Hamdan launches Dhs500 million Dubai International Growth Initiative
- 28 Jan 2024
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the ‘Dubai International Growth Initiative’, allocating Dhs500 million to accelerate the expansion of small and medium-sized enterprises (SMEs) established in Dubai into global markets. The initiative was launched by the Government of Dubai in partnership with Emirates National Bank of Dubai (Emirates NBD).
Sheikh Hamdan underscored Dubai's pivotal role in the global economy and its leading position as an international hub for business and trade. “Guided by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and aligned with the objectives of the Dubai Economic Agenda, D33 to double the size of the economy, the Dubai International Growth Initiative will support the global expansion of SMEs founded in Dubai. Small and medium-sized enterprises play a vital role in the emirate's economy, comprising 95 percent of registered businesses,” Sheikh Hamdan said.
“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,” His Highness added.
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said, “Dubai has launched several initiatives aimed at empowering businesses, under the guidance of Sheikh Mohammed Bin Rashid Al Maktoum. Among these, the Dubai International Growth Initiative, which allocates Dhs500 million to support SMEs, serves as a strategic commitment to the future development of Dubai's economy.”
Sheikh Maktoum added, “Facilitating the sustainable global expansion of SMEs is a priority for the government in line with the D33 Agenda. These businesses play a pivotal role in the emirate, employing over 60 percent of the workforce. We express our appreciation to Emirates NBD for its strategic partnership with the Government of Dubai to support this initiative. The private sector remains a crucial partner in nurturing the growth of Dubai's economy.”
Open to all SMEs founded in Dubai, irrespective of the nationality of the owner, the initiative is designed to empower businesses to expand internationally. The initiative will focus on key strategic sectors of the emirate. Emirates NBD will announce further details on the financing programme in February.
Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin. A joint steering committee will be established, comprising representatives from the Government of Dubai and Emirates NBD, responsible for guiding the initiative, selecting eligible SMEs, overseeing the implementation and ensuring its success in meeting the emirate's strategic objectives.
WAM
