Dubai SME Boosts Entrepreneurship Significantly in First Half of 2024

Photo : Dubai Government Media Office

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), an agency of the Dubai Department of Economy and Tourism (DET), has significantly bolstered its support for entrepreneurs and businesses in the first half of 2024. This increase in support aligns with Dubai's ambitious D33 Economic Agenda, which aims to double the size of the city's economy by 2033 and further establish Dubai as a premier global business and leisure destination.

In the first six months of 2024, Dubai SME provided guidance and training to 2,714 entrepreneurs, marking a substantial 164.3% increase from 1,027 individuals during the same period last year. Emirati entrepreneurs received 1,373 mentoring sessions, a 190.3% rise from 473 in H1 2023. Additionally, the establishment facilitated the launch of 1,986 new enterprises, up 57% from 1,265 in the first half of 2023, with significant growth observed in sectors such as general trading, real estate, and facilities management.

Since its inception in 2002, Dubai SME has offered guidance and training to a total of 48,923 entrepreneurs and mentoring to 51,504 Emirati entrepreneurs. It has supported the creation of 18,429 local enterprises.

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His Excellency Abdul Baset Al Janahi, CEO of Dubai SME, emphasized the role of SMEs in driving Dubai’s economic growth, reflecting the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Al Janahi noted the organization’s commitment to identifying investment opportunities, fostering innovation, and empowering entrepreneurs to achieve greater success, contributing to Dubai’s standing as a top city for living, working, and investing.

During the first half of 2024, Dubai SME helped secure contracts worth AED 395.4 million for its members from public and private sector entities. Since its establishment, the total value of contracts awarded has reached AED 11.3 billion. The organization also expanded its network by forming four new partnerships with private sector entities, bringing the total to 16.

The Hamdan Innovation Incubator (Hi2), an initiative by Dubai SME, continued to support technological innovation, benefiting 109 Emirati tech startups in H1 2024. The total number of licensed incubators in Hi2’s network has now reached 23. Furthermore, the Mohammed Bin Rashid Fund for SME, another Dubai SME initiative, doubled its financial support to over AED 18 million in the first half of 2024.

Dubai SME also marked a significant milestone by participating in the inaugural Hatta Farming Festival in February 2024. The festival aimed to inspire and support local farmers from one of the UAE’s oldest agricultural regions, with Dubai SME showcasing its services and benefits for entrepreneurs in the agricultural sector.

In response to the unprecedented rainfall in April, Dubai SME announced an initiative to support affected businesses. Through the Mohammed Bin Rashid Fund, it provided over AED 2.5 million in financial assistance and offered grace periods of up to six months for loan repayments, supporting small and medium-sized businesses impacted by the disaster.

As Dubai SME builds on its achievements from the first half of 2024, it remains committed to enhancing support mechanisms for SMEs, reinforcing Dubai’s position as a leading hub for business investment and innovation.