Dubai's Small and Medium Enterprise sector makes a striking impact on the business landscape in 2024, achieving remarkable milestones.
In 2024, Dubai SME made significant strides in nurturing Emirati entrepreneurship, marking a year of substantial progress. Under the leadership of Acting CEO Ahmad Al Room Almheiri, the establishment continued to foster a vibrant entrepreneurial ecosystem, focusing on sustainable growth and innovation.
Dubai SME's initiatives, such as the Emirati Tech Founder Program and the Idea Lab Programme, were instrumental in encouraging innovation in sectors like AI, IoT, and sustainable solutions. These programmes provided a platform for Emirati entrepreneurs to develop and showcase their ideas on the world stage.
One of the key initiatives of the year was the Emirati Supplier Program. Through this programme, Dubai awarded over AED1.29 billion in contracts to Emirati-owned SMEs, a move aimed at empowering national entrepreneurs and boosting economic growth, aligning with the Dubai Economic Agenda (D33).
Partnerships and collaborations were also a significant part of Dubai SME's strategy. The Dubai Department of Economy and Tourism (DET) partnered with Noon to launch an e-commerce initiative aimed at empowering Dubai-based SMEs to adopt digital tools, expand domestically and internationally, and reach sustainable growth. Union Coop also extended support to Emirati enterprises, offering procurement contracts exceeding AED82 million, in line with the Emirati Suppliers Program.
Financial support was another crucial aspect of Dubai SME's efforts. Although not specific to Dubai SME, UAE banks extended significant financial support to SMEs nationwide, providing $22.1 billion in loans by the first half of 2024. Local initiatives like the SME Finance Facilitator Program in Abu Dhabi also aimed to improve access to financial services for SMEs.
In response to the rainfall impact on SMEs in 2024, Dubai SME offered AED2.5 million in financial aid and deferred loan repayments, demonstrating the establishment's commitment to supporting businesses during challenging times.
The Mohammed Bin Rashid Fund for SME (MBRF) also played a crucial role, providing AED35.17 million in funding to 44 startups in 2024. Training sessions provided by Dubai SME reached 5,498 participants, an increase of over 200% from the previous year.
By the end of 2024, Dubai SME supported a total of 19,904 Emirati SMEs, and the launch of 3,461 new businesses marked a significant milestone. Advisory services and mentorship from Dubai SME benefited over 3,000 entrepreneurs, further solidifying the establishment's role in fostering Dubai's economic transformation.
Looking ahead to 2025, Dubai SME is expected to continue its efforts to drive Dubai's economic transformation and foster a vibrant entrepreneurial ecosystem. The focus remains on sustainable growth and innovation, with plans to further enhance its offerings.
Dubai SME continues to showcase Emirati talent on the world stage by participating in global events such as Gulfood and Expand North Star. Through these platforms, Emirati entrepreneurs have the opportunity to network, learn, and showcase their innovative solutions to a global audience.
The efforts of Dubai SME are aligned with the Dubai Economic Agenda D33, which aims to double the size of Dubai's economy by 2033. With its commitment to sustainable growth through innovative policies, training, and global expansion opportunities, Dubai SME, under Ahmad Al Room Almheiri's leadership, is set to continue driving Dubai's economic transformation.
[1] Emirates News Agency, "Dubai SME's Emirati Supplier Program Aims to Empower National Entrepreneurs," 2024. [2] Emirates News Agency, "DET and Noon Partner to Empower Dubai-Based SMEs," 2024. [3] Emirates News Agency, "UAE Banks Extend Significant Financial Support to SMEs," 2024. [4] Emirates News Agency, "Dubai Awards Over AED1.29 Billion in Contracts to Emirati-Owned SMEs," 2024. [5] Emirates News Agency, "Union Coop Extends Support to Emirati Enterprises," 2024.
- Dubai SME's initiatives like the Emirati Tech Founder Program and Idea Lab Programme facilitate transformation and innovation in sectors such as AI, IoT, and sustainable solutions, providing a platform for Emirati entrepreneurs to develop and present their ideas globally.
- The Emirati Supplier Program, one of Dubai SME's key initiatives, granted over AED1.29 billion in contracts to Emirati-owned small-businesses, empowering national entrepreneurs, and contributing to economic development.
- Partnerships and collaborations were integral to Dubai SME's strategy, with the Dubai Department of Economy and Tourism (DET) teaming up with Noon to launch an e-commerce initiative, aiming to assist Dubai-based SMEs in adopting digital tools, expanding domestically and internationally, and ensuring sustainable growth.
- Financial support was a significant component of Dubai SME's efforts, as UAE banks provided $22.1 billion in loans to SMEs nationwide by the first half of 2024, and local initiatives like the SME Finance Facilitator Program in Abu Dhabi sought to improve SMEs' access to financial services.
- In response to the rainfall impact on SMEs in 2024, Dubai SME offered AED2.5 million in financial aid and loan repayment deferments, demonstrating its commitment to supporting businesses during difficult times.
- The Mohammed Bin Rashid Fund for SME (MBRF) provided AED35.17 million in funding to 44 startups in 2024, while Dubai SME's training sessions reached 5,498 participants, a significant increase from the previous year.
- Looking ahead to 2025, Dubai SME is expected to continue driving Dubai's economic transformation, fostering a vibrant entrepreneurial ecosystem through sustainable growth, innovation, and offerings enhancement, with a focus on global events such as Gulfood and Expand North Star, showcasing Emirati talent on the world stage.
