Dubai has unveiled a new programme aimed at helping small and medium companies get off the ground faster and in a more cost-effective manner.
The SME in a Box initiative will offer company founders a single entry point to access essential business services including licensing support, banking, digital payments, logistics, telecoms and other operational services, the emirate's Department of Economy and Tourism said on Thursday.
The initiative is backed by 18 major private companies, including telecoms operator du, banks and financial services providers Emirates NBD, Abu Dhabi Islamic Bank and Network International, and logistics companies Aramex and DHL.
The platform’s partner offers are estimated to be worth about Dh80,000 ($22,000) in potential value to business founders through discounted transaction rates, fee waivers, subsidised onboarding, reduced service charges and preferential packages, the department said.
Emirati SME founders will benefit from additional offers “to further encourage national entrepreneurship”.
The unified system is aimed at reducing the costs of setting up a business and the time needed to complete administrative requirements such as opening bank accounts and obtaining regulatory approvals, the department said.
Certain digital-first services, including payments, logistics and telecoms, can be activated within 24 hours through automated verification.
Services such as corporate banking and licensing approval will continue to follow standard regulatory requirements, but co-ordinated onboarding and pre-validation processes will reduce delays and the administrative burden, the department said.
“Through direct consultation with founders, we understood that what [SMEs] need most today is clarity, speed and cost efficiency,” said Ahmad Almheiri, chief executive of the Mohammed bin Rashid Establishment for SME Development, part of the Department of Economy and Tourism.
“In a rapidly evolving global landscape, our priority remains unchanged: to ensure Dubai is the most dependable, efficient and enabling place to start and grow a business,” he added.
The programme is in line with the broader Dubai Economic Agenda, known as D33, which seeks to double the size of the emirate's economy to Dh32 trillion ($8.71 trillion) by 2033.
SMEs and start-ups make up a significant proportion of businesses in the UAE and are key to the Emirates' goal of becoming a global leader for entrepreneurship. The latest government data shows that more than 90 per cent of all companies operating in the country are SMEs. They also play a vital role in furthering the nation's economic diversification strategy.
To support the sector, the Department of Economy and Tourism and the Dubai Chamber of Digital Economy last year also launched the Dubai Founders HQ, aimed at helping the emirate reach its target of 30 unicorns – start-ups valued at more than $1 billion – and enabling 400 SMEs to grow by 2033.
The Dubai Founders HQ operates as a co-working and event space, while the digital layer provides entrepreneurs with access to a database of the SME ecosystem and helps them seek government services, Hadi Badri, chief executive of Dubai Economic Development Corporation, told The National last year.
SME in a Box will be integrated with the Dubai Founders HQ to connect founders, investors and ecosystem partners under the D33 Agenda, the department said on Thursday.
This will ensure that “businesses can move seamlessly from set-up to scale, accessing a wider network of support, including mentorship, investors, growth programmes, market access and strategic partnerships through a single platform”.
The initiative will be launched in phases, beginning with core business enablement services, including licensing support, banking, payment processing, telecoms, logistics and marketing services.
Future phases will introduce “deeper digital integration and automated onboarding processes”, the department said.
Over time, SME in a Box will integrate with the Invest in Dubai platform to create a unified digital entry point for business set-up and operations.
“Looking ahead, the Department of Economy and Tourism and its partners will continue expanding the platform’s capabilities, integrating advanced analytics and automation to monitor adoption, optimise services and measure economic impact,” the department said.
