Encouraging Growth: Dubai Launches AED500 Million Fund for SMEs Eyeing International Markets

Encouraging Growth: Dubai Launches AED500 Million Fund for SMEs Eyeing International Markets

Emirates NBD has disclosed the eligibility criteria for SMEs aiming to partake in the inaugural phase of the 'Dubai International Growth Initiative.' Launched under the visionary directive of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, the initiative, introduced in January, seeks to expedite the global expansion endeavours of Dubai-founded SMEs.

Aligned with the objectives outlined in the Dubai Economic Agenda D33, which aims to double the emirate's GDP, the 'Dubai International Growth Initiative' is geared towards Dubai's standing as a preeminent global business hub. Recognising the important role played by the private sector in the emirate's economic growth, the initiative focuses on key sectors integral to Dubai's economic landscape.

The first phase of the initiative is currently open exclusively to Dubai-founded SMEs operating in sectors such as F&B, FMCG, retail, e-commerce, services, and manufacturing. Subsequent phases are slated to include additional sectors.

Emirates NBD, as a key partner, will provide support by facilitating financing of up to AED15 million to eligible businesses for a maximum duration of seven years. The financing cost will be based on the Emirates' Interbank Offered Rate, with no additional margin, allowing SMEs to