⬇ PDF download: Five strategic projects launched in 2024 that enhance the way of doing business in Dubai

Five strategic projects launched in 2024 that enhance the way of doing business in Dubai

• In 2024, Dubai introduced numerous strategies to advance economic progress and business sector development.
• This blog will highlight the Dubai International Growth Initiative, PPP Projects Portfolio, DUB.AI, Dubai Commercial Transport Strategy 2030, and Dubai RDI Grant Initiative.
• The five government-led projects are key to empowering foreign-owned and Dubai SMEs to excel in the local business field.

Innovative businesses, regardless of size, generally require government-led initiatives to guarantee their company’s growth in any competitive market. In 2024, Dubai introduced several forward-looking programs with complementary objectives to advance economic progress and business sector development. These projects undoubtedly provide essential support for companies, from easing funding constraints to simplifying the complexities of setting up a business in Dubai.

This second blog article highlights five (5) path-breaking strategies launched in the city in 2024, each designed to elevate the ease of doing business in Dubai. From funding high-performing SMEs to enabling leading-edge AI and transport solutions, these projects will further enhance the emirate’s pro-business field.

1. Dubai International Growth Initiative

Launched in January 2024, the AED 500 million Dubai International Growth Initiative is a collaboration between the Government of Dubai and Emirates NBD to propel SMEs into global markets.

Key highlights/developments:

• AED 500 million fund for Dubai-based SMEs
• Financing up to AED 15 million per business, ensuring low-cost cash flow management
• The first phase targets sectors such as F&B, FMCG, retail (including parts and machinery distribution), e-commerce, services, and manufacturing
• Businesses must have a proven successful model with a clear plan for managing repayments as per current operations’ cash flows

This initiative offers a clear advantage for Dubai SMEs keen on improving their business activities and expanding their operations internationally.

2. Public-Private Partnership (PPP) Projects Portfolio

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, authorised a portfolio of public-private partnership (PPP) projects of the Dubai Government. Simply put, this project drives private-sector participation in public infrastructure.

Key highlights/developments:

• AED 40 billion investment, covering 10 economic sectors
• Focuses on ten (10) economic sectors, which will run until 2026
• Launched digital platform (DP3) in October for efficient project management
• Focuses on sustainable development and infrastructure improvement

Additionally, the PPP model enhances infrastructure, creates jobs, and improves service quality — key aspects for entrepreneurs keen on starting a business in Dubai.

3. Dubai Universal Blueprint for Artificial Intelligence

The Dubai Universal Blueprint for Artificial Intelligence, or simply DUB.AI, aims to make the emirate an AI capital worldwide. It was introduced in April 2024.

Key highlights/developments:

• AI adoption across strategic sectors and government services
• Launch of Dubai’s trade license for AI
• Inauguration of the Dubai AI Campus cluster at DIFC’s Innovation Hub, with facilities for start-ups
• The AI Retreat will be a yearly event on the Dubai calendar, with the next one slated for 29 April 2025

The support offered by this initiative will be valuable to entrepreneurs focused on AI who are seeking guidance on how to start a business in Dubai.

4. Dubai Commercial Transport Strategy 2030

As part of the all-encompassing Dubai Economic Agenda (D33), the Dubai Commercial Transport Strategy 2030 is set to double the logistics sector’s economic contribution to AED 16.8 billion. This initiative focuses on sustainability and technological advancements.

Key highlights/developments:

• Projects to support transport and logistics sector competitiveness through 2030
• Targets 75% adoption of technology in infrastructure
• Seeks 10% improvement in operational efficiency
• Focus on reducing carbon emissions by 30%

Indeed, this initiative makes the emirate an attractive destination for companies within the transportation and logistics sectors seeking a sustainable business setup in Dubai.

5. Dubai Research, Development, and Innovation (RDI) Grant Initiative

The Dubai RDI Grant Initiative underlines the city’s focus on fostering groundbreaking research across innovative industries. Led by the Dubai Future Foundation, the program funds businesses to propel innovation in emerging fields.

Key highlights/developments:

• Funding for 20 research projects in (1) Health and Well-Being, (2) Environmental Technology, (3) Smart Built Infrastructure, and (4) Space and Augmented Human-Machine Intelligence
• Grants of up to AED500,000 to AED1.5M
• Strengthens collaboration between public, private, and academic sectors
• Provide strategic support to 600 start-ups
• Enhances Dubai’s position as a global R&D innovation field

By driving research, the initiative reinforces the city’s readiness to attract and support emerging sectors. In turn, this will undeniably create opportunities for entrepreneurs eager to start a business in Dubai.

Enhancing opportunities for Dubai SMEs

The strategic developments unrolled in 2024 display Dubai’s strong commitment to building an innovation-driven economy. By promoting sustainability, infrastructure innovation, and tailored company incentives, these initiatives transform business setup in Dubai into a seamless experience. Truly, the five highlighted government-led projects — among many others — are key to empowering foreign-owned and local firms to excel in the city’s competitive business environment.