- First phase to facilitate up to AED15 million in funding to SMEs with Emirates NBD’s support
- Initiative aims to accelerate the global expansion of high-potential SMEs, supporting the goal of the Dubai Economic Agenda D33 to double the size of the emirate's GDP
- Joint steering committee, comprising representatives from the Government of Dubai and Emirates NBD, will be responsible for guiding the initiative
Dubai: Emirates NBD today revealed the criteria for small and medium enterprises (SMEs) to participate in the first phase of the AED500 million 'Dubai International Growth Initiative'. The groundbreaking initiative was introduced in January by His Highness 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 small and medium enterprises (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 'Dubai International Growth Initiative' is aligned with the goal of the Dubai Economic Agenda 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 (F&B), fast moving consumer goods (FMCG), retail, including parts and machinery distribution, e-commerce, services and manufacturing. 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 cashflow 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. To be eligible, SMEs are required to:
- Be founded and operational in Dubai, with a proven successful business model.
- Operate within the sectors of F&B, FMCG, retail, including parts and machinery distribution, e-commerce, services and manufacturing.
- Use the financing to establish global business expansion of their current line of business.
- Effectively manage the repayments based on cashflows from their current operations.
- Present a comprehensive business plan outlining their strategy for global growth.
Upon fulfilling the initial eligibility criteria, a dedicated specialist will conduct a comprehensive review of the applicants’ business followed by the joint steering committee’s review for inclusion in the initiative. Qualified applicants will work closely with Emirates NBD to receive tailored financial solutions to address their unique growth needs.
How to Apply
All Dubai-founded SMEs, irrespective of the nationality of the owner, can benefit from the 'Dubai International Growth Initiative', which seeks to empower SMEs to expand internationally.
To embark on this journey of growth and discover more about the initiative, visit https://www.emiratesnbd.com/en/dubaismegrowth
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2023, total assets were AED 863 billion, (equivalent to approx. USD 235 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 850 branches and 4,431 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
For further information on Emirates NBD, please contact:
Senior Vice President
Head - Group Corporate Affairs