Dubai SME goes past a milestone in positioning the emirate as global hub of entrepreneurship
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02-August-2022
The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), an agency of the Department of Economy and Tourism (DET) in Dubai, has completed 20 years of its journey towards positioning the emirate as the most competitive environment for entrepreneurial ideas and start-ups. Over the last two decades, Dubai SME has created an innovative ecosystem that continues to attract new business concepts, and supported the launch of over 11,000 start-ups in varied sectors, contributing to the diversification, sustainability and resilience of the economy in the UAE.
A pioneering initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in 2002 to spread the culture of entrepreneurship in Dubai and position the city as the global hub of entrepreneurship, Dubai SME has not only inspired Emiratis to transform their ideas into successful business ventures but also attracted companies and entrepreneurs worldwide looking for the best location to test-bed and nurture innovations. The programs, institutions and partnerships launched by Dubai SME have enabled it to evolve into a template for attracting talent and investments into new and emerging technologies, industries and services.
More than 45,000 entrepreneurs have benefitted from the advisory services of Dubai SME during the last 20 years while the Dubai Entrepreneurship Academy, the educational arm of Dubai SME, has trained 39,000 people in diverse disciplines of start-up development, thus preparing them for future success in the knowledge-driven economy in the UAE.
Dubai SME has also facilitated start-up loans worth AED 221 million through the Mohammed Bin Rashid Fund over the last 20 years, in addition to procurement contracts worth over AED 8.5 billion for SMEs under a Government Procurement Program (GPP).
His Excellency Helal Saeed Almarri, Director General of the Department of Economy (DET), commented: “The most significant achievement of Dubai SME is in inspiring people, especially the young and ambitious, to pursue entrepreneurship and empowering them to successfully navigate the challenges of starting a business. The leadership’s focus on ushering in policy reforms and legislations to create more economic opportunities have increased confidence among entrepreneurs as well as businesses and investors supporting them. A growing number of public and private sector entities in the UAE are working with entrepreneurs, and creating partnerships to support the start-up journey, from an idea to an innovative enterprise and then to a globally competitive business. Today, we see SMEs being a significant presence across varied sectors in Dubai, and adding substantial value and diversity to the economy.”
The SME community, which constitute 99.2 per cent of the total companies in Dubai, also account for 46.4% of the added value and 50.5% of the workforce in the emirate.
“Agile by nature, SMEs had a remarkable role in the economic resilience and adaptability Dubai continued to demonstrate during the recent pandemic phase. The year 2021 saw 2,031 SMEs being launched with the support of Dubai SME in varied services and sectors. Their flexibility and inclination to innovate, along with the vision and strategic plans to attract talent and investments into Dubai, will see SMEs in a lead role in positioning Dubai as a global hub for business, tourism, entrepreneurship and a digital economy,” added Almarri.
Dubai SME and its affiliate institutions have wide-ranging initiatives and programs, from identifying entrepreneurial talent and incubating business ideas to extending life-cycle support for start-up growth and expansion. A growing network of 15 certified business incubators and accelerators in Dubai welcomes everyone with an innovative idea to test-bed their concept and secure the resources required to develop it into a viable project.
Dubai SME is also the first entity of its kind globally to have developed state-of-the-art fintech solutions for SME financing. Through Beehive (www.beehive.ae), an innovative technology platform enabling peer-to-peer lending, Dubai SME is linking companies seeking fast and affordable financing to suitable investors. Dubai Next, the first digital crowdfunding platform launched & managed by Dubai SME, has also evolved into an efficient solution for securing funding from backers for start-ups and creative talents, especially students and the youth.
Abdul Baset Al Janahi, CEO of Dubai SME, thanked the leadership for the continuous support given to Dubai SME, adding that a major focus for the agency will be on connecting start-ups to new opportunities and partners.
“The most significant achievement of Dubai SME is in promoting a culture of entrepreneurship and in transforming entrepreneurial creativity into a significant driver of economic development and employment in the UAE. Creative talents in Dubai have the best environment to pursue their dreams and lead innovations in businesses and industries of the future,” said Al Janahi.
“As Dubai turns a new page in its growth Dubai SME is aligning its strategic focus to attracting innovators and investors looking for new opportunities and experiences. Dubai SME will continue to help SMEs enhance their capabilities and embrace digital transformation while also facilitating access to financing and new markets for start-ups,” Al Janahi added.
Major milestones for Dubai SME during the past 20 years:
o2021 - Launch of ‘Dubai Next,’ the first official digital crowdfunding platform in Dubai
o2020 - First certified business incubator in a free zone opened in Amity University Dubai
o2020 – Financial support package launched for SMEs following COVID-19
o2020 – Remote consulting, guidance and training services for entrepreneurs
o2020 - Achieved 7-stars at the Dubai government level for global best practices in to support services for entrepreneurs
o2020 - Launch of Innovation Attraction Program - smeiap.com
o2019 – Launched the second edition of the ‘The State of SMEs’ study
o2019 – First certified school business incubator opened at GEMS Modern Academy
o2019 – Started promoting products and services of Dubai SME members through ‘Hi Dubai’ portal
o2019 – Launched initiative to train inmates of penal institutions
o2018 – Partnership with Zayed University to launch business incubators
o2017 – Launch of ‘RATE’ initiative to classify SMEs based on their performance
o2017 - Launched Smart Supplier Program
o2016 - Launched Business Incubators certification scheme
o2016 – Launch of the ‘State of SME Investment Report’
o2016 – New law issued on the mandate of Dubai SME
o2014 - Launch of the Hamdan Innovation Incubator
o2013 - Launch of the Dubai Entrepreneurship Academy
o2012 – Launch of the Mohammed bin Rashid Fund for SMEs
o2012 –The Mohammed Bin Rashid Award for Young Business Leaders expanded to cover Arab world initiatives
o2011 – ‘Young Entrepreneur Competition’ of Dubai SME wins in the Dubai Government Excellence Program
o2009 – Launch of the official SME definition for Dubai
o2005 – ‘Young Entrepreneur Competition’ launched
o2005 – Partnership with Global Village to promote UAE entrepreneurs and SMEs
o2004 - Government Procurement Program (GPP) wins in the Dubai Government Excellence Program
o2003 – The Mohammed Bin Rashid Award for Young Business Leaders (YBL) launched
o2002 - Government Procurement Program (GPP) launched
For more information about Dubai SME and its development initiatives, visit https://sme.ae