The Dubai Department of Economy and Tourism’s (DET) subsidiary Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) has launched a program to assist companies impacted by the recent bad weather.
It will give Emiratis who own small and medium-sized businesses (SMEs) financial support in the form of new interest-free loans as well as grace and postponement periods for current loans.
The purpose of this initiative is to support and stabilize businesses that have been impacted by the recent unfavourable weather conditions in the United Arab Emirates by strengthening the recovery efforts that are already underway.
To address the effects of the exceptional rainfall in the United Arab Emirates, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has ordered that the Mohammed Bin Rashid Fund for SME, a division of Dubai SME, launch this initiative.
Furthermore, the initiative is within the context of the continuous follow-up and guidance of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to keep track of all developments related to this matter, ensuring the rapid recovery of all sectors.
The goal of the Mohammed Bin Rashid Fund for SME, a division of Dubai SME, is to promote the growth and diversification of the regional and national economies.
With a grace period of six to twelve months, the special incentive for Dubai SME members enables qualified businesses to borrow interest-free funds up to AED 300,000, with no interest, to replace or repair damaged assets that are essential to the efficient operation of their companies.
This demonstrates the Fund’s commitment to helping the impacted SMEs overcome their obstacles and strengthens the part Dubai SME plays in assisting the SME community’s economic sustainability.
Moreover, the new program delays loan repayment for impacted Dubai SME members who own businesses, and offers interest-free business loans for material damages.
In light of the important role SMEs play in reviving and growing Dubai’s economy, this helps to support the local economy as well as lessen the financial burden and cover the costs of repair and replacement operations to resume business as soon as possible and shorten the period of disruption to regular operations.