The future of the UAE’s economy will not be built by unicorns alone. It will be built by the thousands of ambitious small and medium-sized enterprises that rise early, open their factories, ship their products, hire local talent and form the backbone of a resilient, diversified, globally competitive nation.
These businesses are solving real problems, creating high-value jobs and laying the foundation for the UAE’s next industrial chapter. Yet many remain under-served, not because they lack ambition or capability, but because the capital system around them has not evolved to match their scale or potential.
They are not the right profile for venture capital, which specialises in early-stage, high-risk, tech-first bets. They are too founder-led or too growth-oriented for traditional private equity, which typically seeks control of mature, stable businesses. And they are too dynamic, or too unpredictable, for conventional bank debt, which demands collateral and repayment certainty that most scaling businesses cannot offer.
These companies sit in what is called the “missing middle”. They are not distressed assets. They are not speculative moonshots. They are real businesses, often profitable or on a clear path to profitability, rooted in the UAE and ready to expand into new markets, product lines and regions. In short, they are our next generation of national champions.
That is why the Emirates Growth Fund was created.
EGF is a growth equity platform fully dedicated to UAE-based SMEs operating in sectors critical to the nation’s long-term resilience – including manufacturing, health care, food security and advanced technology. Backed by the Emirates Development Bank, it is spending Dh1 billion (about $272 million) in patient, flexible capital – not to take over, not to cash out, but to stand alongside visionary founders and help them scale.
Growth equity occupies a distinct space in the investment spectrum. It provides capital to companies that have moved beyond the start-up phase but are not yet ready, or appropriate, for a buyout. It supports expansion, not rescue. It enables founders to stay in the driver’s seat while bringing in the governance, strategic partnerships and institutional strength they need to grow to the next level.
This vision is already coming to life.
EGF’s first investment is a strategic partnership with Tarmeem Orthopaedic and Spine Specialty Hospital – a UAE-born pioneer that is redefining orthopaedic care and patient mobility across the region. Tarmeem is not just growing; it is transforming healthcare access, pushing the frontiers of medical excellence and proving that the UAE can lead not just regionally, but globally.
And it is just beginning.
The UAE is home to more than 500,000 SMEs, employing the majority of its workforce, contributing significantly to national productivity and forming the foundation of a strong, diversified economy. EGF estimates that the segment represents an Dh7 billion growth capital opportunity. They are central to delivering on the ambitions of Operation 300bn, the UAE’s bold strategy to increase the industrial sector’s gross domestic product contribution to Dh300 billion by 2031.
At EGF, we do not see these businesses as mere investments. We see them as infrastructure for the nation’s future.
Having spent years working alongside entrepreneurs, I have seen the frustration they face when the capital on offer falls short of their ambition. But I have also seen what happens when the right partner arrives at the right moment: a company accelerates, a sector transforms and a country advances.
This is the opportunity before us – and the responsibility we carry.
EGF does not just fill a funding gap; it fills a future-building gap. It backs the businesses that will manufacture the country’s technologies, deliver its care, secure its food systems and power its industries. We help scale the companies that will stand as the national champions of tomorrow.
Because when we invest in visionary entrepreneurs at the moment it matters most, we are not just backing businesses. We are building the future we want to inherit.
