Dubai SME Extends Dh192M Worth Incentives
Dubai SME extends Dh192m worth of incentives in 2020.
The net value added by national companies to the GDP in Dubai is estimated to have reached Dh6 billion by the end of 2020 and together, they accounted for over 43,000 jobs
Dubai SME has announced the results of its innovative initiatives that it rolled out and strengthened to support the entrepreneur community in 2020, enabling them to stand up to the unprecedented challenges brought in by Covid-19.
Start-ups and entrepreneurs in Dubai received over Dh192 million worth of incentives in 2020, compared to Dh170 million in 2019, as Dubai SME strengthened its efforts to support members overcome the pandemic challenges.
Added initiatives and incentives by Dubai SMEs to help start-ups withstand the pandemic challenge have taken the net volume of support provided by Dubai SMEs to Emirati entrepreneurs and national companies since its inception to Dh823.16 million.
Abdul Basit Al Janahi, CEO of Dubai SME, said: “The Dubai SME strategy is aligned with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, which places the citizen at the core of economic development. At Dubai SME, we strive to support entrepreneurship and the development of the small and medium enterprises in Dubai, which are the backbone of the emirate’s economy.”
Al Janahi added: “The global outbreak of Covid-19 called for innovative solutions and Dubai SME drew on its knowledge of the importance of entrepreneurship and resources in supporting entrepreneurial initiatives to diversify our services, programs, and incentives. We also focussed on reaching out to the largest possible number of start-ups and entrepreneurs, reassuring them through field visits and advisory services, as well as extending them financial support to maintain cashflows and invest in business development.”
The past year also saw 1,675 Emirati enterprises being launched in Dubai, compared to 1,470 during the previous year, which showed a strong appetite prevailing among UAE nationals to establish their own businesses despite new challenges and reinforced the emirate’s emirate status as a competitive hub for successful entrepreneurship and innovation.
With the significant additions to the start-up community, the number of Dubai SME members reached 4,786 by the end of 2020, of which 74 percent were commercial licenses while the remaining were in the Intelaq category of licenses for home-based businesses. The net value added by enterprises to the GDP in Dubai is estimated to have reached Dh6 billion by end of 2020 and together, they accounted for over 43,000 jobs.