Dubai SME expands role in driving growth - GulfToday

Dubai SME expands role in driving growth

Entrepreneurship

The photo has been used for illustrative purposes.

The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a subsidiary of the Dubai Department of Economy and Tourism (DET), expanded its role as a key driver of the emirate’s small and medium enterprise (SME) sector’s growth, with the total value of its incentives and services reaching Dhs233.4 million in 2023.

Dubai SME achieved significant milestones in 2023, reflecting its commitment to contributing to the goals of the Dubai Economic Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, with the aim of doubling Dubai’s economy by 2033 and consolidating its position among the world’s top three cities for business and tourism.

According to Dubai SME’s annual report, the organisation facilitated the establishment of 2,937 new businesses in 2023 and provided vital support and guidance services to 1,186 Emirati entrepreneurs.

The report also revealed that the Mohammed Bin Rashid Fund for SME, a key initiative of Dubai SME, provided Dhs11.8 million worth of funding to 16 projects, highlighting its pivotal role in supporting entrepreneurial initiatives. Furthermore, 46 Emirati entrepreneurs with start-ups in the technology sector received support from the Business Incubation Department services at Hamdan Innovation Incubator (HI2). Technology projects play a key role in fostering innovation, boosting productivity and contributing to competitiveness, economic growth and the creation of new job opportunities.

 

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