Dubai, UAE — Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth Initiative’, allocating AED500 million to accelerate the expansion of small and medium-sized enterprises (SMEs) established in Dubai into global markets.
The initiative was launched by the Government of Dubai in partnership with Emirates National Bank of Dubai (Emirates NBD).
Open to all SMEs founded in Dubai, irrespective of the nationality of the owner, the initiative is designed to empower businesses to expand internationally. The initiative will focus on key strategic sectors of the emirate. Emirates NBD will announce further details on the financing programme in February.
Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin.
A joint steering committee will be established, comprising representatives from the Government of Dubai and Emirates NBD, responsible for guiding the initiative, selecting eligible SMEs, overseeing the implementation and ensuring its success in meeting the emirate’s strategic objectives.
Sheikh Hamdan underscored Dubai’s pivotal role in the global economy and its leading position as an international hub for business and trade. “
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Aligned with the objectives of the Dubai Economic Agenda, D33 to double the size of the economy, the Dubai International Growth Initiative will support the global expansion of SMEs founded in Dubai, an official statement said.
“Small and medium-sized enterprises play a vital role in the emirate’s economy, comprising 95 percent of registered businesses,” Sheikh Hamdan said.
“The consistent and robust support for entrepreneurs, investors and SMEs reflects Dubai’s business-friendly environment, making it an attractive destination for both local and global investments,” he added.
