On Sunday, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, introduced the ‘Dubai International Growth Initiative.’ This initiative allocates Dh500 million to expedite the growth of small and medium-sized enterprises (SMEs) established in Dubai, helping them expand into global markets. The Government of Dubai collaborated with Emirates NBD to launch this program.
Sheikh Hamdan emphasized Dubai’s crucial role in the global economy and its position as a leading international business and trade hub. He stated, “The Dubai International Growth Initiative will support the global expansion of SMEs founded in Dubai. Small and medium-sized enterprises play a vital role in the emirate’s economy, comprising 95 per cent of registered businesses.” He also highlighted Dubai’s business-friendly environment, making it an attractive destination for local and global investments.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, noted that Dubai has initiated various programs to empower businesses. He stated that the Dubai International Growth Initiative, allocating Dh500 million to support SMEs, is a strategic commitment to the future development of Dubai’s economy. Facilitating the sustainable global expansion of SMEs aligns with the government’s priorities, as these businesses employ over 60 per cent of the workforce in the emirate.
The initiative welcomes all SMEs founded in Dubai, regardless of the owner’s nationality, with the aim of enabling them to expand internationally. It will concentrate on strategic sectors within the emirate. Emirates NBD will reveal further details about the financing program in February.
Emirates NBD will provide financing to eligible companies at competitive rates, aligning with the Emirates’ Interbank Offered Rate (EIBOR) without any additional margin. A joint steering committee will be formed, consisting of representatives from the Government of Dubai and Emirates NBD, responsible for guiding the initiative, selecting eligible SMEs, overseeing its implementation, and ensuring it meets the emirate’s strategic objectives.
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