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DIFC Dubai Launches Initiative For Family Business Succession And Longevity

The Dubai International Financial Centre (DIFC) recognized the increasing demand for support among family businesses and spearheaded several initiatives in early 2023. This commitment was further solidified with the recent launch of a specialized program in collaboration with MIT Sloan Executive Education and the DIFC Academy.

Titled “Sustaining Family Business Success,” the intensive program (June 24-26, 2024) equips participants with the knowledge and strategies to navigate both regional and global expansion while staying true to family values. Participants will gain valuable insights into building future-proof enterprises that can thrive across generations, earning a prestigious MIT Sloan certificate upon completion.

Recognizing the critical need for adaptability in today’s dynamic landscape, DIFC Chief Strategy Officer Christian Kunz emphasizes Dubai’s ideal position as a hub for family businesses. “Our vibrant ecosystem, strategic location, and dedication to innovation create a unique offering,” he states, highlighting the blend of global opportunities and a supportive environment conducive to growth.

With only 20% of Middle Eastern family businesses reaching the third generation, this program aims to empower and ensure their longevity, contributing significantly to the UAE’s economic prosperity. MIT Sloan’s Faculty Director John Davis echoes this sentiment, stressing the need for redefined stewardship and building agility for long-term success. He emphasizes that “the traditional model of simply preserving family legacy is no longer sufficient. Building a future-oriented and adaptable enterprise, while generating diverse value streams aligned with family values, represents the new paradigm for success.”

The program incorporates six key pillars designed to address critical challenges faced by family businesses: Future Vision, Managing Turbulence, Governance, Talent, Succession, and Multigenerational Success. This comprehensive approach aligns with DIFC’s ongoing commitment to supporting family businesses, exemplified by initiatives like the Family Wealth Centre and Family Arrangements Regulations. These resources provide dedicated services, legal frameworks, and support structures to help families preserve their legacies across borders and generations.

By launching these initiatives, DIFC demonstrates its proactive approach to empowering family businesses and fostering their sustainable growth within the region’s dynamic economic landscape.

 

Publish 12 Feb 2024

Source: https://www.arabianbusiness.com/industries/banking-finance/dubais-difc-launches-new-initiative-to-boost-succession-planning-longevity-of-family-businesses

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Dubai secures agreements for the world’s first air taxi at the 2024 World Government Summit.

In a groundbreaking development poised to transform urban transportation, Dubai has finalized agreements during the World Government Summit 2024 to introduce the world’s inaugural air taxi service. These agreements establish the framework for Dubai to spearhead the implementation of an expansive electric aerial taxi service and vertiport network.

Central to this pioneering initiative is the Joby Aviation S4, an innovative aircraft meticulously designed to comfortably accommodate four passengers and a pilot. Equipped with six propellers and powered by four battery packs, the S4 boasts an impressive maximum range of 161 km and a top speed of 321 km per hour. Its Vertical Take-Off and Landing capabilities make it especially well-suited for urban environments, minimizing spatial requirements typical of conventional stations and mitigating noise pollution in comparison to helicopters.

Prioritizing efficiency, safety, and sustainability, the air taxi project pledges an array of advantages, encompassing reduced noise levels, zero operating emissions, and heightened passenger convenience. By harnessing state-of-the-art technology, these aerial vehicles aim to seamlessly integrate into Dubai’s urban landscape, providing rapid and environmentally friendly transportation solutions. The electric-powered aircraft can undergo swift recharging between flights, representing a bold stride towards a more sustainable and accessible transportation future.

The commencement of the air-taxi network’s operations is scheduled for 2026, marking a significant milestone in Dubai’s ongoing endeavor to redefine urban mobility.

 

Publish: 13 Feb, 2024

Source: https://www.thenationalnews.com/business/aviation/2024/02/13/dubai-flying-taxis/

Gulfood 2024: Dubai F&B Event Draws Global Food Industry Experts

Gulfood 2024 in Dubai is set to welcome over 5,500 exhibitors and visitors from 190 countries, making it the largest annual food and beverage sourcing event globally. The event is scheduled to take place from 19-23 February 2024, showcasing the future of the food industry.

Organized by the Dubai World Trade Centre, Gulfood remains the premier platform for the global food and beverage community.

The Dubai Media Office, in a statement, announced that over 5,500 exhibitors and visitors from 190 countries are expected to participate in Gulfood 2024, focusing on the future of the food industry.

Discussions led by industry leaders will explore strategies for transforming global food systems to sustainably feed a growing global population, addressing challenges such as climate change.

