A Dh500m initiative has been unveiled to boost the growth of small and medium-sized enterprises into global markets.
The so-called Dubai International Growth Initiative, unveiled by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, was launched by the Government of Dubai in partnership with Emirates NBD.
"The consistent and robust support for entrepreneurs, investors and SMEs reflects the emirate's business-friendly environment, making it an attractive destination for both local and global investments," Sheikh Hamdan stated.
All SMEs founded in Dubai can take advantage of the programme, regardless of the owner's nationality, and it is aimed at empowering firms to spur global growth.
"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% of the workforce," stated Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE.
"The private sector remains a crucial partner in nurturing the growth of the economy," he added.
The initiative will concentrate on the Emirates' key strategic sector, and more details are set to be announced by Emirates NBD next month.
The bank will offer financing at competitive rates to eligible firms at the Emirates' Interbank Offered Rate (EIBOR) with no additional margin, Gulf Business reports.
In addition, a committee will be set up, comprising of government and Emirates NBD representatives, to select the eligible SMEs and oversee the implementation of the programme.
SMEs in the UAE receive support from the National SME Programme, the UAE SME Council, Operation 300bn, the UAE's industrial strategy, the Khalifa Fund and Dubai SME.
Over 95% of registered businesses in Dubai are included in the sector, which also offers the highest number of job opportunities in the UAE.