Dubai SME, the government body tasked with the development of small and medium-sized enterprises, rolled out a series of initiatives to support start-ups and entrepreneurs in Dubai to ride out the pandemic-driven economic slowdown.
The new measures include postponement of rent payments, easier access to SME financing and remote assistance on successfully navigating operational challenges, it said in a statement on Monday.
“The challenges communities and businesses worldwide are facing since Covid-19 underline the role and significance of SMEs in creating new economic opportunities, and in building resilient and sustainable enterprise,” Abdul Baset Al Janahi, chief executive of Dubai SME said.
“Dubai SME is exploring all avenues to ensure that SMEs in Dubai remain resilient and turn the present challenges into an opportunity to pursue further innovations and growth.”
As part of the support package, the Hamdan Innovation Incubator (Hi2) in Dubai SME will postpone the collection of rents for three months. Additionally, a fee reduction of up to 20 per cent is also offered on the Private Office package of Hi2.
The Mohammed Bin Rashid Fund for SME, the financial arm of Dubai SME, also announced a comprehensive support package, including loans to help businesses. The fund is also allowing a three-month grace period for loan repayments and access to additional financing for SMEs.
The fund will offer zero-interest financing to Dubai SME members, struggling to meet operational expenses, including salaries and rents. It is also helping entrepreneurs with online financial consultancy on various projects.
The coronavirus pandemic has hit the global economy, which is set to slide into a deep recession this year. It has forced governments to close borders, restrict peoples' movements and shut all but essential businesses. Governments and central banks have poured in more than $8 trillion (Dh29.3tn) in economic stimulus to ease the pressure on businesses and to stem job losses.
The UAE was the first country in the Middle East and North Africa to roll out fiscal and monetary support, which now totals more than Dh282 billion. The package includes zero-interest funding to encourage banks to lend, in addition to measures such as discounted utility bills and waivers of government fees for business and individuals.
Last month, Dubai SME allocated Dh20 million to a capital guarantee scheme backing peer-to-peer loans made to small and medium businesses.
The guarantee scheme was first launched by The Mohammed Bin Rashid Fund, and lending platform Beehive to facilitate funding of up to Dh780,000 for businesses that are fully owned by Emiratis.
The scheme was later extended to allow Dubai-based SMEs that are 50 per cent owned and managed by Emiratis to seek funding up to Dh420,000, which will be backed by a 50 per cent capital guarantee.
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
The major Hashd factions linked to Iran:
Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.
Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.
Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.
Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.
Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.
Saraya Al Khorasani: The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.
(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
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