The ‘Dubai International Growth Initiative’ was inaugurated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Chairman of the Executive Council of Dubai, on Sunday.
An allocation of Dh500 million has been earmarked for this initiative, aimed at accelerating the global expansion of small and medium-sized enterprises (SMEs) based in Dubai. Launched in collaboration with Emirates NBD, the initiative underscores the Government of Dubai’s commitment to fostering the international growth of SMEs.
Sheikh Hamdan emphasized Dubai’s pivotal role in the global economy and its prominence as an international hub for business and trade. He stated, “The Dubai International Growth Initiative will provide essential support for the global expansion of SMEs rooted in Dubai, constituting 95 percent of registered businesses and playing a vital role in the emirate’s economy.”
Highlighting Dubai’s business-friendly environment, Sheikh Hamdan added, “Consistent and robust support for entrepreneurs, investors, and SMEs enhances Dubai’s attractiveness as a destination for both local and global investments.”
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, expressed that the Dubai International Growth Initiative, allocating Dh500 million to support SMEs, is a strategic commitment to the future development of Dubai’s economy. He stressed the government’s priority in facilitating the sustainable global expansion of SMEs, aligning with the D33 Agenda.
Sheikh Maktoum conveyed gratitude to Emirates NBD for its strategic partnership with the Government of Dubai in supporting the initiative. He highlighted the importance of the private sector as a crucial partner in nurturing the growth of Dubai’s economy.
Open to all SMEs established in Dubai, regardless of the owner’s nationality, the initiative aims to empower businesses for international expansion, focusing on key strategic sectors of the emirate. Further details on the financing program by Emirates NBD will be announced in February.
Emirates NBD will offer competitive financing rates, pegged to the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin. A joint steering committee, comprising representatives from the Government of Dubai and Emirates NBD, will oversee the initiative, including the selection of eligible SMEs, implementation, and ensuring its success in meeting the emirate’s strategic objectives.
Publish January 28, 2024
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