Day: August 2, 2022

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), an agency of the Department of Economy and Tourism (DET) in Dubai, has completed 20 years of its journey towards positioning the emirate as the most competitive environment for entrepreneurial ideas and start-ups. Over the last two decades, Dubai SME has created an innovative ecosystem that continues to attract new business concepts, and supported the launch of over 11,000 start-ups in varied sectors, contributing to the diversification, sustainability and resilience of the economy in the UAE.

A pioneering initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in 2002 to spread the culture of entrepreneurship in Dubai and position the city as the global hub of entrepreneurship, Dubai SME has not only inspired Emiratis to transform their ideas into successful business ventures but also attracted companies and entrepreneurs worldwide looking for the best location to test-bed and nurture innovations. The programmes, institutions and partnerships launched by Dubai SME have enabled it to evolve into a template for attracting talent and investments into new and emerging technologies, industries and services.

More than 45,000 entrepreneurs have benefitted from the advisory services of Dubai SME during the last 20 years while the Dubai Entrepreneurship Academy, the educational arm of Dubai SME, has trained 39,000 people in diverse disciplines of start-up development, thus preparing them for future success in the knowledge-driven economy in the UAE.

Dubai SME has also facilitated start-up loans worth AED 221 million through the Mohammed Bin Rashid Fund over the last 20 years, in addition to procurement contracts worth over AED 8.5 billion for SMEs under a Government Procurement Programme (GPP).

His Excellency Helal Saeed Almarri, Director General of the Department of Economy (DET), commented: “The most significant achievement of Dubai SME is in inspiring people, especially the young and ambitious, to pursue entrepreneurship and empowering them to successfully navigate the challenges of starting a business. The leadership’s focus on ushering in policy reforms and legislations to create more economic opportunities have increased confidence among entrepreneurs as well as businesses and investors supporting them. A growing number of public and private sector entities in the UAE are working with entrepreneurs, and creating partnerships to support the start-up journey, from an idea to an innovative enterprise and then to a globally competitive business. Today, we see SMEs being a significant presence across varied sectors in Dubai, and adding substantial value and diversity to the economy.”

The SME community, which constitute 99.2 per cent of the total companies in Dubai, also account for 46.4% of the added value and 50.5% of the workforce in the emirate.

“Agile by nature, SMEs had a remarkable role in the economic resilience and adaptability Dubai continued to demonstrate during the recent pandemic phase. The year 2021 saw 2,031 SMEs being launched with the support of Dubai SME in varied services and sectors. Their flexibility and inclination to innovate, along with the vision and strategic plans to attract talent and investments into Dubai, will see SMEs in a lead role in positioning Dubai as a global hub for business, tourism, entrepreneurship and a digital economy,” added Almarri.

Dubai SME and its affiliate institutions have wide-ranging initiatives and programmes, from identifying entrepreneurial talent and incubating business ideas to extending life-cycle support for start-up growth and expansion. A growing network of 15 certified business incubators and accelerators in Dubai welcomes everyone with an innovative idea to test-bed their concept and secure the resources required to develop it into a viable project.

Dubai SME is also the first entity of its kind globally to have developed state-of-the-art fintech solutions for SME financing. Through Beehive (www.beehive.ae), an innovative technology platform enabling peer-to-peer lending, Dubai SME is linking companies seeking fast and affordable financing to suitable investors. Dubai Next, the first digital crowdfunding platform launched & managed by Dubai SME, has also evolved into an efficient solution for securing funding from backers for start-ups and creative talents, especially students and the youth.

Abdul Baset Al Janahi, CEO of Dubai SME, thanked the leadership for the continuous support given to Dubai SME, adding that a major focus for the agency will be on connecting start-ups to new opportunities and partners.

“The most significant achievement of Dubai SME is in promoting a culture of entrepreneurship and in transforming entrepreneurial creativity into a significant driver of economic development and employment in the UAE. Creative talents in Dubai have the best environment to pursue their dreams and lead innovations in businesses and industries of the future,” said Al Janahi.

“As Dubai turns a new page in its growth Dubai SME is aligning its strategic focus to attracting innovators and investors looking for new opportunities and experiences. Dubai SME will continue to help SMEs enhance their capabilities and embrace digital transformation while also facilitating access to financing and new markets for start-ups,” Al Janahi added.

