Dubai SME reaches huge milestones, reshapes entrepreneurial landscape

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), part of the Dubai Department of Economy and Tourism (DET), marked a breakthrough year in 2024, delivering milestone achievements that reinforced Dubai’s position as a major hub for entrepreneurial growth.

The 2024 results contributed significantly to advancing Emirati entrepreneurship and accelerating the expansion of the SME sector. These accomplishments align with the ambitious goals of the Dubai Economic Agenda D33, which aims to double the size of the city’s economy by 2033 and further consolidate its position as a leading global destination for business and leisure.

The past year saw Dubai SME reinforcing its role as a catalyst for economic transformation and a driver of Emirati entrepreneurship through a comprehensive range of services and opportunities.

In 2024, Dubai SME facilitated the launch of 3,461 new Emirati businesses, 524 more than in the previous year, bringing the total number of supported SMEs to 19,904 since 2002, the year Dubai SME was founded.

Advisory services were also offered to 3,075 entrepreneurs who benefited from expert guidance and mentorship, more than double the number supported in 2023, bringing the total number of beneficiaries to 53,206 since 2002.

In line with the UAE’s Year of Community, which aims to unlock the potential of individuals, families, and organisations by developing skills, nurturing talents, and fostering innovation and entrepreneurship, Dubai SME continues to support home-grown businesses throughout their journey – from ideation to expansion – enabling them to develop their skills, thrive locally, and scale globally.

In line with its mission to build operational excellence among startups, the establishment delivered training programmes and awareness sessions to 5,498 entrepreneurs in 2024, compared to 1,627 in 2023, further reinforcing its commitment to equipping entrepreneurs with the knowledge needed to achieve long-term success.

Dubai SME also extended commercial promotion and digital marketing support to 531 startups in 2024, up from 363 startups in 2023, boosting the online presence of 3,989 entrepreneurs to date.

The Mohammed Bin Rashid Fund for SME (MBRF), the funding arm of Dubai SME, remained instrumental in empowering entrepreneurs through financial support, guidance, and consultancy. In 2024, MBRF funded 44 projects, amounting to AED35.17 million, raising the total number of projects supported to 168 and the overall funding value to AED137 million since its inception in 2015.

In addition, the Hamdan Innovation Incubator (HI2), an initiative by Dubai SME, supported 66 entrepreneurs in 2024, a significant increase from 29 businesses in 2023, reaching 826 total startups supported through increased market access, expansion, and financial guidance.

Ahmad Al Room Almheiri, Acting CEO of the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), said, “Inspired by the visionary leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, we have laid the foundation for sustainable growth through innovative policies and robust support systems. As we continue to advance towards achieving the D33 goals, Dubai SME remains committed to supporting the growth of the next generation of entrepreneurs across various sectors. By providing financial and technical guidance, we enable businesses to build a strong market presence, including the development and global expansion of Emirati companies.

“Our achievements in 2024 reflect the tangible impact of our comprehensive strategy around supporting SMEs. By actively integrating entrepreneurs and Emirati talent into the SME ecosystem, we are empowering them to scale their operations and drive the city’s economic growth. This reflects our unwavering commitment to fostering a vibrant business environment that benefits both individual enterprises and the broader community. Looking ahead, we will continue focusing on strengthening our collaborations with both the public and private sectors to maintain Dubai’s economic competitiveness and solidify its position as a leading global city for business, investment, and innovation.” Throughout 2024, Dubai SME rolled out transformative initiatives that amplified its reach. In February 2024, Dubai SME participated in the inaugural Hatta Farming Festival, where it showcased entrepreneurs and SMEs from Hatta’s agricultural sector. During the festival, Dubai SME conducted a workshop to introduce its support services, inspiring and encouraging SMEs to turn ideas into viable ventures.

Through MBRF, Dubai SME launched an initiative to support UAE-based SMEs impacted by the rainfall that took place in April 2024. The relief included financial assistance exceeding AED2.5 million, grace periods of up to six months, and deferred loan repayments for eligible Emirati SME owners.

Dubai SME also continued to support businesses by giving them access and prominence at major events, including: Global Village: Dubai SME continued its long-standing partnership with Global Village, the region’s leading family destination for culture, shopping and entertainment. During Global Village’s 28th edition, which ran until April 2024, Dubai SME allocated 30 kiosks to Emirati entrepreneurs. Since 2005, this collaboration has supported more than 730 projects.

WAM