18 Dec Unlocking the Entrepreneurial Spirit: Dubai’s Vision
What can you say about a city that is focussed on helping entrepreneurs launch their dream projects by helping them with the seemingly elusive and much-required financial support?
That it is progressive, open to innovative ideas, is ambitious and most importantly, recognises that entrepreneurs are the building blocks of the future.
Initiatives at a glance
In October this year, The Mohammed Bin Rashid Fund (MBRF) announced the launch of a receivable finance facility through to help entrepreneurs set up businesses by granting them credit for operating expenses. The fund will give beneficiaries a short-term credit facility starting with 10,000 dirhams and going up to a million dirhams, depending upon each individual case.
Further, during the first half of this year, members of Dubai SME, the agency of the Department of Economic Development (DED) set up to develop the small and medium enterprise (SME) sector, won contracts worth 17 million dirhams under a partnership between the agency and Dubai Holding. Dubai Holding offers a 20 percent discount on industrial land, workers housing, commercial and industrial warehouse, offices, galleries and shops, for five years.
Another initiative to support entrepreneurship that was also introduced in November of this year was a partnership between Dubai SME and Aswaaq, under which entrepreneurs registered with Dubai SME will be allowed to operate franchised retail outlets under the brand name ‘Aswaaq Mart.’
Richard Branson once said that the best way forward is to give more people everywhere greater power to build their own destinies. By investing in the dream of budding and motivated with access to early capital and strong mentorship, Dubai is helping launch thousands of new businesses across the emirate in the years to come.
Set up your business
Looking to start your business in Dubai or anywhere in the UAE? We at BSC help you with all the paperwork and essentials you need to get started. Give us call on +971 4 4301245 right away!