As a huge step towards supporting small businesses, Dubai’s crown prince Sheikh Hamdan recently announced a $100.73 million (AED 370 million) venture capital fund aimed to cater exclusively for startups in UAE. The fund is expected to support startups until 2030 with a possible two-year extension. The fund will be governed by the Dubai International Financial Centre (DIFC), which in itself is expected to contribute 15% towards the fund.
With this initiative, startups in Dubai are expected to receive significant support for their growth and expansion within Dubai as well as global markets. As per the most recent projections, approximately AED 3 billion will be added to Dubai’s GDP. In addition to that, a staggering 8000 jobs will be added to Dubai’s ever-expanding job market. The move is one of the many initiatives recently introduced by the Dubai government to support small businesses.
In light of this recent announcement, let’s have a look at some other programmes launched by the Dubai government to support startups.
1. Mohammed Bin Rashid Innovation Fund
This initiative was primarily launched to support innovative solutions, processes, products, and services. As part of this, a total of AED 2 billion was allotted to offer support to resident entrepreneurs and registered companies in the UAE.
2. Dubai SME
Dubai SME was launched in the year 2002 as a division of the Department of Economic Development (DED), and since then has empowered startups through a variety of services that include incubatory support, funding, and business advisory.
3. Dubai Entrepreneurship Academy
Dubai Entrepreneurship Academy is the educational segment of Dubai SME, and is concerned with promoting business talent, and enhancing the skillset and knowledge of entrepreneurs in areas like project management, and business development.
4. Dubai Startup Hub
Dubai Startup Hub is the entrepreneurship segment of the Dubai Chamber. The programme aims to support ventures through programs, workshops, and training. It also strives to extend support to both local businesses as well as overseas businesses looking to set up their business in Dubai.
Scale2Dubai is an entrepreneurship programme by District 2020 that aims to help global startups with a good track record to flourish in Dubai. Through this programme startups will have access to accelerator and incubator programmes along with the necessary infrastructure, IT, and banking services.
Thanks to these programmes, it is certain that Dubai’s startup ecosystem is here to stay and thrive. Together with numerous strategic advantages, the various initiatives taken by the government makes Dubai all the more ideal for starting up a business. InZone is a leading corporate service provider in Dubai and provides business setup and other associated services under one roof.