In a significant boost for the local economy, the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) has ramped up its support for entrepreneurs and businesses in the first half of 2024.
This enhancement aligns with the Dubai Economic Agenda, D33, which aims to double the emirate’s economy by 2033 and solidify its global business and leisure standing.
Released on World Entrepreneurs Day, Dubai SME’s H1 2024 results highlight impressive growth. From January to June, 2,714 entrepreneurs received guidance and training—an increase of 164.3% from the previous year. Emirati entrepreneurs benefitted notably, with mentoring services rising by 190.3% to 1,373 individuals. Additionally, the establishment of 1,986 new enterprises marked a 57% rise compared to the same period in 2023.
Since its inception in 2002, Dubai SME has supported a total of 48,923 entrepreneurs through guidance and training, 51,504 Emiratis with mentoring, and facilitated the creation of 18,429 enterprises. CEO Abdul Baset Al Janahi emphasized the pivotal role of SMEs in Dubai’s economic growth, driven by 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.
During H1 2024, Dubai SME secured contracts worth AED395.4 million for its members and established four new private sector partnerships, bringing the total to 16. The Hamdan Innovation Incubator (Hi2) played a crucial role, assisting 109 Emirati tech startups, and the Mohammed Bin Rashid Fund for SME doubled its financial support to over AED18 million.
Additionally, Dubai SME supported businesses affected by April’s unprecedented rainfall with over AED2.5 million in financial aid and loan repayment grace periods. The establishment’s continued efforts underscore its commitment to bolstering Dubai’s position as a premier business hub.
News Source: Emirates News Agency