Innovations, including agricultural technology, the use of artificial intelligence in production, and the reduction of food waste, currently responsible for a third of global output, will be emphasized as means to enhance resilience.

Trixie LohMirmand, Executive Vice President of the Dubai World Trade Centre, stated, “Gulfood 2024 will be the first opportunity for the global F&B industry to convene in 2024. Industry leaders will gain insights from some of the world’s leading food futurists, identifying business opportunities and forging partnerships in this new era defined by paradigm-shifting technology such as AI.”

Under the theme ‘Real Food, Real Business,’ Gulfood 2024 will showcase authentic products and facilitate partnerships, with over $12 billion in commercial deals typically sealed at each event.

Notable exhibitors, including Agthia, Dilmah, and JBS, will be joined by new country pavilions from Armenia, Azerbaijan, and Venezuela.

The co-located Gulfood Inspire conference will feature experts providing insights into supply chain digitalization, the transition to more circular systems, and funding opportunities.

Confirmed speakers for the event include Jacob Jensen, Denmark’s Minister for Food and Agriculture, and Gary Urteaga, founder of food technology investor Jenesiz Capital.

In addition, the popular Top Table live chef showcase will see over 100 chefs, such as Alain Passard and Joan Roca of El Celler de Can Roca, demonstrating global cuisines.

The YouthX Challenge will also make a return, nurturing the next generation of talent in the food industry.

Start your F&B Business in Dubai

As the much-anticipated Gulfood 2024 event unfolds in the bustling city of Dubai, presenting unparalleled opportunities for the global food and beverage industry, consider seizing this moment to launch your own food business in this dynamic market. To ensure a smooth and successful entry, partner with the experienced consultants at Smart Zones® UAE. Our dedicated team specializes in business setup services, offering comprehensive assistance to navigate the intricacies of establishing and running a business in Dubai.

From understanding and meeting regulatory requirements to crafting strategic business plans, Smart Zones® UAE is committed to providing you with the support and expertise needed for a seamless venture initiation. Take advantage of this exciting event and let us guide you towards realizing your culinary ambitions in the vibrant and lucrative Dubai food scene. Start your journey with Smart Zones® UAE, where success meets innovation in the heart of the F&B industry.

 

Publish: 04 Feb, 2024

Source: https://www.arabianbusiness.com/events/gulfood-2024-global-food-industry-experts-to-attend-annual-dubai-fb-event/

Dubai records an all-time high of 17.15 million overnight visitors in 2023

In 2023, Dubai Witnessed A Notable Influx Of International Overnight Visitors, Reaching A Total Of 17.15 Million, As Reported By Dubai’S Department Of Economy And Tourism (Det). This Figure Reflects A Substantial Year-On-Year Growth Of 19.4%, Surpassing The 2022 Arrivals Of 14.36 Million And Even Exceeding The Previous Record Of 16.73 Million In 2019.

This commendable growth aligns seamlessly with the objectives outlined in the Dubai Economic Agenda D33, launched just over a year ago by His Highness Sheikh Mohammed bin Rashid Al Maktoum. The Agenda aims to solidify Dubai’s standing as a premier global destination for both business and leisure, emphasizing its status as the optimal city to visit, live, and work in.

Dubai’s accomplishments in 2023 extend beyond tourism, with the city securing its position as the top global destination for the third consecutive year in the Tripadvisor Travellers’ Choice Awards 2024. This remarkable feat further underscores Dubai’s appeal and excellence as a destination.

These milestones are a testament to the diverse and vibrant offerings of the emirate, backed by world-class infrastructure, exceptional service standards, and a continuous collaboration between the government and private sectors. The robust performance of the tourism sector has contributed significantly to Dubai’s overall economic growth, with a 3.3% GDP increase in the first nine months of 2023.

Dubai’s hospitality sector has outperformed pre-pandemic levels across various metrics, including occupancy, occupied room nights, guests’ length of stay, average daily rate (ADR), and revenue per available room (RevPAR). The city’s commitment to excellence is evident in achieving an average occupancy rate of 77.4% in 2023, among the world’s highest, and surpassing the 2019 average despite a 19% increase in room supply.

In addition to its success in tourism, Dubai continues to receive recognition on the global stage across various sectors, including liveability, business, and culinary excellence. The city’s commitment to sustainability is demonstrated through initiatives such as the Dubai Sustainable Tourism Stamp, promoting adherence to sustainability requirements in the hospitality industry.

