Dubai SME, Dubai Economy’s agency responsible for promoting the small and medium-sized enterprises (SMEs) sector and entrepreneurship, continued to develop and diversify its advisory and support programs in 2019 with an added emphasis on improving the competitiveness of SMEs and to strengthen Dubai as a hub of innovation and business.
3,871 entrepreneurs from Emirates benefitted from the startup consulting services offered by Dubai SME. It launched exemptions and incentives worth nearly $46 million and this has played a vital role in the launch and expansion of business across numerous sectors.
Overall, Dubai SME has provided incentives and support worth more than $171 million to local entrepreneurs since its inception in 2002. While 2019 also witnessed the number of Emirati entrepreneurs who received support from Dubai SME rise to 38,565.
Abdul Baset Al Janahi, CEO of Dubai SME, said that 2019 was a challenging but remarkably successful year for Dubai SME in its efforts to align the diverse SME and entrepreneurial skills available locally with the ambitious growth strategies of both Dubai and the UAE, and the vision of leadership to make the country an innovation-driven, knowledge-based economy.
He also lauded the success of the Hamdan Innovation Incubator (Hi2) in Dubai SME. He appreciated its role in developing a culture of innovation and entrepreneurship through its Business Incubators and Accelerators accreditation program.
Hi2 has supported 651 startups to date, with 68 of them in 2019 alone. Moreover, four new business incubators and accelerators have been accredited in Dubai for the past year, including the first accredited incubator for students at the GEMS Modern Academy.
Hi2 is continuously putting in its efforts to build a network of incubators who can support creative enterprises specifically in the field of sustainable design and technology even as Dubai has six certified incubators 6 at the moment.
Meanwhile, the financial arm of Dubai SME, the Mohammed bin Rashid Fund has provided funding to 75 SMEs in 2019 alone. Over 172 ventures have successfully received funding for products worth more than $21.7 million from the fund. Nearly 64% of these have been supported through the fintech affiliated to the fund, Beehive.
Start-up subsidies were also provided to 1,470 Emirates SMEs in 2019, taking the total number of SMEs benefiting from the exemptions and incentives to 7,590.
The value of contracts supported by Dubai SME to its registered and eligible members as part of the Government Procurement Program (GPP) exceeded $264million in 2019. Since its inception, the Dubai SME has ensured over $1.54 billion worth of GPP contracts to its members, from government, semi-government and private entities.
The Dubai Entrepreneurship Academy that prepares entrepreneurs through its training in business startup, management and development, also had a full schedule in 2019. The educational arm of Dubai SME successfully trained 6,862 in the past year. According to data, it has trained over 21,775 entrepreneurs since its inception.
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