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Dubai International Growth Initiative

 


Sheikh Hamdan bin Mohammed bin Rashed Al Maktoum, Crown Prince of Dubai and chairman of the executive council of Dubai, launched the 'Dubai International Growth Initiative' alongside the Emirates National Bank of Dubai on Sunday. The initiative offers a DH500 million allocation to expedite the globalization of small and medium-sized enterprises (SMEs) founded in Dubai.


Sheikh Hamdan emphasized Dubai's central place in the world economy and its status as the preeminent hub for trade and business worldwide. The initiative will help SMEs established in Dubai expand internationally. Ninety-five percent of registered businesses in the emirate are small and medium-sized businesses, which are crucial to its economy, according to Sheikh Hamdan. He continued, "Dubai's business-friendly environment is reflected in the consistent and strong support of entrepreneurs, investors, and SMEs making it an appealing destination for both local and international investments."


Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum stated, "Dubai has launched several initiatives aimed at empowering businesses, under the guidance of his highness sheikh Mohammed bin Rashid Al Maktoum". One of these is the Dubai International Growth Initiative, which provides DH500 million to help SMEs and is a strategic commitment to the economic development of Dubai in the future.


Sheikh Maktoum went on. "The government prioritizes facilitating the sustainable global expansion of SMEs by the D33 Agenda." With over 60% of the labor force employed, these companies are essential to the emirate. We would like to thank Emirates NBD for supporting this effort through its strategic cooperation with the Government of Dubai. The private sector continues to be an essential ally in fostering Dubai's economic expansion.


The program is intended to enable companies to grow globally and is available to all SMEs established in Dubai, regardless of the owner's nationality. The initiative's primary focus will be the emirate's vital strategic industries. In February, Emirates NBD will make additional information about the funding plan public.


When financing eligible enterprises, Emirates NBD will offer competitive rates, charging the Emirates' Interbank Offered Rate (LIBOR) plus no extra margin. The initiative will be guided by a joint steering committee made up of officials from the Government of Dubai and Emirates NBD. This committee will also be in charge of choosing eligible SMEs, supervising the execution, and ensuring that the program meets the strategic goals of the emirate.


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