Sheikh Hamdan launches platform to help youth start businesses in Dubai

Web report/Dubai
Filed on May 19, 2021
Photo: Wam

The initiative was announced by the Crown Prince of Dubai on Wednesday.

Dubai has launched a crowdfunding platform to support the creative dreams of aspiring entrepreneurs in the emirate.

The initiative was announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, on Wednesday.

Taking to Twitter, he said, "Today, we launched the "Dubai Next" platform, the first of its kind, to attract crowdfunding to support creative ideas and projects..."

The Dubai CP said the idea behind the initiative was to motivate youth from the UAE as well as from other countries to start their own businesses in Dubai.

"The traditional job is no longer the best option in an era in which the chances of success are for the creative and innovative," said Sheikh Hamdan.

"[There are] great success stories of entrepreneurs who started their projects from Dubai and reached international levels," he added.

"Trade is rooted in UAE’s culture and heritage and its potential for growth is unlimited with Dubai’s position as a hub for global trade. Our goal is to see new generations of successful Emirati merchants."

Sheikh Hamdan, who is also the Chairman of The Executive Council of Dubai, said that the small and medium enterprise (SME) sector is a key pillar of the national economy, and that the UAE continues to give increasing attention to the sector through initiatives and programmes launched to support entrepreneurship in the city.

Crowdfunding is the use of small amounts of capital from individuals to finance a new business venture. With the use of digital technologies, aspiring entrepreneurs can now present their ideas and projects to a larger segment of the community locally and globally, and obtain direct financing or support in marketing the idea.

Sami Al Qamzi, Director General of Dubai Economy, hailed the initiative, saying, "Dubai has enabled entrepreneurs to transform their ideas into distinct projects that support sustainable development and efforts to build a knowledge economy.

"The city’s ongoing efforts will contribute to enhancing the emirate's position locally and regionally and enable it to reach the largest segment of young entrepreneurs in diverse sectors.”

Abdul Basit Al Janahi, CEO of Dubai SME, noted that the authority's efforts to provide innovative financing solutions to SMEs is in line with the leadership’s directives to create an ideal environment for supporting innovative ideas and initiatives, especially projects by Emiratis, through ensuring that "at least 50% of the funding required is obtained through crowdfunding”.

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