Sheikh Hamdan launched the Dubai International Growth Initiative in partnership with Emirates NBD

The "Dubai International Growth Initiative" was introduced on Sunday by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Executive Council of Dubai. Dh500 million will be allocated to this initiative to hasten the internationalisation of small and medium-sized businesses (SMEs) founded in Dubai. The Dubai government, along with Emirates NBD have initiated the programme.

Sheikh Hamdan emphasised Dubai's central place in the world economy and its status as the preeminent hub for commerce and business worldwide.

The project, which is available to all SMEs established in Dubai, regardless of the owner's nationality, aims to enable companies to grow globally. The project will concentrate on the emirate's most important strategic industries. In February, Emirates NBD will provide further information on the funding plan.

Financing at reasonable rates will be extended to qualifying enterprises by Emirates NBD, which will charge the Emirates’ Interbank Offered Rate (EIBOR) plus no extra margin. Representatives from the Government of Dubai and Emirates NBD will form a joint steering committee, which will be in charge of directing the project, choosing qualified SMEs, supervising its execution, and guaranteeing that it achieves the strategic goals of the emirate.