Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, recently rolled out a Dh500 million initiative. This program aims to help Dubai-based small and medium-sized enterprises (SMEs) expand in regional and global markets. Specifically, the Dubai International Growth Initiative represents a partnership between the government of Dubai and Emirates NBD. It focuses on boosting efforts for businesses seeking to set up an international presence. Consequently, this serves as a strategic commitment to the future development of the economy.
Strategic Alignment with the D33 Economic Agenda
This new initiative aligns with the objectives of the Dubai Economic Agenda, D33. This agenda aims to double the size of the economy. Therefore, the Dubai International Growth Initiative supports the global expansion of SMEs founded in the emirate. Sheikh Hamdan noted that SMEs remain pivotal in maintaining the position of the emirate as an international hub for trade. Because these businesses account for more than 90 per cent of registered firms in the UAE, they drive significant job opportunities.
Accessible Financing Through Emirates NBD
Emirates NBD, the biggest lender in Dubai, provides financing to eligible companies at competitive rates. Specifically, the bank charges only the Emirates Interbank Offered Rate (Eibor) with no additional margin. This structure makes international expansion more affordable for entrepreneurs. The initiative remains open to all SMEs founded in the emirate, irrespective of the owner’s nationality. Furthermore, the programme focuses on strategic sectors of the economy to ensure sustainable development.
| Key Feature | Detail |
| Total Funding | Dh500 million ($136 million) |
| Partner Bank | Emirates NBD |
| Interest Rate | Eibor only (no additional margin) |
| Eligibility | All Dubai-founded SMEs |
| Workforce Impact | SMEs employ over 60% of the workforce |
Governance and Implementation of the Dubai International Growth Initiative
A joint steering committee will guide the initiative and select eligible participants. This committee comprises representatives from the government of Dubai and Emirates NBD. Specifically, the group oversees implementation and ensures the programme meets strategic objectives. Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, stated that facilitating global expansion remains a government priority. These businesses play a pivotal role in the local economy and support long-term growth momentum.
Economic Momentum and Sector Growth
Dubai continues to maintain growth momentum since the pandemic-driven slowdown. For instance, the economy expanded by an annual 3.3 per cent in the first nine months of the previous year. Specifically, the tourism and transportation sectors drove this growth. Other contributing sectors include financial services, manufacturing, and information technology. Because the Dubai International Growth Initiative targets these strategic areas, it strengthens the resilience of the local business landscape. Consequently, the emirate remains an attractive destination for both local and global investments.
