In a significant boost for local businesses, the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), has greatly expanded its support for entrepreneurs in the first half of 2024.
Released to coincide with World Entrepreneurs Day on August 21, the half-year results reflect Dubai SME's commitment to aligning with the Dubai Economic Agenda, D33 - an ambitious plan which aims to double Dubai’s economy by 2033 and reinforce the emirate's status as a premier global city for business and leisure.
From January to June, Dubai SME provided guidance and training to 2,714 entrepreneurs, marking a 164 per cent increase from the previous year, while 1,373 Emirati entrepreneurs benefitted from mentoring services, up 190 per cent year-on-year.
It also supported the establishment of 1,986 new enterprises in H1 2024, a 57 per cent increase from last year, contributing to growth in sectors such as general trading, real estate and facilities management.
Since its launch in 2002, Dubai SME has provided guidance and training services to 48,923 entrepreneurs and mentoring services to 51,504 Emirati entrepreneurs, while also supporting the creation of 18,429 local enterprises.
Abdul Baset Al Janahi, CEO of Dubai SME, said that on World Entrepreneurs Day it’s essential to recognise the pivotal role SMEs play in Dubai’s economic development, driven by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
"We are proud to empower entrepreneurs and SMEs, helping to establish Dubai as the premier city for living, working, and investing," he added.
In addition, Dubai SME assisted members in securing contracts worth AED 395.4 million from both the public and private sectors, bringing the total contract value since its inception to AED 11.3 billion. It also forged four additional partnerships with private sector entities, increasing the total to 16.
The Hamdan Innovation Incubator (Hi2) also continued to support technological innovation, assisting 109 Emirati tech startups, and expanding its network to 23 incubators.
Moreover, the Mohammed Bin Rashid Fund for SME doubled its financial support to over AED 18 million in the first half of 2024.
The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development provides a significant boost for entrepreneurship in the first half of 2024, with 2,714 entrepreneurs benefiting from Dubai SME’s services - a 164.3% Y-O-Y increase .https://t.co/LeXErwdTvQ pic.twitter.com/4J43vyKyAL
— Dubai Media Office (@DXBMediaOffice) August 21, 2024
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