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Dubai – Mubasher: Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the emirate’s Executive Council, announced on Sunday the launch of the “Dubai Global Growth Initiative” to support financing of small and medium-sized businesses seeking to expand in 2024.
According to a government statement, Mubasher Information will explain how the Dubai government is supporting these companies through this initiative in the following 10 points:
1- The initiative is a thoughtful investment in the future of the economy, diversifying sources of income, strengthening the private sector and meeting all indicators of sustainable growth.
2- A joint committee will be formed, including representatives of the Government of Dubai and representatives of Emirates NBD, which will be responsible for leading the initiative, selecting qualified small and medium-sized enterprises and monitoring its implementation.
3- According to the initiative, a financing amount of 500 million dirhams will be allocated to provide financial resources to these companies and help them expand the scope of their operations worldwide.
4- The initiative is a qualitative initiative by the Government of Dubai to help successful companies with several years of experience finance their international expansion.
5- The initiative is available to all companies established in Dubai since its inception, regardless of the nationality of their owners, and that meet the conditions.
6- The initiative starts with specific strategic sectors and later covers all other sectors
7- Emirates NBD will announce the details of the financing program next February.
8- The initiative will help these companies play their central role in Dubai’s economy, attracting investment and finance.
9- The initiative confirms Dubai’s commitment to supporting small and medium-sized enterprises, which represent approximately 95% of companies registered in the emirate.
10- The share of small and medium-sized enterprises in Dubai’s economy is about half and they employ about 60% of Dubai’s workforce.
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