Furthermore, Dubai’s strategic positioning as an international events destination remains strong, hosting major business and leisure events throughout 2023. The city’s commitment to innovation is showcased in collaborations such as the partnership with Real Madrid and initiatives like the Dubai Master Plan for Public Beaches, reflecting a forward-thinking approach to urban development.

In conclusion, Dubai’s exceptional performance in 2023, marked by record-breaking tourism numbers, accolades, and sustained growth across sectors, reaffirms its position as a global hub for business, leisure, and innovation.

 

Publish: 08 Feb, 2024

Source: https://www.gdnonline.com/Details/1302742/Dubai-draws-record-1715m-overnight-visitors-in-2023

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11th World Government Summit (WGS) 2024 in Dubai: Focus on Future Work, AI, and Climate Action

The 11th World Government Summit (WGS), themed ‘Shaping Future Governments’ and scheduled from February 12-14 in Dubai, will center on upcoming opportunities and challenges while addressing current global concerns.

Anticipated participants include over 25 heads of state, 120 governmental delegations, 85 international and regional organizations, institutions, experts, and over 4,000 attendees, making it a three-day summit of significant global impact.

Confirmed speakers include President Recep Tayyip ErdoÄźan of TĂĽrkiye, Prime Minister Narendra Modi of the Republic of India, President Paul Kagame of Rwanda, President William Ruto of the Republic of Kenya, President Sadyr Japarov of the Kyrgyz Republic, as well as other distinguished leaders.

Insightful Reports

The summit is set to unveil approximately 25 strategic reports and the Global Ministers Survey, providing a platform for ministers to share their perspectives on critical global issues.

WGS will cover six main themes. The Arab Fiscal Forum on Day Zero will delve into macroeconomic developments, energy subsidiary reforms, and social safety nets, featuring a keynote address by Kristalina Georgieva, Managing Director of the International Monetary Fund.

Day One (Feb 12) will feature sessions on Future of Work and the Future of Mobility forums, along with a ministerial roundtable on climate action and a discussion on scientific discovery and applications by Nobel laureates.

Day Two (Feb 13) will host forums on geotechnology, AI, government experience, and services.

The final day (Feb 14) will focus on sustainable investments in emerging markets, including events like the Future of Space Forum, Global Health, and Education forums.

Global Recognitions

WGS will witness prestigious global awards, including the Best Minister in the World, Dubai International for Best Sustainable Development Practices, Creative Government Innovations Award, Global Award for the Best Government Applications, and Global Government Excellence Award.

Mohammed Abdullah Al Gergawi, Minister of Cabinet Affairs and Chairman of the World Governments Summit Organization, emphasized that the summit reflects the vision of UAE President Sheikh Mohamed bin Zayed Al Nahyan and the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, in shaping the future and fostering positive change.

Publish: 7 Feb, 2024

Source: https://www.khaleejtimes.com/uae/future-of-work-ai-climate-action-agenda-for-wgs-2024-in-dubai-announced

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The World Government Summit convenes in Dubai – Smart Zones® UAE Business Consultants

The upcoming installment of the World Governments Summit (WGS), scheduled to take place in Dubai from February 12th to 14th, is poised to be a significant event, featuring a comprehensive agenda centered around the theme “Shaping Future Governments.”

The WGS is dedicated to shaping a more promising future for humanity and will spotlight six main themes across 15 global forums, exploring major global future trends and transformations through over 110 key dialogues and interactive sessions. With participation from over 200 global figures, including presidents, prime ministers, experts, thinkers, and influential individuals shaping the future, the event promises to be a gathering of prominent minds.

The 11th edition of the WGS will host more than 23 ministerial meetings and roundtables, bringing together over 300 ministers. Moreover, it will attract the attendance of over 85 international, regional, and intergovernmental organizations, along with 120 government delegations.

Distinguished attendees encompass business leaders such as Sam Altman, Chief Executive Officer of OpenAI; Guillaume Faury, Chief Executive Officer of Airbus; Jensen Huang, CEO of NVIDIA; Eric Schmidt, Co-founder of Schmidt Futures and former CEO and chairman of Google; Dr. Dario Gil, Senior Vice President and Director of Research of IBM; and Dr. Yann LeCun, Vice President and Chief AI Scientist at META, among others.

In a statement to the Emirates News Agency (WAM), Mohamed Yousef AlSharhan, Managing Director of the World Government Summit Organisation, emphasized the significance of the new edition, underscoring the importance of convening global leaders from the private sector to exchange solutions across various sectors, including artificial intelligence, economic and financial management, energy, climate change, education, and health.

