Dubai SME signs MoU with DIFC to encourage start-ups

Press release

Published March 9th, 2011 - 12:08 GMT

Al Bawaba

Dubai SME an agency of Department of Economic Development and the Dubai International Financial Centre (DIFC) has signed a memorandum of understanding (MoU) to jointly promote small and medium enterprises (SMEs) in the UAE.

The agreement was signed by Abdul Basit Al Janahi, CEO Dubai SME and Abdulla Mohammed Al Awar, CEO of the DIFC Authority.

Commenting on the agreement, Abdul Basit Al Janahi said it will provide a comprehensive incentive package for SMEs and facilitate their access to the world-class operating environment and knowledge resources in DIFC as well as establish exceptional partnerships for growth.

“The MoU also shows how institutions in Dubai can create the perfect synergy to promote the SME sector, projected to lead growth worldwide, and achieve the larger development goals of the emirate,” added Al Janahi.

Abdulla Mohammed Al Awar said: “SMEs play a strategic role in developing the national economy and supporting the UAE’s long-term plans to promote innovation and achieve sustainable growth. DIFC is proud to motivate SMEs through providing a business platform for them to exchange expertise and best practices with the elite global companies in DIFC”.

The MoU states that DIFC will offer a number of incentives to Dubai SME members to start their business in the free zone and preferential treatment in DIFC’s procurement, as laid down by the Government Purchasing Programme (GPP).

Dubai SME will provide necessary assistance and information to the DIFC Authority to identify qualified SMEs and will also brief SMEs on procurement opportunities and procedures at DIFC.

Background Information

Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises

In September 2009, His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai issued Law No.23 of 2009 concerning the Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises, recently renamed the Mohammed Bin Rashid Establishment for Young Business Leaders.

The law defines the goals of the establishment for strengthening Dubai’s position as a centre for entrepreneurship and allows for the setting up of projects which encourage entrepreneurship and the innovative ideas of youth. This move seeks to motivate youth to work, as well as to pursue economic activity, such as the development and organisation of programs and initiatives.

Company Profile

Dubai International Financial Center

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of US$ 7.7 trillion.