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The Mohammed bin Rashid Institution for Small and Medium Enterprises Growth (Dubai SME), a subsidiary of the Dubai Division of Economic system and Tourism (DET), expanded its function as a key driver of the emirate’s small and medium enterprise (SME) sector’s development, with the whole worth of its incentives and companies reaching AED233.4 million in 2023.
Dubai SME achieved vital milestones in 2023, reflecting its dedication to contributing to the objectives of the Dubai Financial Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, with the goal of doubling Dubai’s economic system by 2033 and consolidating its place among the many world’s prime three cities for enterprise and tourism.
In line with Dubai SME’s annual report, the organisation facilitated the institution of two,937 new companies in 2023 and supplied important help and steering companies to 1,186 Emirati entrepreneurs. The report additionally revealed that the Mohammed Bin Rashid Fund for SME, a key initiative of Dubai SME, supplied AED 11.8 million value of funding to 16 tasks, highlighting its pivotal function in supporting entrepreneurial initiatives. Moreover, 46 Emirati entrepreneurs with start-ups within the know-how sector obtained help from the Enterprise Incubation Division companies at Hamdan Innovation Incubator (HI2). Know-how tasks play a key function in fostering innovation, boosting productiveness and contributing to competitiveness, financial development and the creation of recent job alternatives. Furthermore, round 100 companies benefited from Dubai SME’s entrepreneurship promotion companies in 2023.
His Excellency Abdul Baset Al Janahi, CEO of Dubai SME, mentioned: “Guided by the imaginative and prescient of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai SME strives to help entrepreneurship and the event of small and medium enterprises, that are the spine of the emirate’s economic system. Following the launch of the Dubai Financial Agenda D33, 2023 marked an distinctive yr for Dubai SME, with the organisation persevering with to assist speed up the purpose of positioning the emirate as probably the most aggressive atmosphere for entrepreneurial concepts and start-ups. As revealed in our 2023 annual report, we’re dedicated to offering monetary and technical help to Emirati entrepreneurs and new companies. As we sit up for 2024 and past, we’re decided to determine and leverage funding alternatives to additional drive development within the SME sector.”Key achievements from 2002 to 2023
Since its inception in 2002, Dubai SME has supported 16,443 nationwide corporations, whereas 50,131 entrepreneurs have benefited from its companies. By 2023, the cumulative worth of incentives and companies supplied to Emirati entrepreneurs and nationwide corporations reached AED1.5 billion.
Stand-out statistics from 2002 to 2023 additionally included 46,209 entrepreneur trainees benefiting from Dubai SME’s coaching companies and diploma programmes. A complete of 118 tasks obtained monetary help value AED103.14 million from the Mohammed Bin Rashid Fund for SME whereas 3,400 companies benefited from its entrepreneurship promotion companies.
Main developments and initiatives in 2023In June 2023, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Government Council of Dubai, permitted the adoption of the longer term mannequin of Dubai SME. Via this strategic mannequin, which is aligned with the D33 Agenda, Dubai goals to help the institution of 27,000 new Emirati companies and supply development help to eight,000 Emirati entrepreneurs, enabling them to create 86,000 new job alternatives and contributing roughly AED9 billion to the emirate’s GDP. This aligns with the bold targets set by His Highness Sheikh Mohammed bin Rashid Al Maktoum to double Dubai SME’s accomplishments of the previous 20 years – from 13,000 to 27,000 new companies.
Enterprise Incubator NetworkDubai SME adopts a various vary of initiatives and programmes, spanning from figuring out proficient entrepreneurs and nurturing enterprise concepts to offering ongoing help for companies all through their development and enlargement journey. The licensed incubator community in Dubai, consisting of 17 accredited incubators, welcomes all progressive concepts for testing and gives the required assets for his or her improvement, remodeling these ideas into worthwhile enterprise ventures. Notably, six of those incubators function inside instructional establishments, together with universities and faculties. This technique aligns with the sixth pillar of Dubai’s Fifty-12 months Constitution, which emphasises the transformation of native and personal universities into financial and inventive free zones, encouraging scholar innovation and entrepreneurship by university-based incubator programmes. By integrating enterprise incubators inside universities, Dubai SME has launched a transformative initiative aimed toward enhancing infrastructure inside instructional establishments. This initiative seeks to domesticate the potential of younger abilities, stimulate their creativity and innovation and instill an entrepreneurial mindset from an early age. By offering important help on the inception of their ventures, these programmes will empower college students to ascertain their very own corporations and embark on profitable entrepreneurial journeys.
