The initiative is open to all SMEs founded in Dubai, regardless of the nationality of the owner
Dubai, in partnership with Emirates NBD, launched a Dhs500 million financing programme to support the global expansion of its homegrown small and medium enterprises (SMEs). The Dubai International Growth Initiative was announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.
The initiative is open to all SMEs founded in Dubai, regardless of the nationality of the owner. It aims to empower them to scale up their businesses internationally. Moreover, it will focus on key strategic sectors, such as:
- Food & beverage (F&B)
- Fast-moving consumer goods (FMCG)
- Retail
- E-commerce
- Services
- Manufacturing
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The initiative is aligned with the D33 Agenda, which seeks to double the emirate’s GDP and foster innovation. According to Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai. He said, “Facilitating the sustainable global expansion of SMEs is a priority for the government. These businesses play a pivotal role in the emirate, employing over 60 percent of the workforce.”
Emirates NBD will provide up to Dhs15 million in financing to eligible SMEs, with competitive rates based on the Emirates’ Interbank Offered Rate (EIBOR) and no additional margin. A joint steering committee, comprising representatives from the government and Emirates NBD, will be responsible for selecting the SMEs, overseeing the implementation, and ensuring the success of the initiative.
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SME requirements for eligibility for the first phase of the initiative:
- Originate and operate in Dubai, with a proven successful business model.
- Use the financing to establish global business expansion of their current line of business.
- Effectively manage the repayments based on cashflows from their current operations.
- Present a comprehensive business plan outlining their strategy for global growth.
The process involves a comprehensive review of the applicants’ business based in Dubai by a specialist, followed by the joint steering committee’s review. Qualified applicants will work closely with Emirates NBD to receive tailored financial solutions to address their unique growth needs.
