May 26, 2024
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Hamdan bin Mohammed launches AED500 million Dubai International Growth Initiative to accelerate global expansion of SMEs

 Hamdan bin Mohammed launches AED500 million Dubai International Growth Initiative to accelerate global expansion of SMEs

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the ‘Dubai International Growth Initiative’, allocating AED500 million to accelerate the expansion of small and medium-sized enterprises (SMEs) established in Dubai into global markets. The initiative was launched by the Government of Dubai in partnership with Emirates National Bank of Dubai (Emirates NBD).

H.H. Sheikh Hamdan underscored Dubai’s pivotal role in the global economy and its leading position as an international hub for business and trade. “Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and aligned with the objectives of the Dubai Economic Agenda, D33 to double the size of the economy, the Dubai International Growth Initiative will support the global expansion of SMEs founded in Dubai. Small and medium-sized enterprises play a vital role in the emirate’s economy, comprising 95 percent of registered businesses,” Sheikh Hamdan said.

“The consistent and robust support for entrepreneurs, investors and SMEs reflects Dubai’s business-friendly environment, making it an attractive destination for both local and global investments,” His Highness added.

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said, “Dubai has launched several initiatives aimed at empowering businesses, under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum. Among these, the Dubai International Growth Initiative, which allocates AED500 million to support SMEs, serves as a strategic commitment to the future development of Dubai’s economy.”

H.H. Sheikh Maktoum added, “Facilitating the sustainable global expansion of SMEs is a priority for the government in line with the D33 Agenda. These businesses play a pivotal role in the emirate, employing over 60 percent of the workforce. We express our appreciation to Emirates NBD for its strategic partnership with the Government of Dubai to support this initiative. The private sector remains a crucial partner in nurturing the growth of Dubai’s economy.”

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