The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of the Dubai Department of Economy and Tourism (DET), has joined forces with Chi-X Digital Assets (CXDA) with an intention to enhance small and midsize enterprise (SME) growth.
CXDA is a leading AI-based fintech platform that provides short-term debt products that help generate liquidity, facilitate investment, maximize economic growth, and enable SMEs to be bankable. The company offers market solutions enabling investors, originators, and borrowers to transact in a compliant and transparent marketplace.
The strategic partnership with Dubai SME outlines a comprehensive roadmap emphasizing key elements such as financial awareness, and building business capacity. This is in line with the Dubai Economic Agenda (D33), attracting global investment into the emirate through Dubai’s SME industry.
Abdul Baset Al Janahi CEO – Dubai SME
“Dubai SME seeks to enhance and raise awareness of small and medium enterprises within the emirate while playing a central role in business support and facilitating growth through necessary industry guidance. We fully understand the significance of nurturing the sector and the integral role SMEs hold within society and in growing the economy. This partnership with CXDA can underpin that growth on a bigger scale by emphasizing the importance of offering market solutions, improving liquidity within the SME sector, and further streamlining the industry to directly contribute to wider D33 objectives.”
The partnership will also provide a platform to access a whole suite of business support tools, equipping companies with resources to navigate challenges and seize opportunities during their financial journey.
Mr. Thierry Porte, Chairman and CEO of CXDA, said that, “At CXDA, we believe in the massive, and yet unrealized, potential the SME sector of the economy plays. Our mission is to bring down the barriers that stand in the way of this potential and help unleash that power. We have found Dubai SME to be the leader with insightful vision, clarity of mission, and focus on success to elevate the SME sector in Dubai to the next level and contribute effectively to making the D33 agenda a reality.”
“The CXDA platform offers innovation, strong governance infrastructure, and an ESG-friendly solution. We are confident that our partnership with Dubai SME will usher in a new era of liquidity and growth to this sector and make a lasting and tangible difference,” Mr. Porte added.
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