As the UAE celebrates its 53rd Eid Al Etihad, the country reflects on its journey of remarkable achievements while looking ahead to a future driven by innovation and ambition. With world-class infrastructure, supportive policies, and access to global markets, the UAE has become a leading hub for entrepreneurs. Various initiatives and funding opportunities empower them to fuel the country’s economic growth and lay the groundwork for a future of creativity and technological advancement.
Empowering SMEs
One of the key entities driving this entrepreneurial spirit is the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), part of the Dubai Department of Economy and Tourism (DET). Since its inception in 2002, Dubai SME has been playing a pivotal role in nurturing the entrepreneurial ecosystem, fostering the success of many entrepreneurs eager to transform their business ideas into reality. As of the end of H1 2024, Dubai SME has provided guidance and training services to 48,923 Emirati entrepreneurs and mentoring services to 51,504 Emirati entrepreneurs while also assisting in the establishment of a total of 18,429 local enterprises.
Aligned with Dubai’s wider economic strategy, Dubai SME offers a range of support mechanisms to help entrepreneurs navigate the complexities of starting and growing a business. These efforts are bolstering foreign investment and further reinforcing Dubai’s position as a leading destination for business and investment.
“On this Eid Al Etihad, we celebrate the visionary leadership that has established the UAE as a global hub for innovation and opportunity,” said His Excellency Abdul Baset Al Janahi, CEO of Dubai SME. “Dubai SME is committed to nurturing a culture of entrepreneurship, empowering our local talent, and driving the diversification of Dubai’s economy. This is in line with the ambitious goals of the Dubai Economic Agenda, D33, to double the size of Dubai’s economy in the decade up to 2033 and to further consolidate Dubai’s position as a leading global city for business and leisure.”
Support and funding for Emirati entrepreneurs
Dubai SME provides a wide range of services to support the establishment and enhance the growth of Emirati-owned SMEs in Dubai. These services include financial and technical support, training programs, business incubation, and entrepreneurship promotion, as well as exemptions in licensing and rent, access to markets, and mentoring opportunities.
One of the routes for this is the Hamdan Innovation Incubator (HI2), which was established by Dubai SME to support entrepreneurs by providing mentorship, guidance, and financial support. In H1 2024, 109 Emirati tech startups benefited from HI2’s services, with the total number of licensed incubators in its network reaching 23.
During the same period, the financial support from the Mohammed Bin Rashid Fund for SME (MBRF), another initiative of Dubai SME, doubled to more than AED18 million. Through MBRF, Dubai SME has also provided relief for businesses that were affected by the unprecedented rainfall experienced in April this year, showcasing its commitment to supporting entrepreneurs in times of need.
Success stories
Several Emirati entrepreneurs have greatly benefited from the support of Dubai SME. Lamis Al Hashimy, co-founder of Palmade Biodegradable Cutlery, credits Dubai SME with providing the incentives and resources that have been instrumental in scaling the business. Palmade offers an innovative local solution to combat single-use plastic by creating eco-friendly cutlery from fallen date palm trees.
“The support we’ve received, from funding to advisory resources, has empowered the brand to grow responsibly, with a focus on making a meaningful, sustainable impact,” she explained.
Similarly, Shamis Al Shamsi, co-founder of Syspos, a company that transforms business operations through innovative solutions, highlights the importance of Dubai SME’s support in terms of networking, mentorships, and reduced licensing costs. These factors have been crucial in facilitating Syspos’ rapid expansion, both locally and internationally.
The company, which started as a basic point-of-sale system, has evolved into a comprehensive platform of cloud-based and artificial intelligence (AI) driven solutions. It has expanded its market reach internationally and has established strategic partnerships in key regions with the support of Dubai SME. Syspos currently serves more than 400 clients across multiple sectors, including retail, F&B, and airports.
Professor Nahyan Helal, founder and CEO of HMC Group, highlighted the important role Dubai SME played in the growth of his occupational health services company, which provides services such as employee fitness testing. The financial support, along with the training, mentorship, and business development programs, have all been instrumental in helping increase its market impact and expand to Abu Dhabi from Dubai.
“Dubai’s business-friendly environment, global connectivity, and world-class infrastructure make it the ideal place to do business,” said Prof. Nahyan.
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Guidance and training
In H1 2024, Dubai SME provided guidance and training services to a total of 2,714 entrepreneurs, which is a 164.3 percent increase compared to 1,027 in the same period in 2023. The number of Emirati entrepreneurs benefitting from Dubai SME’s mentoring services also rose an impressive 190.3 percent, reaching a total of 1,373 entrepreneurs. Meanwhile, Dubai SME supported the establishment of 1,986 new enterprises in the first half of 2024, a 57 percent rise compared to H1 2023, driving growth across key sectors such as general trading, real estate, and facilities management.
With the continued support of Dubai SME, the future looks bright for Emirati entrepreneurs. By providing critical resources and expert guidance, Dubai SME is helping entrepreneurs unlock their potential and drive the next wave of innovation and growth.
