, according to a statement from the Dubai Government Media Office.
This initiative, part of the broader strategy to bolster Dubai's economy, aligns with the goals outlined in the Dubai Economic Agenda, D33, which aims to double the emirate's economic size. Sheikh Hamdan emphasized the significance of SMEs in maintaining Dubai's status as a global business and trade hub, given their substantial contribution to the economy.
The initiative is open to all SMEs in Dubai, regardless of the owner's nationality, and will focus on key sectors of the economy.
Emirates NBD, the largest lender in Dubai by market value, will provide financing to eligible companies at competitive rates, charging only the Emirates Interbank Offered Rate (Eibor) with no additional margin.
A joint steering committee comprising representatives from the Dubai government and Emirates NBD will oversee the initiative's implementation, select eligible SMEs, and ensure its alignment with the emirate's strategic objectives.
Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, emphasized the importance of supporting SMEs, which employ over 60 percent of Dubai's workforce, in line with the D33 Agenda.
Despite the challenges posed by the pandemic, Dubai's economy has maintained growth momentum, with sectors such as tourism, transportation, trade, financial services, and manufacturing driving economic expansion.
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Credits: The National News
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