The Dubai Department of Economy and Tourism (DET) has forged a partnership with Network International, a prominent facilitator of digital commerce across the Middle East and Africa. This collaboration aims to boost Dubai’s digital economy and foster the development of small and medium-sized enterprises (SMEs) and fintech companies within the emirate.
Officially signed during Gitex Global 2024, this agreement is set to enhance Dubai’s digital payment infrastructure, enabling better access to financing and payment solutions for businesses. It aligns with the Dubai Economic Agenda, D33, which seeks to double the size of Dubai’s economy by 2033 and elevate economic productivity by 50 percent through innovation and digital transformation. The partnership also aims to solidify Dubai’s status as a premier global city for both business and leisure, making it the most appealing and rapidly growing business hub for multinational corporations (MNCs), SMEs, and Emirati entrepreneurs.
The Memorandum of Understanding (MoU) was signed in the presence of H.E. Helal Saeed Almarri, director general of DET, and Nandan Mer, group CEO of Network International. The signing was carried out by Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), and Jamal Al Nassai, group managing director for Merchant Services – Middle East and North Africa (MENA) at Network International.
Enhancing capital access
Recognizing the crucial role of SMEs and fintech in driving Dubai’s economic advancement, DET and Network International will combine their expertise to launch initiatives that enhance capital access and innovative financial technologies for SMEs. This includes tailored loan programs and grants developed alongside financial institutions to promote business growth and innovation. They will also work together to offer digital payment solutions at favorable rates for micro and startup enterprises. Advanced digital payment systems and e-commerce platforms will be established to help SMEs based in Dubai expand their market presence, both locally and globally, thereby boosting their competitiveness and growth potential. Additional support will come in the form of preferential payment solutions aimed at alleviating the financial pressures faced by emerging businesses.
Cultivating a fintech startup ecosystem
DET and Network International will also collaborate to cultivate a fintech startup ecosystem that provides essential support, including access to markets and customers, mentorship, and facilitation of seed and growth capital through a public-private partnership model. Furthermore, they will investigate the creation of a fintech solution for micro-lending that utilizes data from point-of-sale transactions and banking information to streamline the customer onboarding process and enhance credit risk assessments for SMEs.
Empowering SMEs through finance
Hadi Badri, CEO of DEDC, noted that the partnership with Network International reflects a commitment to equipping SMEs with vital resources for growth, which significantly contributes to the ambitious goals of the Dubai Economic Agenda, D33. He emphasized that by improving access to finance and payment solutions, they empower SMEs and ensure that Dubai remains a leader in digital innovation. He mentioned that, under the guidance of the city’s visionary leadership, this collaboration underscores their dedication to fostering an environment focused on innovation, sustainability, and global scalability. He added that, in an increasingly digital world, SMEs can rely on Dubai for comprehensive, state-of-the-art solutions necessary for success.
Leveraging digital payment expertise
Jamal Al Nassai, group managing director for Merchant Services – MENA at Network International, remarked that SMEs are the backbone of the UAE economy, driving innovation and growth across all sectors. He expressed pride in the strategic partnership with Dubai’s DET, which supports the government’s vision of empowering SMEs through advanced payment solutions and value-added services, including rapid access to capital at competitive rates. He stated that this enables SMEs to thrive in today’s dynamic market. He also highlighted that, by leveraging their expertise in digital payments, they aim to create an ecosystem that simplifies access to financial resources and enhances the overall business landscape for SMEs. He concluded by noting that this collaboration underscores their commitment to fostering economic growth, supporting the D33 Agenda, and reinforcing the UAE’s position as a global hub for entrepreneurship and innovation.
Read more: Gitex Global 2024: e& UAE, Airbus partner to enhance enterprise communication solutions
Promoting innovation and talent
To encourage innovation and attract talent to emerging industries, DET and Network International will collaborate with government entities to streamline regulatory processes for SMEs. Additionally, this includes offering guidance on compliance with local trade regulations. It also covers compliance with international trade regulations. This further ensures SMEs can operate effectively and efficiently. The partnership will also integrate backend systems, such as the Dubai Unified License platform, to develop a comprehensive data repository that will analyze sales patterns and spending behaviors, providing invaluable insights for SMEs.
Streamlining operations and reducing costs
The MoU represents a crucial milestone in accelerating the digital transformation of Dubai’s economy. It delivers enhanced efficiencies and opportunities to the vital SME sector. Through this partnership, DET and Network International aspire to further empower SMEs by granting access to advanced digital tools and payment solutions that streamline operations, reduce costs, and open new avenues for growth. By enabling more efficient, data-driven business practices, this collaboration will ensure that Dubai’s SMEs continue to play a pivotal role in the city’s economic advancement and global competitiveness.
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