With the total value of its incentives and services reaching Dhs233.4 million in 2023, the Mohammed bin Rashid Establishment for Small and Medium Dubai Enterprises Development (Dubai SME), a subsidiary of the Dubai Department of Economy and Tourism (DET), increased its role as a major catalyst for the growth of the small and medium enterprise (SME) sector in the emirate.
Dubai SME accomplished noteworthy milestones in 2023, demonstrating its dedication to supporting the objectives of the Dubai Economic Agenda D33, which was introduced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. The agenda aims to double Dubai’s GDP by 2033 and solidify its place as one of the world’s top three business and tourism destinations.
Dubai SME’s annual report states that in 2023, the organization helped 2,937 new firms get started and gave 1,186 Emirati business owners crucial support and direction.
The study also showed that 16 projects received Dhs11.8 million in funding from the Mohammed Bin Rashid Fund for SME, a major project of Dubai SME, underscoring the fund’s critical role in fostering entrepreneurial endeavors. Furthermore, the Business Incubation Department services at Hamdan Innovation Incubator (HI2) provided help to 46 Emirati entrepreneurs who were starting up in the technology industry. Technology projects facilitate innovation, increased productivity, competitiveness, economic growth, and the creation of new job possibilities.
