Dubai SME Facilitates Launch of 3,461 New Emirati Businesses in 2024
The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, as part of the Dubai Department of Economy and Tourism, witnessed a remarkable year in 2024, with significant achievements underscoring Dubai’s growing reputation as a global entrepreneurial hub. This milestone not only highlights the establishment’s dedication to fostering Emirati entrepreneurship but also emphasizes its role in expanding the SME sector in alignment with the ambitious Dubai Economic Agenda D33, which aims to double the city’s economy by 2033.
Reinforcing Support for Emirati Entrepreneurship
In 2024, Dubai SME significantly reinforced its commitment to Emirati entrepreneurs by facilitating the launch of 3,461 new businesses, marking an impressive increase of 524 from the previous year. This effort brings the total number of supported SMEs to 19,904 since its inception in 2002. Alongside these new business launches, the organization offered advisory services to 3,075 entrepreneurs, reflecting a more than 100% increase in those receiving expert guidance and mentorship compared to 2023. Cumulatively, 53,206 entrepreneurs have benefited from these services since 2002, showcasing the establishment’s pivotal role in nurturing new talent.
Commitment to Community and Innovation
In alignment with the UAE’s Year of Community, the Mohammed bin Rashid Establishment undertook initiatives to enhance individual and organizational potential. By developing skills and fostering innovation, the establishment facilitated a supportive ecosystem for businesses. This inclusive approach enables entrepreneurs to grow locally while positioning themselves for global expansion, thus strengthening Dubai’s economy and community.
Training and Development Initiatives
2024 saw a dramatic increase in training and development initiatives, with 5,498 entrepreneurs participating in tailored programs—up from 1,627 in 2023. This commitment to operational excellence emphasizes equipping entrepreneurs with critical skills for sustained growth. Furthermore, support for digital marketing was extended to 531 startups, a rise from 363 in the previous year. This initiative has enhanced the online presence of nearly 3,989 entrepreneurs, reflecting the establishment’s focus on modern business strategies.
Financial Empowerment Through the Mohammed Bin Rashid Fund
The Mohammed Bin Rashid Fund for SME, the funding arm of the establishment, also played a crucial role in empowering entrepreneurs with financial support. In 2024, the Fund financed 44 projects worth AED 35.17 million, bringing the total number of funded projects to 168 and the overall support value to AED 137 million since its launch in 2015. Additionally, the Hamdan Innovation Incubator supported 66 entrepreneurs this year, an increase from 29 in 2023, demonstrating the establishment’s focus on enhancing market access and financial guidance for startups.
Driving a Vibrant Business Environment
Ahmad Al Room Almheiri, acting CEO of the Mohammed bin Rashid Establishment, stated that the organization aims to create sustainable growth through innovative policies and support systems. The achievements in 2024 are a testament to their comprehensive strategy that integrates Emirati talent into the SME ecosystem. This commitment enables businesses to not only increase their market presence but also contribute to the city’s broader economic growth.
Key 2024 Initiatives
Throughout 2024, transformative initiatives significantly amplified the reach and impact of Dubai SME:
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Hatta Farming Festival: The establishment showcased entrepreneurs from Hatta’s agricultural sector while conducting workshops to inspire SMEs to transform ideas into viable ventures.
- Financial Relief for SMEs: In response to adverse weather conditions in April 2024, a relief initiative was launched, offering over AED 2.5 million in financial assistance to affected Emirati SMEs.
Supporting Businesses at Major Events
Dubai SME continued to play a critical role at major events, enhancing visibility for local businesses:
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Global Village: In its 28th edition, Dubai SME allocated 30 kiosks to Emirati entrepreneurs, supporting over 730 projects since 2005.
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Expand North Star 2024: The establishment showcased five members at this premier event for global startups and investors, promoting innovation across various sectors, including AI and cybersecurity.
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Gulfood 2024: Continuing its decade-long support, Dubai SME backed 10 Emirati businesses at this significant food and beverage exhibition.
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Idea Lab Program: In collaboration with Intelak Hub, this program aimed at equipping Emirati talent with entrepreneurial skills specifically tailored for the aviation, travel, and tourism sectors.
- Emirati Tech Founder Program (E-TFP): Launched to empower Emirati tech startups, this initiative supported 20 businesses in developing solutions that align with Dubai’s economic diversification and environmental goals.
Looking Ahead to 2025
As Dubai SME plans for 2025, priorities include expanding training programs, enhancing digital tools, and establishing new partnerships with the aim of elevating Emirati businesses. By strengthening collaboration with diverse stakeholders and leveraging cutting-edge technologies, the establishment aims to create an even greater impact in the upcoming years.
