Dubai has launched the ‘Dubai International Growth Initiative,’ allocating $136 million (Dh 500 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), and will be open to all SMEs founded in Dubai, irrespective of the nationality of the owner.
The allocation for the ‘Dubai International Growth Initiative’ was announced on Sunday by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of Dubai Executive Council, according to Emirates News Agency (WAM).
The initiative is designed to empower businesses and to support the global expansion of SMEs founded in Dubai and will focus on key strategic sectors of the emirate.
Sheikh Hamdan underscored the emirate’s pivotal role in the global economy and its leading position as an international hub for business and trade and said the initiative is aligned with the objectives of the Dubai Economic Agenda, D33, to double the size of the economy,
“Small and medium-sized enterprises play a vital role in the emirate’s economy, comprising 95 percent of registered businesses,” Sheikh Hamdan said.
“Small and medium-sized enterprises play a vital role in the emirate’s economy, comprising 95 percent of registered businesses,” he said. “The private sector remains a crucial partner in nurturing the growth of Dubai’s economy.”
Financing at competitive rates
Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin.
A joint steering committee will be established, comprising representatives from the Government of Dubai and Emirates NBD, responsible for guiding the initiative, selecting eligible SMEs, overseeing the implementation and ensuring its success in meeting the emirate’s strategic objectives.
Emirates NBD will announce further details on the financing program in February.
Source : Al Arabiya
