In the first half of 2024, the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) significantly increased its support for local entrepreneurs, contributing to Dubai’s robust economic landscape.
This initiative aligns with the Dubai Economic Agenda, D33, which targets doubling the emirate’s economy by 2033 and enhancing its global business reputation.
Released on World Entrepreneurs Day, Dubai SME’s H1 2024 results reveal substantial growth. From January to June, 2,714 entrepreneurs received guidance and training, marking a 164.3% increase compared to the previous year. Emirati entrepreneurs particularly benefited, with mentoring services soaring by 190.3% to support 1,373 individuals. The establishment of 1,986 new enterprises represented a 57% rise over the same period in 2023.
Since its inception in 2002, Dubai SME has assisted 48,923 entrepreneurs with guidance and training, mentored 51,504 Emiratis, and facilitated the creation of 18,429 enterprises. CEO Abdul Baset Al Janahi highlighted the critical role of SMEs in Dubai’s economic expansion, aligning with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum.
“Our focus remains on identifying investment opportunities and fostering innovation to ensure a vibrant economic future for Dubai,” Al Janahi stated.
In H1 2024, Dubai SME secured contracts worth AED395.4 million for its members and formed four new private sector partnerships, bringing the total to 16. The Hamdan Innovation Incubator (Hi2) was instrumental in supporting 109 Emirati tech startups, while the Mohammed Bin Rashid Fund for SME doubled its financial backing to over AED18 million.
Additionally, Dubai SME provided over AED2.5 million in aid and loan repayment grace periods to businesses affected by April’s unusual rainfall, underscoring its commitment to strengthening Dubai’s status as a premier business hub.
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