Sheikh Hamdan launches Dh500m Initiative for SMEs Global Expansion Acceleration

The 'Dubai International Growth Initiative' has been initiated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. This endeavor aims to expedite the expansion of small and medium-sized enterprises (SMEs) founded in Dubai into international markets through the allocation of Dh500 million.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of Dubai Executive Council, has introduced the 'Dubai International Growth Initiative,' earmarking Dh500 million to accelerate the global expansion of small and medium-sized enterprises (SMEs) established in Dubai. The initiative is a collaboration between the Government of Dubai and the Emirates National Bank of Dubai (Emirates NBD).

Highlighting Dubai's pivotal role in the global economy and its position as an international business and trade hub, Sheikh Hamdan emphasized the importance of supporting SMEs, which constitute 95 percent of registered businesses in the emirate. The initiative aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, as well as the objectives of the Dubai Economic Agenda, specifically D33, aimed at doubling the size of the economy.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, emphasized the strategic commitment of the Dubai International Growth Initiative, allocating Dh500 million to support SMEs and contribute to the future development of Dubai's economy. SMEs play a crucial role, employing over 60 percent of the workforce in the emirate.

Entrepreneurs from any country can apply to this program, which is designed to help small and medium-sized enterprises (SMEs) based in Dubai grow internationally by concentrating on important strategic areas. In collaboration with the Government of Dubai, Emirates NBD will offer competitive financing rates based on the Emirates' Interbank Offered Rate (EIBOR) without additional margin. To direct the program, choose qualified SMEs, supervise its execution, and guarantee congruence with the emirate's long-term goals, a steering council made up of government and Emirates NBD officials will work together. Emirates NBD will reveal the funding program's specifics in February.

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