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Mon 18 Mar 2019 11:10 AM

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Over 4,000 Emirati entrepreneurs supported by Dubai SME in 2018

Agency of the Department of Economic Development says it has backed nearly a third more entrepreneurs compared to 2017

Over 4,000 Emirati entrepreneurs supported by Dubai SME in 2018
Figures showed that Dubai SME also supported the establishment of 1,175 Emirati enterprises in 2018.

Dubai SME supported 4,227 Emirati entrepreneurs and provided a package of incentives and facilities worth AED101 million ($27 million) in 2018.

The agency of the Department of Economic Development mandated to develop the small and medium enterprise sector said the number of entrepreneurs supported in 2018 represents an increase of 32 percent over the previous year.

It added that the increase in the value of the entrepreneurial support package was 63 percent over 2017.

It also revealed that the number of entrepreneurs participating in training and development programmes of Dubai SME reached 5,767 in 2018, a 163 percent increase.

Figures showed that Dubai SME also supported the establishment of 1,175 Emirati enterprises in 2018.

Abdul Baset Al Janahi, CEO of Dubai SME, emphasised the role of the agency in promoting SME competitiveness and developing the sector as part of making Dubai a global hub for innovative SMEs.

The Mohammed Bin Rashid Fund, the financial arm of Dubai SME, was able to support 18 projects with a financial assistance of AED14 million in 2018, an increase of 147 percent over 2017, added Al Janahi.

"Dubai SME has progressively expanded the scope of its services and facilities to the wider GCC and regional markets while paying special attention to promoting the spirit of innovation and talent in the industry and among various age groups through training and development programmes as well as financial and advisory support to entrepreneurial ideas and projects," Al Janahi said.