Dubai Allocates Dh500 Million for International Growth Initiative

Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, announced the ‘Dubai International Growth Initiative’ that would strengthen small and medium enterprises (SMEs) in international markets with Dh500 million allocation. The program in partnership with Emirates NBD is set to take Dubai SMEs to the world stage.

Sheikh Hamdan brought to light the importance of Dubai in the global economy by indicating that such initiative supported SMEs as they constituted 95% registered businesses in the emirate. He emphasized the business-friendly nature of Dubai, attracting both local and international investments.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, commended the initiative as a step by Dubai towards business empowerment and in line with the D33 Agenda. SMEs that account for more than 60% of the workforce in Dubai continue to play a key role on its economic landscape.

This initiative which is accessible to all Dubai-based SMEs regardless of the ownership nationality helps create sustainable global expansion. It aims at critical strategic sectors and offers competitive financing through Emirates NBD, tied to the Emirate’s Interbank Offered Rate (EIBOR) without margin.

The initiative will be overseen by a joint steering committee that includes government and Emirates NBD representatives, which will select eligible SMEs, and ensure the alignment with Dubai’s strategic objectives. Emirates NBD will reveal additional details about the financing program in February, a move that indicates an effort to strengthen Dubai’s SME environment.

The support of Sheikh Hamdan and Sheikh Maktoum highlights Dubai’s drive to promote small business development and economic diversification. The initiative is a reflection of the proactive approach of Dubai in adjusting to changing global economic scenarios sustaining homegrown businesses performing well abroad.