UAE - Mubasher: Dubai SME has provided AED 192 million incentives to startups and entrepreneurs in 2020, compared to AED 170 million in 2019, to support them amid the unprecedented coronavirus (COVID-19) challenges.
The added incentives to startups have increased Dubai SME's net volume of support to Emirati entrepreneurs and national companies since its inception in 2002 to AED 823.16 million, according to a press release on Sunday.
In 2020, Dubai SME Fund granted AED 43.3 million in a total of AED 123 million worth of loans to entrepreneurs and startups
In addition, Dubai SME members won contracts worth AED 896.7 million under the Government Procurement Programme (GPP) in 2020, with an increase in the net value of GPP contracts awarded to them to date to AED 7.5 billion.
The CEO of Dubai SME, Abdul Basit Al Janahi, said: "The global outbreak of COVID-19 called for innovative solutions and Dubai SME drew on its knowledge of the importance of entrepreneurship and resources in supporting entrepreneurial initiatives to diversify our services, programmes, and incentives."
