His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the ‘Dubai International Growth Initiative’, allocating Dhs 500 million to accelerate the expansion of small and medium-sized enterprises (SMEs). This initiative, a collaborative effort between the Government of Dubai and Emirates National Bank of Dubai (Emirates NBD), aims to support SMEs in reaching international markets.
His Highness Sheikh Hamdan emphasised Dubai's crucial role in the global economy and its position as a leading international business and trade hub. The Dubai International Growth Initiative aims to aid the worldwide expansion of SMEs originating in Dubai, recognising the significant contribution of these enterprises, which constitute 95% of registered businesses, to the emirate's economy.
“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,” His Highness Sheikh Hamdan added.
The initiative is open to all SMEs established in Dubai, regardless of the owner's nationality, with the goal of enabling these businesses to pursue international expansion. It will specifically target key strategic sectors within the emirate. Additional information about the financing program will be disclosed by Emirates NBD in February.
Emirates NBD will offer financing to qualifying businesses at competitive rates, aligning with the Emirates’ Interbank Offered Rate (EIBOR) without any additional margin. A collaborative steering committee will be formed, consisting of representatives from the Government of Dubai and Emirates NBD. This committee will guide the initiative, choose eligible SMEs, supervise its implementation, and ensure its alignment with the emirate's strategic goals for success.
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