The bank facilitates financing worth 15 million dirhams to eligible companies

Emirates NBD reveals the sectors benefiting from the first stages of the Dubai Global Growth Initiative

Emirates NBD revealed details regarding the first phase of the “Dubai Global Growth Initiative,” which was launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, last January, in a step that represents a strategic commitment aimed at accelerating expansion. The global fund for small and medium-sized companies established in the Emirate of Dubai, through the Facilitator program for financing with a total value of 500 million dirhams.

The goal of the initiative

The goal of the initiative, which is the first of its kind and is being implemented in cooperation between the Government of Dubai and Emirates NBD, is to consolidate Dubai’s position as a prominent global business center as well as to enhance the vital role played by the private sector in supporting the emirate’s economic growth process.

By monitoring and identifying small and medium-sized companies with high growth potential and supporting their international expansion and growth plans, the initiative is in line with the objectives of the Dubai Economic Agenda D33, which aims to double Dubai’s gross domestic product and confirm its position as a major center for the operations of small and medium-sized companies, for which the emirate provides an ideal platform. It enhances its stability, increases its competitiveness, and paves the way for further growth and development.

Sectors of the first stage

The first phase of this initiative will be available to all small and medium-sized companies established in Dubai in several sectors, including food and beverages, fast-moving consumer goods, retail, including the distribution of spare parts, equipment and machinery, e-commerce, and the service and manufacturing sectors. While more other sectors will be added in the next stages of the initiative, with a focus on strategic sectors in Dubai, in order to ensure that the approved participants have access to the financing necessary to expand their business globally.

Providing financing

Through the support provided by Emirates NBD, the initiative will facilitate the provision of financing worth 15 million dirhams to finance eligible companies, for a period of up to seven years, allowing them to manage their cash flows efficiently during the stages of their global expansion. The bank will provide financing with competitive fees equal to the inter-bank interest rates of UAE banks (EIBOR) without any additional profit margin.

A joint steering committee will also be formed, including representatives of the Dubai government and representatives of Emirates NBD, to be responsible for directing the initiative, selecting qualified small and medium companies, supervising its implementation, and ensuring their success in achieving the strategic goals of the emirate.

Eligibility criteria

Small and medium-sized companies wishing to participate in the initiative must meet a set of eligibility criteria that are in line with the strategic vision of the Dubai government. The requirements include that the eligible company must be:

• Founded and operating in Dubai, it has a successful business model.

• Operates within the specific sectors referred to.

• It intends to use the financing to expand its existing business globally.

• Effectively manages its payments according to cash flow from current operations.

• It has a comprehensive business plan outlining its global growth strategy that is submitted to the initiative.

Subscription procedures

If the initial criteria are met, an experienced expert will conduct a comprehensive review of the businesses of the applicant companies, followed by a review by the Joint Steering Committee to decide whether to include them within the initiative. Eligible companies will work closely with Emirates NBD to obtain financial solutions tailored to their unique growth needs.

The Dubai Global Growth Initiative welcomes all small and medium-sized companies established in Dubai, regardless of the nationality of their owners, to enable them to expand globally, by visiting the website