Dubai SME Achieves Significant Milestones To Transform The Entrepreneurial Landscape In 2024

The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), part of the Dubai Department of Economy and Tourism, had a remarkable year in 2024. The organisation achieved significant milestones that bolstered Dubai's reputation as a key centre for entrepreneurial growth. These achievements align with the goals of the Dubai Economic Agenda D33, which aims to double the city's economy by 2033.

Throughout 2024, Dubai SME played a pivotal role in supporting Emirati entrepreneurship and expanding the SME sector. The establishment facilitated the launch of 3,461 new Emirati businesses, an increase of 524 from the previous year. This brought the total number of supported SMEs to 19,904 since its inception in 2002.

In February 2024, Dubai SME participated in the Hatta Farming Festival, showcasing entrepreneurs from Hatta's agricultural sector. During this event, they conducted workshops to introduce their support services, encouraging SMEs to transform ideas into viable ventures. Additionally, through MBRF, Dubai SME launched an initiative to aid UAE-based SMEs affected by April's rainfall with financial assistance exceeding AED2.5 million.

The Hamdan Innovation Incubator (HI2) supported 66 entrepreneurs in 2024, up from 29 in 2023. This initiative has now assisted a total of 826 startups by providing increased market access and financial guidance. HI2 also sponsored the Emaratipreneur Expo 2024, offering a platform for Emirati startups to showcase their innovations and connect with investors.

Dubai SME extended commercial promotion and digital marketing support to 531 startups in 2024, compared to 363 in the previous year. This effort enhanced the online presence of nearly 3,989 entrepreneurs so far. Moreover, training programmes and awareness sessions were delivered to 5,498 entrepreneurs in 2024, significantly more than the previous year's count of 1,627.

The Mohammed Bin Rashid Fund for SME (MBRF) continued its vital role by funding projects worth AED35.17 million in 2024. Since its start in 2015, MBRF has supported a total of 168 projects with an overall funding value reaching AED137 million.

Expanding Opportunities for Growth

Dubai SME's collaboration with Global Village continued during its 28th edition until April 2024. They allocated kiosks to Emirati entrepreneurs at this popular cultural destination. Since their partnership began in 2005, over 730 projects have been supported through this initiative.

In collaboration with Bedayat Business Incubator, Dubai SME introduced the Emirati Tech Founder Program (E-TFP) in 2024. This programme empowered tech entrepreneurs by supporting them in developing sustainable solutions addressing various challenges while contributing to Dubai’s economic diversification goals.

Future Plans for Continued Success

Ahead of plans for next year and beyond, Dubai SME aims to expand training programmes and enhance digital tools for Emirati businesses. By forging new partnerships and leveraging advanced technologies, they are poised to drive even greater impact on local enterprises.

Ahmad Al Room Almheiri stated: "Inspired by His Highness Sheikh Mohammed bin Rashid Al Maktoum’s leadership...we have laid foundations for sustainable growth through innovative policies...As we advance towards achieving D33 goals...we remain committed to supporting growth across sectors."

The Idea Lab Programme was launched in partnership with Intelak Hub as an intensive three-week initiative equipping Emirati talent with entrepreneurial skills tailored for aviation and tourism sectors. Participants engaged in workshops led by industry experts covering design thinking and business model development.

Dubai SME also participated in Expand North Star 2024 event showcasing members across several sectors including AI tourism and cybersecurity among others while continuing support at Gulfood exhibition backing startups within food industry tradition dating back over decade now supporting more than hundred members annually during leading food exhibition globally recognised today worldwide too!

With inputs from WAM