In 2023, Dubai SME, a key department under the Dubai Department of Economy and Tourism, emerged as a powerful driver for the city’s small and medium enterprise (SME) sector. Their commitment to fostering entrepreneurial growth is evident in their annual report, which highlights a record-breaking Dhs233.4 million invested in incentives and services. This strategic investment signifies a clear focus on propelling SME growth and solidifying Dubai’s position as a hub for innovation and business development.
This strategic focus translated into tangible results. Dubai SME played a pivotal role in facilitating the launch of an impressive 2,937 new businesses in 2023. This significant number demonstrates the organization’s success in fostering a supportive environment for aspiring entrepreneurs to turn their ideas into reality. Furthermore, Dubai SME recognized the importance of ongoing support beyond the initial launch phase. They provided essential guidance and support services to 1,186 Emirati entrepreneurs. These services equipped these budding business owners with the tools and knowledge necessary to navigate the challenges and opportunities that come with establishing and growing a successful venture.
The annual report also sheds light on the impactful initiatives undertaken by Dubai SME. A cornerstone program, the Mohammed Bin Rashid Fund for SME, exemplifies their dedication to empowering entrepreneurs. This critical program directly contributed to the success of 16 projects in 2023 by providing Dhs11.8 million in funding. By fostering innovation and supporting promising ventures, the Mohammed Bin Rashid Fund for SME plays a vital role in propelling Dubai’s entrepreneurial ecosystem forward.
Publish 17 Apr 2024
Source: https://gulfbusiness.com/dubai-boosts-smes-growth-with-dhs233m-in-2023/
Connect with our Business Setup Experts to know more: hidubai@smartzonesuae.com
+971 529604444 / +971 43614555
