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Dubai International Growth Initiative to help SMEs establish global presence

 

Dubai has announced a Dh500 million ($136 million) Dubai International Growth Initiative to support small and medium-sized enterprises (SMEs) in the emirate to expand in regional and global markets. The initiative is part of Dubai’s strategic commitment to the future development of the economy, as SMEs represent over 90% of registered businesses in the UAE and provide the most job opportunities.

The initiative is open to all SMEs founded in Dubai, regardless of their nationality, and Emirates NBD, the largest lender in Dubai by market value, will provide financing to eligible companies at competitive rates. A joint steering committee will be established to guide the initiative, select eligible SMEs, oversee the implementation process, and ensure the move succeeds in meeting the emirate’s strategic objectives.

Dubai remains the commercial, financial, and tourism hub of the Middle East, and SMEs are crucial to maintaining the city’s position as an international hub for business and trade. The Dubai International Growth Initiative aligns with the objectives of the Dubai Economic Agenda, D33, to double the size of the economy and support the global expansion of SMEs founded in Dubai. Dubai has maintained growth momentum since bouncing back from the COVID-driven slowdown, with its economy expanding by an annual 3.3% in the first nine months of 2023, supported by growth in tourism and transportation sectors.

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