Dubai SME Elevates Entrepreneurial Support, Benefits Over 2,700 In H1 2024

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), part of the Dubai Department of Economy and Tourism (DET), has significantly boosted its support for entrepreneurs in early 2024. This initiative ensures SMEs continue to drive economic growth in Dubai.

From January to June, Dubai SME assisted 2,714 entrepreneurs with guidance and training services, marking a 164.3% increase from 1,027 in the same period last year. Additionally, mentoring services reached 1,373 Emirati entrepreneurs, up 190.3% from 473 in H1 2023.

Dubai SME also facilitated the establishment of 1,986 new enterprises in the first half of 2024. This represents a 57% rise compared to 1,265 in H1 2023, driving growth across sectors like general trading, real estate, and facilities management.

Since its inception in 2002, Dubai SME has guided and trained 48,923 entrepreneurs and mentored 51,504 Emirati entrepreneurs. It has supported the creation of a total of 18,429 local enterprises.

During H1 2024, Dubai SME helped members secure contracts worth AED395.4 million from both public and private sectors. The total value of contracts awarded since its inception now stands at AED11.3 billion.

Abdul Baset Al Janahi, CEO of Dubai SME, stated: "As we celebrate World Entrepreneurs Day, it is important to recognise the role that SMEs are playing in Dubai’s economic growth... Our continued efforts... will be crucial in ensuring a vibrant and sustainable economic future for Dubai."

Technological Innovation

The Hamdan Innovation Incubator (Hi2), an initiative by Dubai SME, continued fostering technological innovation. In H1 2024, Hi2 supported 109 Emirati tech startups. The network now includes 23 licensed incubators.

Financial support from the Mohammed Bin Rashid Fund for SME doubled to over AED18 million in early 2024. This fund is another key initiative by Dubai SME to bolster entrepreneurial ventures.

Community Initiatives

In February, Dubai SME participated in the first-ever Hatta Farming Festival. This event aimed to inspire local farmers by showcasing entrepreneurial opportunities within Hatta’s agricultural sector.

An initiative was also launched to support businesses affected by heavy rainfall in April. Through the Mohammad Bin Rashid Fund, financial assistance exceeding AED2.5 million was provided along with grace periods of up to six months for loan repayments.

Dubai SME forged four additional partnerships with private sector entities during this period. This brings the total number of such partnerships to sixteen.

Coinciding with World Entrepreneurs Day on August 21st, these results align with the ambitious goals of the Dubai Economic Agenda D33. This agenda aims to double Dubai’s economy size by 2033 and strengthen its global business position.

As it builds on this momentum from H1 2024, Dubai SME remains committed to enhancing support mechanisms for SMEs. These efforts further reinforce Dubai’s status as a leading hub for business investment and innovation.

With inputs from WAM