Dubai-based SMEs are getting an AED 500 mn boost to encourage their expansion worldwide after Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the Dubai International Growth Initiative, Wam reports. The initiative is a collaboration between the Dubai government and Emirates NBD.

What’s the pitch? Emirates NBD will provide SMEs with financing at the Emirates’ interbank offered rate (EIBOR) with no additional margin, the news agency said.

How can you get a slice of the pie? The initiative is open to all SMEs established in Dubai, regardless of the owner’s nationality, and will focus on so-far unspecified strategic sectors.

What’s an SME in the UAE? It varies by business type (trade, industry, services), how many staff you have, and what your annual turnover looks like. You can play with the sliders on the UAE Ministry of Economy here. The Government of Dubai’s SME unit already provides a range of finance and other support for qualifying SMEs.

What’s next? A joint committee comprising representatives from both the Government of Dubai and Emirates NBD will oversee the execution of the initiative and choose eligible SMEs. Emirates NBD will provide further details on the financing program next month, Wam said.

Fast facts: SMEs make up 95% of registered businesses in the emirate and employ over 60% of the workforce, said Sheikh Hamdan.

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