The Burj Khalifa in Dubai, UAE
The Burj Khalifa in Dubai, UAE Nick Fewings/Unsplash

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council has allocated AED500 million under the "Dubai International Growth Initiative" to support the expansion of small and medium-sized enterprises (SMEs).

This initiative has been launched by the Dubai government in collaboration with Emirates National Bank of Dubai (Emirates NBD).

The crown prince said this step was taken under the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai and the initiative is aligned with Dubai Economic Agenda D33's objectives to increase the emirate's economic size by 100%.

Sheikh Hamdan noted that SMEs play an important role in boosting the emirate's economy as it consists of 95% of registered businesses.

"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," he said, WAM reported.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, noted that the latest initiative serves as a strategic commitment to the future development of Dubai's economy,.

"Facilitating the sustainable global expansion of SMEs is a priority for the government in line with the D33 Agenda," adding that "these businesses play a pivotal role in the emirate, employing over 60 percent of the workforce," he said.

"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," he said.

This initiative is open for all founders of SMEs in Dubai, irrespective of their nationalities as this initiative is aimed to expand the businesses globally.

Last week, Lieutenant General Abdullah Khalifa Al Marri, commander-in-chief of Dubai Police and member of the Higher Committee for Development and Citizens Affairs in Dubai explained the importance of the Dubai Retiree Projects Support program - launched by the UAE's prime minister – that will support SMEs in Dubai.