Emirates NBD has revealed the criteria for SMEs to participate in the first phase of the AED500 million ‘Dubai International Growth Initiative’. The initiative was introduced in January by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, to accelerate the global expansion of Dubai-founded SMEs.
Launched to strengthen Dubai’s position as a leading global business hub and support the important role the private sector plays in nurturing the growth of the emirate’s economy, the initiative is aligned with the goal of D33 to double the size of the emirate’s GDP.
The first phase of the initiative is open to Dubai-founded SMEs in select sectors including food and beverage, FMCG, retail, e-commerce, services and manufacturing.
Emirates NBD said additional sectors will be added in subsequent phases. Focusing on Dubai’s key strategic sectors, the initiative ensures that approved participants will gain access to financing for their global expansion.
Through the support of Emirates NBD, the initiative will facilitate up to AED15 million in financing to eligible businesses for up to seven years, allowing them to manage cash flow effectively during their global expansion phase. The cost of financing will be based on the Emirates’ Interbank Offered Rate (EIBOR), with no additional margin.
A joint steering committee, comprising representatives from the Government of Dubai and Emirates NBD, will be responsible for guiding the initiative. The committee will be responsible for selecting eligible SMEs, overseeing the implementation of the initiative, and ensuring its success in meeting the emirate’s strategic objectives.
To participate in the initiative, SMEs must meet a set of eligibility criteria that align with the strategic vision of the Government of Dubai.