The summit will host 15 global forums, organized in collaboration with international organizations, global technological institutions, and leading companies. These forums aim to innovate new solutions for the challenges facing human societies and will cover vital sectors such as Global Health, Government Services, Arab Government Administration, Knowledge Exchange, Future of Transportation, Public Finance for Arab Countries, Future of Education, Space Future, and Advanced Industry and Technology.

The WGS 2024 will continue its diverse dialogues through forums like the Artificial Intelligence Forum, the Future of Work Forum, the Emerging Economies Forum, the Governance of Geotechnology Forum, the Sustainable Development Goals Forum, as well as the Arab Meeting for Young Leaders and the ‘Time 100’ event.

The summit will facilitate purposeful global discussions focused on envisioning the shaping of future governments. It will bring together world leaders, global government officials, international organizations, thought leaders, and private sector leaders to enhance international cooperation, identify innovative solutions for future challenges, anticipate key opportunities, and inspire the next generation of governments.

Additionally, the summit will host high-level ministerial meetings, addressing topics such as sustainable development, the next generation of future governments, Arab finance, labor ministers from the Gulf Cooperation Council countries, and the future of hydrogen energy.

 

Publish Feb 06, 2024

Source: https://www.emirates247.com/uae/world-government-summit-hosts-15-global-forums-to-explore-major-future-transformations-2024-02-06-1.729326

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UAE Launches First Digital Dirham Payment: a pivotal financial advancement.

In a groundbreaking development, the UAE marked the commencement of its inaugural cross-border payment through the use of the ‘Digital Dirham’ on Monday. This significant achievement aligns with a broader global initiative to embrace digital representations of national currencies issued by central banks worldwide. Below, we explore the implications for financial landscapes and the global economy.

“The surge in demand for cryptocurrencies has heightened interest in digital investments, leading to discussions about a new form of digital currency known as Central Bank Digital Currency (CBDC),” elucidated Brian Deshell, a cryptocurrency trader and analyst based in the UAE.

CBDCs vs. Cryptocurrencies

“While CBDCs share conceptual origins with cryptocurrencies, they differ significantly. The key distinction lies in centralization,” explained Brody Dunn, an investment manager at a UAE-based asset advisory firm.

“Cryptocurrencies operate on a decentralized model, devoid of central control. In contrast, CBDCs are centralized digital currencies, with the central bank of the issuing country exercising control over their value.”

By definition, CBDCs bear similarities to Stablecoins, which peg their value to fiat money but are privately issued, whereas CBDCs are issued by governments.

Global Adoption of CBDCs

Research indicates that 110 countries globally are either researching or developing CBDCs, with varying stages of progress. As of June 2023, 11 countries have already adopted CBDCs, 53 are in advanced planning stages, and 46 are actively researching the topic, according to Statista, an e-research platform.

In 2020, seven central banks, including those of the US, Europe, Japan, Switzerland, Canada, Sweden, and England, expressed their intention to assess the feasibility of publicly available CBDCs. The latest addition to countries issuing CBDCs is Jamaica.

Several nations, including China, Russia, South Africa, Uruguay, Barbados, Switzerland, Thailand, and Iran, are in the process of implementing CBDCs. The UAE joined this trend in 2022 by expressing interest in issuing a CBDC.

Understanding CBDCs becomes crucial for cryptocurrency investors as they have the potential to impact the crypto market.

Functionality of CBDCs

A Central Bank Digital Currency (CBDC) is essentially an electronic form of cash that can be exchanged similarly to traditional currency. Unlike most digital payments that involve multiple intermediaries, CBDCs operate more directly, resembling the exchange of physical cash.

“While most digital payments act as instructions for a bank to transfer ‘real’ money, CBDCs cut out intermediaries, resembling the direct transfer of cash between parties,” added Dunn.

Infrastructure for CBDCs

Brian Deshell further clarified that both cryptocurrencies and CBDCs rely on networked electronic resources for transaction creation, tracking, and validation. In the case of CBDCs, a central database controlled by the central bank issues the currency and assigns a unique serial number to each e-currency. Typically, central banks peg the electronic currency to their national currency, referred to as digital fiat currencies.

The Future Potential of CBDCs

According to analysts at PricewaterhouseCoopers (PwC), the future of money is likely to involve a combination of centralized, decentralized, account-based, and token-based systems. CBDCs, stablecoins, and cryptocurrencies may coexist with traditional digital and physical currencies. Deshell also sees potential in CBDCs, envisioning them as a transformative force in the financial world, offering efficiency, security, and transparency.

