Dubai can be called one of the most innovative and creative business centers of the world.
In an effort to turn the emirate into the capital of entrepreneurship in the Middle East, the Business Incubator of small and medium-sized businesses in Dubai offers a grant for a ready-made enterprise. An application for a grant can be submitted through the website of the incubator.
Thus, entrepreneur innovators, as well as students who want to implement a new idea, can get the full ownership of the enterprise. Employees of the incubator will conduct a thorough selection of applications according to their utility and feasibility criteria.
This measure is part of a new resolution for innovative entrepreneurs “Incubators and business accelerators.” For example, under the law, foreign citizens can own 49% of the company’s capital, but in the free zone it is allowed to own 100% of the company’s assets.
Representatives of the Department of Small and Medium Business Development of the Department of Economic Development of Dubai, declare that an entrepreneur can apply for an online grant, while the special committee will conduct a technical examination of each application.
This measure is aimed at attracting local and foreign investments in the small and medium-sized business sector.
Although the exact definition may vary in different industries, the term “small” or “medium-sized business” is usually applied to small businesses that are considered relatively new to the market.
Most of the medium and small businesses in Dubai, usually work in the trading sector – about 60% of the total. Less than 10% of medium and small enterprises are manufacturing companies and more than 30% are service companies.
Companies of this size are the basis on which the economy of Dubai is built. Currently, small and medium-sized enterprises account for up to 95% of the number of companies in the UAE, creating up to 40% of the value added generated in Dubai’s economy. Of course, these enterprises are of great value in general for the UAE.
Business incubators provide entrepreneurs with a range of services, including the necessary workspace, advice and recommendations for project development, support for the introduction of innovations and the use of the latest technologies in product development.
Also in Dubai, a number of initiatives for the development of entrepreneurship and start-ups were adopted.
So, in the emirate such organizations as Dubai Startup Hub and Hamdan Innovator and Incubator were created – all this gives the emirate the opportunity to become the business capital of the region.