Employment Dubai’s $136m boost to drive global growth of SMEs By Pramod Kumar January 29, 2024, 4:07 AM Wam Emirates NBD will finance eligible SMEs at competitive rates, charging the Eibor with no additional margin Dubai has allocated AED500 million ($136.13 million) to support small and medium-sized enterprises (SMEs) with ambitions to scale up globally. The initiative was launched in partnership with Emirates NBD, the UAE state-run Wam news agency reported. The Dubai international growth initiative will support the global expansion of SMEs founded in the emirate, Dubai Crown Prince and chairman of Dubai Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said. Dubai launches small business plan to support Emirati retirees Dubai SMEs will thrive in the digital economy Dubai SMEs turn to banks as VC funding declines SMEs play a vital role in the emirate’s economy, comprising 95 percent of registered businesses, he added. “The consistent and robust support for entrepreneurs, investors and SMEs reflects Dubai’s business-friendly environment, making it an attractive destination for local and global investments.” Facilitating the sustainable global expansion of SMEs is a priority for the government in line with the D33 Agenda, said finance minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. “These businesses play a pivotal role in the emirate, employing over 60 percent of the workforce. 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 owner’s nationality, the initiative will focus on key strategic sectors of the emirate. The Dubai-listed bank will finance 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 Dubai government and Emirates NBD, who will guide the initiative, select eligible SMEs and oversee the implementation. Emirates NBD will announce further details on the financing programme next month.
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