Throughout 2023, Dubai SME facilitated the establishment of 2,937 new businesses and extended essential support services to 1,186 Emirati entrepreneurs….reports Asian Lite News
The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a vital player in the small and medium enterprise (SME) landscape of the emirate, has significantly bolstered its support for entrepreneurial ventures, reaching a milestone value of AED233.4 million in incentives and services in 2023. This growth aligns with the ambitious objectives set forth in the Dubai Economic Agenda D33 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, aiming to double Dubai’s economy by 2033 and elevate its global business and tourism standing.
Throughout 2023, Dubai SME facilitated the establishment of 2,937 new businesses and extended essential support services to 1,186 Emirati entrepreneurs. Notably, the Mohammed Bin Rashid Fund for SME, a flagship initiative, injected AED11.8 million into 16 projects, underscoring its pivotal role in nurturing entrepreneurial endeavors. The Business Incubation Department at Hamdan Innovation Incubator (HI2) supported 46 Emirati tech entrepreneurs, emphasizing the sector’s crucial role in fostering innovation and economic growth.
Abdul Baset Al Janahi, CEO of Dubai SME, reiterated the organization’s commitment to advancing entrepreneurship under the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum. He highlighted Dubai SME’s dedication to providing both financial and technical support to Emirati entrepreneurs, essential for the emirate’s economic diversification and SME sector growth.
Since its inception in 2002, Dubai SME has been a catalyst for SME development, supporting over 16,000 national companies and benefiting more than 50,000 entrepreneurs. By 2023, its cumulative support surpassed AED1.5 billion, marking a significant contribution to the local entrepreneurial ecosystem.
The year 2023 witnessed key milestones, including the adoption of a future model aligned with the D33 Agenda. This strategic move aims to establish 27,000 new Emirati businesses, support 8,000 entrepreneurs, and create 86,000 job opportunities by 2033, in line with Sheikh Mohammed bin Rashid Al Maktoum’s vision.
Dubai SME’s initiatives span a wide spectrum, from talent identification to ongoing business support. The certified incubator network, comprising 17 accredited entities, plays a pivotal role in nurturing innovative ideas into profitable ventures. Notably, six incubators operate within educational institutions, fostering a culture of entrepreneurship among students.
The focus on Hatta underscores Dubai SME’s commitment to empowering youth in underserved regions. Tasheel, a new business facilitation center, provides smart services for young entrepreneurs, facilitating business setup and growth. Workshops and training programs tailored to Hatta’s economic landscape equip participants with essential skills and knowledge.
In Q4 2023, Dubai SME launched the Supply Chain Readiness Programme, aimed at enhancing the capabilities of local SME suppliers according to global standards. Additionally, initiatives like the Digital Suppliers Hub aim to integrate SMEs into local supply chains, fostering competitiveness and sustainability.
Dubai SME’s collaborations extend internationally, with initiatives like iAccel Gulf Business Incubator LLC and partnerships with entities like the Khalifa Fund for Enterprise Development. Participation in events like Gulfood and Global Village showcases Emirati entrepreneurs on global platforms, enhancing their visibility and market access.
Through initiatives like Expand North Star 2023, Dubai SME continues to forge strategic alliances and empower startups with the resources they need to thrive in Dubai’s vibrant business ecosystem. These efforts underscore Dubai SME’s commitment to fostering entrepreneurship and driving economic growth in the emirate.