 

Publish January 30, 2024

Source: https://gulfnews.com/your-money/cryptocurrency/uae-initiates-first-ever-digital-dirham-payment-what-it-means-1.1706629783589

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UAE Golden Visa: 5 Paths to 10-Year Residency without Employment

Explore 5 pathways to secure a 10-year residency through the UAE Golden Visa without employment:

Dubai has recently revised the minimum down payment requirement for property buyers seeking eligibility for a long-term residency permit.

The highly coveted Golden Visa in the UAE has been granted to numerous investors, professionals, students, and entrepreneurs since its introduction in 2019.

As reported by the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai, there has been a notable 52% increase in the issuance of Golden Visas in the first half of 2023. By November 2022, the emirate had successfully issued over 150,000 Golden Visas to qualified property buyers, investors, professionals, and others.

This 10-year visa provides several benefits, such as the issuance of residence permits for family members, including spouses and children. Notably, the age limit for sponsored children has been raised from 18 to 25 years, and there is no age restriction for unmarried daughters. Residence permits are extended to children of determination without regard to their age. Furthermore, there are no constraints on sponsoring domestic workers, and the Golden Residence remains valid without limitations on the maximum duration of stay outside the UAE.

Professionals in healthcare, media, IT, and other industries earning a monthly salary of Dh30,000 or more are eligible for the Golden Visa.

However, specific categories exist where individuals do not need employment to apply for a 10-year visa. Here are five such categories:

Property buyers:

Residents and foreign investors in the UAE purchasing one or more properties with a total value of Dh2 million and above can apply for the Golden Visa. This includes both off-plan and existing properties in the country.

In a significant announcement, Dubai has eliminated the Dh1 million down payment requirement for property buyers to be eligible for the 10-year visa. However, the total value of the property should still be Dh2 million and above to meet the eligibility criteria.

Cash deposit:

High-net-worth individuals can deposit Dh2 million with a local bank for a two-year period to qualify for this prestigious visa. Numerous local banks in the country are offering assistance to individuals opting for this scheme.

Entrepreneur:

T

he executive regulations have established flexible requirements for entrepreneurs seeking eligibility for the Golden Residency. Entrepreneurs must own or partner in a startup registered in the country in the small and medium enterprises (SMEs) category, generating annual revenues of not less than Dh1 million.

Additionally, if the individual is a founder or one of the founders of a prior entrepreneurial project(s) sold for a total value of not less than Dh7 million, they qualify for the Golden Residence. Approval from the Ministry of Economy or the competent local authorities is necessary for projects or ideas.

Scientist & researchers:

Golden Visa residency is conferred upon scientists and researchers with significant achievements and influence in their field, based on recommendations from the Emirates Scientists Council. Candidates must hold a PhD or Master’s Degree in disciplines such as engineering, technology, life sciences, and natural sciences from leading universities worldwide, along with substantial research accomplishments.

Outstanding students:

High-achieving students in UAE secondary schools and outstanding graduates from UAE universities and the top 100 universities worldwide may apply for the 10-year visa. Specific criteria include academic performance (cumulative average), the year of graduation, and university classification.

 

Publish January 29, 2024

Source: https://www.khaleejtimes.com/life-and-living/visa-and-immigration-in-uae/uae-golden-visa-5-ways-to-get-10-year-residency-without-a-job?_refresh=true

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Dubai’s $136M Initiative: Globalizing SMEs

Dubai Targets Global Talent with $136 Million Initiative to Attract Small and Medium-Sized Businesses

The Dubai International Growth Initiative for SMEs is anticipated to catalyze a wave of expansions and new product launches by existing SMEs and marketplaces, leveraging interest-free loans.

SMEs constitute a substantial 63.5 percent of the UAE’s non-oil GDP.

The Dubai government’s $136 million push to empower small businesses to globalize is poised to draw entrepreneurs and top talents worldwide for the establishment or expansion of businesses in the emirate, contributing to global endeavors. Experts and industry players affirm the inclusivity of the initiative as a strategic move to enhance Dubai’s cosmopolitan business landscape.

The initiative is also expected to trigger a surge in expansions and new product launches by existing small and medium businesses, capitalizing on interest-free loans to gear up for regional and global pursuits.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, launched the “Dubai International Growth Initiative,” allocating AED 500 million ($136.1 million) to accelerate the global expansion of small and medium-sized enterprises (SMEs) established in Dubai.