Major milestones for Dubai SME during the past 20 years:

o2021 – Launch of ‘Dubai Next,’ the first official digital crowdfunding platform in Dubai

o2020 – First certified business incubator in a free zone opened in Amity University Dubai

o2020 – Financial support package launched for SMEs following COVID-19

o2020 – Remote consulting, guidance and training services for entrepreneurs

o2020 – Achieved 7-stars at the Dubai government level for global best practices in to support services for entrepreneurs

o2020 – Launch of Innovation Attraction Programme – smeiap.com

o2019 – Launched the second edition of the ‘The State of SMEs’ study

o2019 – First certified school business incubator opened at GEMS Modern Academy

o2019 – Started promoting products and services of Dubai SME members through ‘Hi Dubai’ portal

o2019 – Launched initiative to train inmates of penal institutions

o2018 – Partnership with Zayed University to launch business incubators

o2017 – Launch of ‘RATE’ initiative to classify SMEs based on their performance

o2017 – Launched Smart Supplier Programme

o2016 – Launched Business Incubators certification scheme

o2016 – Launch of the ‘State of SME Investment Report’

o2016 – New law issued on the mandate of Dubai SME

o2014 – Launch of the Hamdan Innovation Incubator

o2013 – Launch of the Dubai Entrepreneurship Academy

o2012 – Launch of the Mohammed bin Rashid Fund for SMEs

o2012 –The Mohammed Bin Rashid Award for Young Business Leaders expanded to cover Arab world initiatives

o2011 – ‘Young Entrepreneur Competition’ of Dubai SME wins in the Dubai Government Excellence Programme

o2009 – Launch of the official SME definition for Dubai

o2005 – ‘Young Entrepreneur Competition’ launched

o2005 – Partnership with Global Village to promote UAE entrepreneurs and SMEs

o2004 – Government Procurement Programme (GPP) wins in the Dubai Government Excellence Programme

o2003 – The Mohammed Bin Rashid Award for Young Business Leaders (YBL) launched

o2002 – Government Procurement Programme (GPP) launched

Source: Dubai SME

DUBAI, Dubai real estate market recorded 396 sales transactions worth AED845.37 million, in addition to 110 mortgage deals of AED376.93 million, and 11 gift deals amounting to AED96.55 million on Tuesday, data released by Dubai’s Land Department (DLD) showed.

The sales included 356 villas and apartments worth AED693.98 million, and 40 land plots worth AED151.4 million, while mortgages included 94 villas and apartments worth AED286.71 million and 16 land plots valued at AED90.21 million, bringing the total realty transactions of today to over AED1.2 billion.

Source: Emirates News Agency

Director General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation HE Ahmed Mahboob Musabih held a virtual business meeting to enhance trade cooperation and partnership with South Korea. He was joined in the meeting, which falls under the Ertebaat initiative, by HE Moon Byung-Jun, South Korea Consul General and the members of the South Korean Business Council in Dubai. Dr. Abullah Busanad, Executive Director for Customs Inspection, alongside a host of senior officers and heads of departments from Dubai Customs also attended the meeting.

The meeting covered topics such as the means of boosting economic cooperation between South Korea and the UAE and expanding cooperation with South Korean businesses and diplomatic missions.

Musabih reaffirmed the importance of cooperating with the South Korea’s diplomatic missions and companies to support mutual trade between the two friendly states through providing high quality services and facilities to clients and partners.

“It’s very important for us to boost ties of partnership with our friends in the South Korean business councils and corporates,” said Musabih, underlining that the growing bilateral ties between the UAE and Korea drive more business cooperation and partnership, capitalizing on the recent economic and trade agreements signed between the two countries.

He added: “Ties with our partners are gaining more weight and momentum, and we are working hard at Dubai Customs to develop our initiatives for a better delivery of services and products. The UAE – South Korea’s growing trade cooperation has led to the signing a mutual recognition agreement for the implementation of the Authorised Economic Operator (AEO) program, which supports a rise in mutual trade taking advantage of the facilities and incentives offered to traders and businesses certified as trusted AEOs in both countries. The UAE has already 107 companies joining the local AEO program.”

The Director General of Dubai Customs pointed out that the authority processed 12.7 million customs transactions in the first half of 2022, against 24 million customs transactions completed in 2021.

“We continuously develop our business operating models to support our partners’ trade activities and reduce the cost of their operations. Any success we make is also a success to our partners. With this vision always in mind, we achieved 98% on the customer happiness index.”

Byung-Jun, on his part, thanked Dubai Customs for their steadfast commitment to offering seamless and convenient services and facilities to South Korean businesses and to further reinforcing collaboration with South Korea diplomatic and business representative bodies. “This, besides serving the interests of both parties, also fosters a favourable environment for easing trade and investment activity between South Korea and the UAE through expanding economic and investment possibilities and enabling South Korean traders to enhance their operations in the region without any hassle.”

In the meeting, presentations on the Authorized Economic Operator, the Cross Border e-Commerce Platform, as well as the World Logistics Passport were delivered, highlighting the great added-value benefits and these initiatives bring to trade facilitation and overall business empowerment.

Source: DUBAI CUSTOMS