Dubai SME, the agency of the Government of Dubai Department of Economic Development (DED) mandated with developing the small and medium enterprise (SME) sector, and the Arabian Gulf Fund (AGF) have signed a memorandum of understanding (MoU) to foster SME investments across high growth sectors in the UAE.
The two parties will work together to identify promising SMEs in Dubai and facilitate their access to capital, thus enabling their growth into globally competitive and sustainable businesses.
Dubai SME will utilize its vast experience in working with entrepreneurs across enterprise life cycles to help AGF build a strong portfolio in Dubai’s SME sector. AGF meanwhile will offer cutting edge investment models and operational expertise to assist entrepreneurs in realizing their projects and positioning them for growth and expansion.
Dubai-based Arabian Gulf Fund channels private equity into SMEs in diverse sectors across the Middle East and North Africa, with special focus on the Gulf Co-operation Council (GCC) countries. The independent investment firm is monitoring opportunities in career education, healthcare, oil and gas logistics and infrastructure ancillaries.
Commenting on the partnership, Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME, said, “We see this as a major step forward in fulfilling our commitment to connecting entrepreneurial talent in the UAE to the best resources available to translate their ideas into world-class enterprises. The combined expertise of Dubai SME and AGF will enable SMEs to continually build value, become globally competitive, and enhance their role as a strategic driver of economic and social prosperity.”
Dubai SME seeds pipelines of future enterprises and integrates them into a dynamic growth ecosystem in order to encourage entrepreneurship and support UAE nationals to actively participate in the economic growth of Dubai.
“We know the value the Government of Dubai and the UAE in general have placed on youth. They are the future for this country and for the region. We are therefore privileged to be part of this vision to nurture the entrepreneurial talent of young UAE nationals,” said John Leopoldo Fiorilla, Managing Partner of the Arabian Gulf Fund.
As part of their partnership Dubai SME and AGF will introduce each other to their respective clients and facilitate access to each other’s services. AGF will seek Dubai SME’s consultancy on identifying SMEs for equity capital finance and AGF clients will be eligible to benefit from all consultancy and support services provided by Dubai SME, including business incubators, networking initiatives, meeting facilities, strategic partnerships with leading companies as well as knowledge and skills development programmes.