Several Dubai-based entrepreneurs laud the soft loan component of the initiative, foreseeing it as a significant boost for SMEs pursuing regional and global ambitions.

Leo Dovbenko, Co-Founder of YallaHub, emphasizes the potential for independent brands to enhance growth and development with interest-free loans for SMEs in the UAE. The initiative aligns with YallaHub’s goals, supporting Dubai’s small businesses in expanding globally.

Global gifting marketplace Flowwow anticipates the government’s proactive measures to bolster SME growth and local makers. With SMEs accounting for 63.5 percent of the country’s non-oil GDP, the initiative is considered a vital step toward fostering innovation, economic resilience, and helping Dubai-based SMEs expand globally.

Rada Russkikh, founder of Rada Russkikh and Gedonist Cosmetics brand, emphasizes the evolving landscape with increased state-level support for SMEs. Access to capital is crucial for growth and expansion, and the initiative is seen as a positive step in facilitating global business development.

Dr. Kiran Nair, Associate Professor of Marketing at Abu Dhabi University, commends the inclusivity of the initiative, stating that it can contribute to the development of a resilient and dynamic economy, further globalizing the UAE economy in the long run.

The financing component of the initiative, provided by Emirates NBD at competitive rates, is recognized as a pragmatic measure addressing the bottleneck for SMEs seeking affordable financing to invest in international ventures, research and development, and critical expansion aspects.

Amidst these developments, UAE businesses like Sanctuary are already making moves to expand globally, partnering with overseas players. The government’s initiative is seen as potentially easing the path for companies aiming to go global.

Overseas investor Olga Romanova, founder of Romanovamakeup brand, sees the program as enabling Dubai brands to strengthen their market position and concentrate on developing new products for both local and international audiences.

Dr. Nair underscores that by prioritizing SME growth and providing financial support, the Dubai government is laying the groundwork for sustained economic expansion, job creation, and increased global competitiveness. The initiative acknowledges the importance of diversification and globalization in today’s interconnected economy, assisting SMEs in establishing a presence in regional and global markets.

 

Publish January 30, 2024

Source: https://www.arabianbusiness.com/startup/dubai-targets-global-talent-with-136mn-push-to-attract-small-and-medium-sized-businesses

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Dubai Launches Dh500 Million ‘International Growth Initiative’ to Propel Global Expansion of SMEs

The ‘Dubai International Growth Initiative’ was inaugurated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Chairman of the Executive Council of Dubai, on Sunday.

An allocation of Dh500 million has been earmarked for this initiative, aimed at accelerating the global expansion of small and medium-sized enterprises (SMEs) based in Dubai. Launched in collaboration with Emirates NBD, the initiative underscores the Government of Dubai’s commitment to fostering the international growth of SMEs.

Sheikh Hamdan emphasized Dubai’s pivotal role in the global economy and its prominence as an international hub for business and trade. He stated, “The Dubai International Growth Initiative will provide essential support for the global expansion of SMEs rooted in Dubai, constituting 95 percent of registered businesses and playing a vital role in the emirate’s economy.”

Highlighting Dubai’s business-friendly environment, Sheikh Hamdan added, “Consistent and robust support for entrepreneurs, investors, and SMEs enhances Dubai’s attractiveness as a destination for both local and global investments.”

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, expressed that the Dubai International Growth Initiative, allocating Dh500 million to support SMEs, is a strategic commitment to the future development of Dubai’s economy. He stressed the government’s priority in facilitating the sustainable global expansion of SMEs, aligning with the D33 Agenda.

Sheikh Maktoum conveyed gratitude to Emirates NBD for its strategic partnership with the Government of Dubai in supporting the initiative. He highlighted the importance of the private sector as a crucial partner in nurturing the growth of Dubai’s economy.

Open to all SMEs established in Dubai, regardless of the owner’s nationality, the initiative aims to empower businesses for international expansion, focusing on key strategic sectors of the emirate. Further details on the financing program by Emirates NBD will be announced in February.

Emirates NBD will offer competitive financing rates, pegged to the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin. A joint steering committee, comprising representatives from the Government of Dubai and Emirates NBD, will oversee the initiative, including the selection of eligible SMEs, implementation, and ensuring its success in meeting the emirate’s strategic objectives.

 

Publish January 28, 2024

Source: https://www.khaleejtimes.com/business/dubai-international-growth-initiative-allocates-dh500-million-to-accelerate-global-expansion-of-sm

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