HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council, has inaugurated the ‘Dubai International Growth Initiative,’ dedicating AED500 million to foster the global growth of small and medium-sized enterprises (SMEs) originating from Dubai. This initiative is a collaborative effort between the Government of Dubai and Emirates National Bank of Dubai (Emirates NBD).
Highlighting Dubai’s significant role in the world economy and its status as a leading business and trade hub, HH Sheikh Hamdan bin Mohammed emphasized, “Inspired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, and in line with the Dubai Economic Agenda D33’s goal to double the economy’s size, the Dubai International Growth Initiative aims to assist SMEs from Dubai in achieving global presence. SMEs, constituting 95% of the emirate’s businesses, are crucial to our economy,” stated Sheikh Hamdan.
He added, “The continuous, strong backing for entrepreneurs, investors, and SMEs reflects the business-conducive environment in Dubai, enhancing its appeal for both local and international investment.”
HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, remarked: “Under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai has initiated several programs to empower businesses. The Dubai International Growth Initiative is a key strategic pledge to Dubai’s economic growth, with a substantial AED500 million allocated to support SMEs.”
HH Sheikh Maktoum further noted, “Promoting the sustainable global growth of SMEs aligns with our D33 Agenda. These enterprises are vital in the emirate, employing over 60% of the workforce. We are grateful to Emirates NBD for partnering strategically with the Government of Dubai in this endeavor. The private sector is integral to fostering Dubai’s economic development.”
This initiative, open to all Dubai-based SMEs regardless of the owner’s nationality, aims to enable businesses to branch out internationally, focusing on key strategic sectors of the emirate. Further details on the financing program will be released by Emirates NBD in February.
Emirates NBD will offer competitive financing to qualifying companies, based on the Emirates’ Interbank Offered Rate (EIBOR) without additional charges. A joint steering committee, comprising representatives from both the Government of Dubai and Emirates NBD, will be established to guide this initiative, select eligible SMEs, oversee its execution, and ensure its alignment with the strategic goals of the emirate.
