Dubai Announces $136 Million Fund to Support SMEs in Global Expansion

Dubai has announced a $136 million fund to support local SMEs in international markets. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, revealed the 'Dubai International Growth Initiative,' which will allocate AED 500 million ($136.1 million) to hasten the internationalization of small and medium-sized businesses. The initiative is a strategic commitment to the future growth of Dubai's economy.

Emirates National Bank of Dubai (Emirates NBD) has collaborated with the Dubai government to create the project, which aims to enable companies to grow globally. The project, available to all SMEs established in Dubai, regardless of the owner's nationality, will concentrate on the emirate's most important strategic industries. In February, Emirates NBD will provide more information on the funding plan.

The Dubai International Growth Initiative is aligned with the objectives of the Dubai Economic Agenda and prioritizes assisting SMEs in their sustainable worldwide expansion. Financing at competitive rates will be extended to qualifying enterprises by Emirates NBD, which will charge the Emirates’ Interbank Offered Rate (EIBOR) plus no extra margin. Representatives from the Government of Dubai and Emirates NBD will form a joint steering committee to oversee the program's execution and ensure it achieves the strategic goals of the emirate.

Dubai's thriving economic climate and the strong support it provides for entrepreneurs, investors, and SMEs have made it an attractive destination for both local and global investments. The private sector, including Emirates NBD, continues to play an essential role in fostering Dubai's economic growth and supporting the expansion of SMEs. This initiative aims to leverage Dubai's prominent position in the world economy and further enhance its status as a hub for global trade and business.