Dubai’s status as an emerging market makes it an ideal place for entrepreneurship. With the constant influx of new residents from every corner of the world, new markets are constantly opening. The Dubai government strongly supports entrepreneurs through the Mohammed Bin Rashid Establishment for Young Business Leaders, the Mohammed Bin Rashid Awards for Young Leaders and the Mohammed bin Rashid Al Maktoum Foundation.
These organizations seek to motivate young Arab leaders to become integral parts of the region’s economy. Government support for young Emirati entrepreneurs is exceptionally generous and there are several grants available for those with a strong business plan. In addition, Dubai Government provides excellent support for Emirati entrepreneurs through the Government Procurement Program, which mandates that all government departments dedicate at least 5% of their annual procurement activities through companies registered with Mohammed Bin Rashid Establishment for Young Business Leaders.
Mohammed Bin Rashid Establishment for Young Business Leaders
Also known as Dubai SME, the establishment’s key activities focus on the creation of new businesses by offering a platform for ideas and financial support, to inspire entrepreneurial spirit among UAE nationals, raise awareness of business opportunities and support enterprises run by UAE nationals. The Establishment has set up a dedicated AED 700 million UAE fund based on Islamic banking principles, to provide capital at preferential terms for new entrepreneurs and existing small and medium business owners.
Women Entrepreneurs in Dubai
For many decades, women in Dubai have also been involved in traditional trading and manufacturing activities and handicrafts, usually operated from home. Thanks to the encouragement of the UAE and Dubai government, a more modern entrepreneurial spirit is seen by younger, well-educated women who are engaged in economic activities using advanced information and communication techniques.
The Dubai Business Women’s Council, which was established in 2002 under the umbrella of Dubai Chamber, is the official representative organization for women entrepreneurs in Dubai. Membership is a nominal sum of AED 500 per year and applicants can be female business owners, female managers in government or private sector or female graduate entrepreneurs from of the Higher Colleges of Technology or UAE government universities. The Emirates Business Women Council has offices and members in both Dubai and Abu Dhabi and offers networking and support for women entrepreneurs. Applicants must be female and over 21 years of age and holding a managerial position or entrepreneurial owner of a company.
Entrepreneurship Awards
To reward and recognize small businesses and encourage entrepreneurship, the government and private sector have a number of awards that are given annually. These include the Mohammed Bin Rashid Awards for Young Business Leaders, which also recognize individuals and organizations that support UAE entrepreneurs.
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