Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, stated that the small and medium enterprises (SMEs) industry is a critical pillar of the national economy and that the UAE continues to prioritize the sector through programs and initiatives aimed at fostering entrepreneurship in the city.

“His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai has continued to consider the importance of youth in constructing the tomorrow and the necessity of strengthening them by giving them with opportunities that enable them to achieve their maximum potential,” Sheikh Hamdan stated. We are dedicated to recognizing His Highness' vision and proposing ideas and activities that will channel their creative energy into accomplishments that will aid our growth journey.”

His Highness made the remarks while launching ‘Dubai Next,' an integrated digital framework that allows aspiring youth and innovators from various nationalities in Dubai to get the necessary finance to begin their ventures.

“The ‘Dubai Next' platform will help to stimulate constructive competition and encourage young people to present creative ideas while also obtaining community support through crowdfunding. It will also enable a generation capable of inventing to prosper in a competitive business climate, reaffirming the vital role of SMEs in economic growth and ensuring that the UAE remains a beacon for youth empowerment,” H.H. added.

Crowdfunding is the utilization of modest sums of money from individuals to support a new business undertaking.   As a result of the usage of digital technology, prospective entrepreneurs may now promote their ideas and projects to a greater portion of the community, both locally and worldwide, and gain direct funding or marketing assistance.

He lauded the Mohammed Bin Rashid Establishment for SME Development (Dubai SME), the Dubai Economy organization tasked with developing the SME sector, for its contribution in cementing the UAE's position as a forerunner in supporting entrepreneurship. H.H. Sheikh Hamdan stated that trade is an important component of the national economy and a part of the UAE's social and cultural history and that the UAE has always been willing to give youngsters with incentive schemes to start their enterprises as an option to working in paid employment.

Since its inception in 2002, Dubai SMEs has continued to give crucial assistance and counseling to SMEs and developing enterprises, thereby introducing young to entrepreneurial possibilities, new trends, and tools to help them build a successful business.

The initiative's debut is also part of a larger effort to boost the growth of SMEs. In the previous several months, a slew of economic incentives and legislation have been implemented that have benefitted several entrepreneurs.

 The Director-General of Dubai Economy, Sami Al Qamzi, thanked Sheikh Hamdan bin Mohammed for introducing the ‘Dubai Next' platform.

“In compliance with Sheikh Hamdan bin Mohammed's orders, Dubai continues to foster entrepreneurship, welcome inventors and creative entrepreneurs, and offer them all forms of assistance.” Dubai has encouraged entrepreneurs to put their visions into action and turn their theories into distinct enterprises that assist long-term growth and attempts to establish a knowledge economy. The city's continued efforts will help to strengthen the emirate's position locally and regionally, allowing it to reach the biggest section of young entrepreneurs in a variety of industries, as per Al Qamzi.

“The ‘Dubai Next' platform is entirely connected with the Dubai SME's aim to establish platforms that foster entrepreneurship,” said Abdul Basit Al Janahi, CEO of Dubai SME. The initiative's debut represents the Dubai government's desire to give creative solutions to the issues that creators and innovators face, and to showcase their strengths in many areas and offer them support from the community, advice, and follow-up assistance in keeping with the UAE's strategic goals for sustainability and fostering knowledge and technologies.”

“Dubai SME's attempts to give novel financing options to SMEs are in sync with our leadership's directions to create an ideal framework for supporting creative ideas and initiatives, particularly Emirati enterprises, by guaranteeing that at least 50% of the capital necessary is achieved from crowdfunding,” Al Janahi added.