Dubai SME, an agency at the Dubai Department of Economy and Tourism (DET), boosted its support for entrepreneurs and businesses in the first half of 2024. This commitment ensures SMEs continue to drive economic growth in Dubai, aligning with the ambitious goals of the Dubai Economic Agenda, D33.
A legacy of support for entrepreneurs
From January to June, 2,714 entrepreneurs received guidance and training from Dubai SME, a 164.3 percent increase compared to the same period last year. Additionally, 1,373 Emirati entrepreneurs benefited from mentoring services, a 190.3 percent surge from H1 2023. Dubai SME also supported the creation of 1,986 new enterprises in the first half of 2024, a 57 percent rise compared to H1 2023, fostering growth across key sectors like general trading, real estate, and facilities management.
Since its inception in 2002, Dubai SME has provided guidance and training to 48,923 entrepreneurs, mentoring to 51,504 Emirati entrepreneurs, and supported the establishment of 18,429 local enterprises.
SMEs: Engine of Dubai’s growth
Abdul Baset Al Janahi, CEO of Dubai SME, emphasized the crucial role of SMEs in driving Dubai’s economic growth. He underscored the importance of recognizing their contributions, which are aligned with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and contribute towards achieving the goals of the D33 Agenda.
Al Janahi further highlighted Dubai SME’s commitment to supporting entrepreneurs and SMEs, enabling them to play a key role in positioning Dubai as a leading global city for business, tourism, and investment.
Supporting business growth through partnerships and funding
In the first half of 2024, Dubai SME assisted members in securing contracts worth AED395.4 million ($107.65 million) from both the public and private sectors, bringing the total value of contracts awarded since its inception to AED11.3 billion ($3.07 billion). The organization also established four new partnerships with private sector entities, bringing the total number to 16.
The Hamdan Innovation Incubator (Hi2), a Dubai SME initiative, continued to foster technological innovation. In H1 2024, 109 Emirati tech startups benefited from Hi2’s services, with the total number of licensed incubators in its network reaching 23. Meanwhile, the financial support from the Mohammed Bin Rashid Fund for SME, another Dubai SME initiative, doubled to over AED18 million in the first half of 2024.
In February, Dubai SME participated in the inaugural Hatta Farming Festival, showcasing entrepreneurs and SMEs from Hatta’s agricultural sector. The festival, aimed at inspiring and empowering local farmers, saw Dubai SME deliver a workshop to introduce its services and encourage new projects.
Read more: Dubai launches $136 million initiative to boost SMEs’ global expansion
Providing support during challenging times
Demonstrating its commitment to economic sustainability within the SME community, Dubai SME also launched an initiative to support businesses affected by the unprecedented rainfall in April. Through the Mohammad Bin Rashid Fund, the establishment provided financial assistance exceeding AED2.5 million, including grace periods of up to six months, and postponed the repayment of existing loans for citizen-owned SMEs.
As Dubai SME builds on the remarkable momentum of H1 2024, it remains dedicated to strengthening support mechanisms for SMEs, further solidifying Dubai’s position as a leading hub for business investment and innovation.
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