Give attention to HattaTo allow youth within the japanese area to start out tasks and switch their concepts into actuality, Dubai SME established a brand new enterprise facilitation centre, Tasheel, on the Hatta Neighborhood Centre to help younger entrepreneurs and SME house owners, who can utilise good companies to difficulty tax-free enterprise licences, together with an Intelaq Licence through the Put money into Dubai platform. The centre additionally presents multi-use halls and a gathering room that serves as a hub for entrepreneurs.
Dubai SME additionally organised workshops and licensed skilled diplomas in entrepreneurship for the business and agricultural sectors, as a result of their financial significance within the Hatta area. Greater than 100 Emirati members managing greater than 50 tasks attended the workshops. With a deal with coaching younger potential entrepreneurs in Hatta, Dubai SME organises programs and specialised programmes, offering priceless recommendation, steering and data. This included organising 19 workshops attended by greater than 400 members, in addition to two specialised programmes and quite a few coaching programs focusing on entrepreneurs, specializing in artistic pondering in entrepreneurship, innovation-based administration and e-commerce. The goal is to develop the abilities of trainees and refine their abilities.
Readiness of native companiesIn This fall 2023, Dubai SME launched the Provide Chain Readiness Programme in collaboration with the Chartered Institute of Procurement & Provide (CIPS). The programme, designed to empower Emirati SME suppliers in response to international provide chain requirements, performed focus teams for a complete of 41 SMEs to seize suggestions from Emirati SME suppliers. Moreover, Dubai SME performed two consumers’ roundtable discussions with 32 procurement leaders and specialists from 25 private and non-private entities to collect priceless insights. Based mostly on the outcomes and proposals, Dubai SME is about to launch new tasks to combine SMEs into native provide chains. These tasks will embody:
• Provide Chain Capability Constructing Programme to boost SME provide chain capabilities and competitiveness by advisory companies and coaching workshops to foster a radical understanding of market dynamics, buyer behaviour and trade traits.
• Digital Suppliers Hub to ascertain a centralised platform for profiling and score members, permitting opinions from consumers, whereas selling knowledge-sharing and innovation amongst SMEs.
Different notable projectsOther main Dubai SME initiatives in 2023 included India Accelerator launching iAccel Gulf Enterprise Incubator LLC in Dubai and The Co-Kitchen being accredited as the primary kitchen incubator underneath the umbrella of the Dubai Enterprise Incubator Community (DBIN). In cooperation with the Khalifa Fund for Enterprise Growth, Dubai SME additionally showcased town’s F&B entrepreneurial ecosystem on the twenty eighth version of Gulfood. Dubai SME was represented on the occasion, the biggest of its sort on the planet, by 10 corporations.
Selling companies of Dubai SME members
Gulfood 2024Dubai SME represented the meals and beverage entrepreneurial ecosystem at Gulfood, the world’s largest meals exhibition, by showcasing 10 Emirati companies. This presence underscores Dubai SME’s longstanding participation at Gulfood, spanning greater than a decade throughout which it has supported greater than 120 of its members throughout this main annual exhibition.
World VillageDubai SME strengthened its collaboration with World Village, the area’s main household vacation spot for tradition, procuring and leisure, by a partnership to help Emiratis through the twenty eighth version of World Village, which runs till April 2024.
Since 2005, Dubai SME has continued to help entrepreneurs by its ongoing participation at World Village, with greater than 730 beneficiary tasks to this point. Furthermore, Dubai SME seeks to empower native product suppliers and improve their presence in varied native and worldwide boards. World Village is likely one of the most important platforms for progressive and impressive entrepreneurs in search of to compete and maintain their enterprise sooner or later.
Develop North Star 2023 Dubai SME was a big participant in Develop North Star 2023, the last word tremendous connector occasion for international startups and buyers. At its 2023 version, it cast strategic ties with authorities stakeholders, buyers, and accelerators.
The Dubai SME pavilion on the occasion proudly showcased the very best UAE start-ups and incubators from its intensive community, empowering them with the publicity and instruments they should excel in Dubai’s aggressive enterprise sector.
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