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Dubai SME Provides Big Boost For Entrepreneurship In First Half Of 2024 |
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The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), an agency of the Dubai Department of Economy and Tourism (DET), significantly enhanced its support for entrepreneurs and businesses in the first half of 2024, ensuring SMEs continue to contribute towards economic growth in the emirate. Coinciding with World Entrepreneurs Day on 21 August, the release of Dubai SME’s H1 2024 results reflects its alignment with the ambitious goals of the Dubai Economic Agenda, D33, to double the size of Dubai’s economy in the decade up to 2033 and to further consolidate Dubai’s position as a leading global city for business and leisure. From January to June, a total of 2,714 entrepreneurs benefited from Dubai SME’s guidance and training services, up 164.3% compared to 1,027 in the same period last year. Additionally, 1,373 Emirati entrepreneurs benefited from mentoring services, up 190.3% from 473 in H1 2023. Dubai SME also supported the establishment of 1,986 new enterprises in the first half of 2024, a 57% rise compared to 1,265 in H1 2023, driving growth across key sectors such as general trading, real estate, and facilities management. Guidance and training services Since its inception in 2002, Dubai SME has provided guidance and training services to 48,923 entrepreneurs, and mentoring services to 51,504 Emirati entrepreneurs, while also supporting the establishment of a total of 18,429 local enterprises. His Excellency Abdul Baset Al Janahi, CEO of Dubai SME, said: “As we celebrate World Entrepreneurs Day, it is important to recognise the role that SMEs are playing in Dubai’s economic growth, driven by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and contributing towards achieving the goals of the D33 Agenda. “We are proud to support entrepreneurs and SMEs in Dubai, enabling them to contribute towards positioning Dubai as the best city to visit, live, work, and invest in. As we look forward to the remainder of 2024 and beyond, our focus is on identifying and leveraging investment opportunities, while fostering innovation and resilience in our SME sector. Our continued efforts, in partnership with stakeholders across the public and private sectors, to nurture Emirati talent and empower entrepreneurs to achieve even greater success, will be crucial in ensuring a vibrant and sustainable economic future for Dubai.” During the first half of the year, Dubai SME assisted members in securing contracts worth AED395.4 million from both the public and private sectors, with the total value of contracts awarded since its inception amounting to AED11.3 billion. Meanwhile, Dubai SME forged four additional partnerships with private sector supporting entities, bringing the total number to 16. The Hamdan Innovation Incubator (Hi2), an initiative established by Dubai SME, also continued to play a crucial role in fostering technological innovation. In H1 2024, 109 Emirati tech startups benefited from Hi2’s services, with the total number of licensed incubators in its network reaching 23. Meanwhile, the financial support from Mohammed Bin Rashid Fund for SME, another initiative of Dubai SME, doubled to more than AED 18 million in the first half of 2024. Important initiatives Another milestone for Dubai SME in the first half of the year was its participation in the first ever Hatta Farming Festival in February, where it showcased entrepreneurs and SMEs from Hatta’s agricultural sector. Launched to inspire and empower local farmers in one of the UAE’s oldest agricultural regions, the festival saw Dubai SME deliver a workshop to introduce the services and privileges it provides as support for entrepreneurs and SME owners and to encourage them to launch projects. Further consolidating its role in assuring economic sustainability within the SME community, Dubai SME also announced an initiative to support businesses in the UAE that were affected by the unprecedented rainfall experienced in April. Through the Mohammad Bin Rashid Fund, the establishment provided financial assistance exceeding AED 2.5 million, including grace periods of up to six months, while the repayment of existing loans for citizens owning small and medium-sized companies having membership with the Establishmentwas postponed. As Dubai SME continues to build on the remarkable momentum generated during H1 2024, it remains dedicated to enhancing support mechanisms for SMEs, further reinforcing Dubai’s position as a leading hub for business investment and innovation. |
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