As per the annual report of Dubai SME, in 2023, the organization helped build 2,937 new firms and gave 1,186 Emirati entrepreneurs crucial support and direction.
The report moreover disclosed that the Mohammed Bin Rashid Fund for SME, a prominent effort of Dubai SME, furnished Dhs11.8 million in funding to sixteen projects, underscoring its critical function in bolstering entrepreneurial endeavors. Moreover, the Business Incubation Department services at Hamdan Innovation Incubator (HI2) provided assistance to 46 Emirati entrepreneurs launching technology-related businesses. Technology initiatives are essential for encouraging creativity, increasing output, and supporting competitiveness, economic expansion, and creating new job possibilities.
The Dubai Department of Economy and Tourism (DET) subsidiary, the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), increased the amount of incentives and services it provides, with a total value of Dhs233.4 million in 2023, thereby solidifying its position as a major force behind the expansion of the small and medium enterprise (SME) sector in the country.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, launched the Dubai Economic Agenda D33 intending to double Dubai’s economy by 2033 and solidify its place among the top three business and tourism destinations in the world. Dubai SME achieved significant milestones in 2023, demonstrating its commitment to supporting this agenda.
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