Mohammed Bin Rashid Establishment for the Development of Small and Medium Enterprises, a Dubai economic institution, revealed that 3871 Emirati business leaders received support from the Foundation, which provided about 170 million dirhams in the form of incentives, exemptions and services, to launch and develop emerging national companies in various sectors during 2019.
She added that, since its establishment in 2002, the total amount of support provided by the Foundation to citizen entrepreneurs exceeded 630 million dirhams, within the incentives and exemptions programs, while the total number of Emirati entrepreneurs, who have benefited from them so far, has risen to 38,565 entrepreneurs until the end of Year 2019.
The Executive Director of the Foundation, Abdelbaset Al-Janahi, said in a statement yesterday: «2019 has been a challenging year, and has been remarkably successful in the Foundation’s efforts aimed at achieving the required compatibility between the diverse capabilities enjoyed by SMEs and their entrepreneurial talents on the one hand And between ambitious growth strategies in Dubai and the UAE in general and the vision of leadership on the other hand, to transform into an economy based on innovation and knowledge. ”
He continued: «We are keen to improve the opportunities available to small and medium-sized companies, and provide them with support throughout their life cycle, and to help them in global competition, and achieve sustainable growth, and contribute to the economic development of the Emirate of Dubai and the Emirates. We have also worked to find institutions and launch specific initiatives whose mission is to transfer vital skills to entrepreneurs, and facilitate access to finance for SMEs. ”
So far, the Hamdan Incubator has supported 651 startups, including 68 in 2019, which also saw the adoption of four new business incubators in Dubai, including the first accredited incubator for students at James Modern Academy. There are currently six certified incubators and accelerators in Dubai, while the Hamdan Innovation and Innovation Inc is developing a network of incubators to support innovative projects.
The Mohammed Bin Rashid Fund, the financing arm of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, provided financial loans to 75 small and medium-sized companies in 2019. The number of beneficiaries of the fund's financial products reached 172 projects, with a total of more than 80 million dirhams. Business establishment exemptions were also provided to 1,470 Emirati startups, bringing the total number of small and medium-sized companies that benefited from incentives and exemptions to 7590 companies.
The value of the contracts that the Foundation contributed to providing to its registered and qualified members, within the government procurement program, exceeded 973 million dirhams last year. Since its establishment, it has worked to facilitate these companies' obtaining contracts amounting to 5.67 billion dirhams, according to the government procurement program, from governmental, semi-governmental and private entities.