Dubai SME Enhances Entrepreneurial Growth With AED 233 Million Support In 2023
The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, commonly known as Dubai SME, has significantly amplified its efforts to nurture the growth of small and medium-sized enterprises (SMEs) within Dubai. In a remarkable stride towards economic development, the total value of incentives and services offered by Dubai SME in 2023 soared to AED233.4 million. This initiative has led to the creation of 2,937 new businesses and has extended support to 1,186 Emirati entrepreneurs, showcasing the organization's dedication to fostering a vibrant entrepreneurial ecosystem.
Among the notable contributions in 2023 was the AED11.8 million funding provided by the Mohammed Bin Rashid Fund for SME to 16 innovative projects. Furthermore, the Business Incubation Department services at Hamdan Innovation Incubator played a pivotal role in supporting 46 Emirati entrepreneurs in the technology sector. Additionally, approximately 100 businesses benefited from Dubai SME's entrepreneurship promotion services, underlining the organization's comprehensive approach to business development.
Abdul Baset Al Janahi, CEO of Dubai SME, reaffirmed the organization's commitment to bolstering entrepreneurship and the SME sector's development. Since its inception in 2002, Dubai SME has made significant strides, supporting 16,443 national companies and benefiting over 50,131 entrepreneurs with its diverse range of services. By 2023, the cumulative value of incentives and services provided by Dubai SME reached an impressive AED1.5 billion.
A major milestone achieved in 2023 was the approval of the future model of Dubai SME by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. This strategic model is designed to facilitate the establishment of 27,000 new Emirati businesses, generate 86,000 job opportunities, and contribute AED9 billion to Dubai's GDP, marking a significant impact on the local economy.
Dubai SME has been instrumental in adopting various initiatives and programs aimed at supporting entrepreneurs. The certified incubator network in Dubai boasts 17 accredited incubators, six of which are operational within educational institutions. This initiative aligns with Dubai's vision of transforming local and private universities into economic and creative free zones, fostering young talent and promoting innovation.
In addition to its wide-ranging support for entrepreneurs across Dubai, Dubai SME has also focused on nurturing youth and SME owners in the Hatta region. The establishment of a new business facilitation center, Tasheel, at the Hatta Community Centre underscores this commitment. This center aims to assist young entrepreneurs with smart services for issuing tax-free business licenses and has organized various workshops and training courses tailored to the commercial and agricultural sectors in Hatta.
In the fourth quarter of 2023, Dubai SME launched the Supply Chain Readiness Program in collaboration with the Chartered Institute of Procurement & Supply (CIPS). This program is designed to empower Emirati SME suppliers by aligning them with global supply chain standards and integrating them into local supply chains.
Other significant initiatives in 2023 included the launch of iAccel Gulf Business Incubator LLC by India Accelerator and the accreditation of The Co-Kitchen as the first kitchen incubator under the Dubai Business Incubator Network. These efforts demonstrate Dubai SME's commitment to diversifying support for entrepreneurs across various sectors.
Dubai SME also made its presence felt at major events such as Gulfood and Global Village, promoting its members' businesses. Participation in Expand North Star 2023 further enabled strategic ties with government stakeholders, investors, and accelerators. The Dubai SME pavilion showcased UAE startups and incubators, providing them with vital exposure and tools to thrive in Dubai's competitive business landscape.
With inputs from WAM
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