Hamdan bin Mohammed launches AED500 million Dubai International Growth Initiative for SMEs

Dubai: H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has introduced the ‘Dubai International Growth Initiative,’ earmarking AED500 million to expedite the global expansion of small and medium-sized enterprises (SMEs) established in Dubai. The initiative, a collaboration between the Government of Dubai and Emirates National Bank of Dubai (Emirates NBD), aims to bolster Dubai’s standing as a global economic player and a premier hub for business and trade.

Highlighting Dubai’s pivotal role in the global economy and its position as an international business hub, Sheikh Hamdan emphasized the initiative’s alignment with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. The Dubai International Growth Initiative is set to support the global expansion of SMEs in Dubai, recognizing their vital contribution, constituting 95 percent of registered businesses in the emirate.

Sheikh Hamdan stated, “The consistent and robust support for entrepreneurs, investors and SMEs reflects Dubai’s business-friendly environment, making it an attractive destination for both local and global investments.”

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, underscored the strategic commitment to Dubai’s economic future through initiatives like the Dubai International Growth Initiative. He noted that supporting the sustainable global expansion of SMEs aligns with the D33 Agenda, emphasizing the importance of the private sector as a crucial partner in fostering Dubai’s economic growth.

Open to all SMEs in Dubai regardless of ownership nationality, the initiative aims to empower businesses for international expansion, focusing on key strategic sectors. Emirates NBD will unveil details on the financing program in February, providing competitive 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 guide the initiative, select eligible SMEs, oversee implementation, and ensure alignment with the emirate’s strategic objectives.