An AED500 million ($136 million) initiative to accelerate the expansion of Dubai’s small and medium-sized enterprises into global markets was launched by the Government of Dubai in partnership with Emirates National Bank of Dubai (Emirates NBD), reported Wam.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the ‘Dubai International Growth Initiative’, underscoring the emirate's pivotal role in the global economy and its leading position as an international hub for business and trade.

Open to all SMEs founded in Dubai, irrespective of the nationality of the owner, the initiative is designed to empower businesses to expand internationally, said the report.

The initiative will focus on key strategic sectors of the emirate. Emirates NBD will announce further details on the financing programme in February.

Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin, it stated.

A joint steering committee will be established, comprising representatives from the Government of Dubai and Emirates NBD, responsible for guiding the initiative, selecting eligible SMEs, overseeing the implementation and ensuring its success in meeting the emirate's strategic objectives.

"Small and medium-sized enterprises play a vital role in the emirate's economy, comprising 95% of registered businesses," stated Sheikh Hamdan.

“The consistent and robust support for entrepreneurs, investors and SMEs reflects Dubai's business-friendly environment, making it an attractive destination for both local and global investments,” he added.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said: “Facilitating the sustainable global expansion of SMEs is a priority for the government in line with the D33 Agenda. These businesses play a pivotal role in the emirate, employing over 60% of the workforce."

"The private sector remains a crucial partner in nurturing the growth of Dubai's economy and we express our appreciation to Emirates NBD for its strategic partnership with the Government of Dubai to support this initiative," he added.