Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday issued a decree to establish the ‘Mohammad Bin Rashid SME Fund’ to finance around 100 national entrepreneurial projects every year as well as allocating 10 per cent of government procurements to projects initiated by Emirati youth.
“The necessity of supporting small and medium enterprises [SMEs] of young nationals has resulted in issuing a federal law to support such enterprises and [will] create a new generation of entrepreneurs to boost the UAE economy,” said Sami Al Qamzi, Director General of the Department of Economic Development (DED) in Dubai.