The government of Dubai, in collaboration with Emirates NBD Bank, has launched a new initiative to support entrepreneurs. The emirate has created a special program called the Dubai International Growth Fund for SMEs and has already allocated AED 500M (USD 136M) worth of funds. Anyone can apply for financial support through this initiative, regardless of nationality, as long as they own a business in Dubai and aim to expand it into the international market.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Emirate's Executive Council, stated that Dubai is at the forefront of the global economy as an international centre for business and trade. The new initiative will support the global expansion of small and medium-sized businesses that are based in Dubai. He explains that facilitating SMEs entry and development in the international market is one of the priorities of Dubai’s economic development program, D33.
Small and medium-sized businesses are vital to the emirate’s economy as they make up a whopping 95% of the total number of registered companies in Dubai. They also employ more than 60% of the entire workforce.
Companies that take part in the new program will be given additional opportunities to enter the global market and expand and develop their business. One important aspect of the program is that certain companies will receive interest-free loans. A special committee will be created in order to select which candidates can participate in the program. More detailed information will be announced in February 2024.
The new support measures are expected to promote the growth of local and global investment in the emirate, as well as attract talented entrepreneurs from all over the world to Dubai. Therefore, this will result in many new businesses being established and existing ones to expand and launch new products and services.