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Dubai Launches $136 Million Finance Scheme To Support Growth Of SMEs

Dubai has launched a financing scheme to support home-grown small and medium-sized enterprises (SMEs) aspiring to expand globally.

The “Dubai International Growth Initiative” is a $136.1 million (AED 500 million) financing program introduced by the Dubai government in collaboration with Emirates NBD, Emirates News Agency reported Sunday.

Financing scheme

The initiative aims to accelerate the global expansion of SMEs in Dubai, thereby encouraging them to grow beyond the UAE.

In order to support the initiative, Emirates NBD will provide financing to eligible firms at competitive rates, equal to the Emirates Interbank Offered Rate (EIBOR) with no additional margin,Emirates News Agency (WAM) said in a report.

A joint steering committee with representatives from the Dubai government and Emirates NBD will be formed to guide the initiative, select eligible SMEs, oversee the implementation, and ensure its success.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said that entrepreneurs, investors, and companies, particularly SMEs, account for around 95% of the businesses registered in Dubai.

Open to all firms

All SMEs established in Dubai and meeting the criteria, regardless of the nationality of the owners, are eligible to avail of the finance scheme.

Moreover, it will focus on key strategic sectors of the emirate first and cover the remaining segments later, per WAM.

Additional details on the financing program will be disclosed by Emirates NBD in February.

Source: forbesmiddleeast

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