Description of the core change(s) brought by this policy instrument
The competition "START" as part of the 'Careers UAE' fair with a total prize money of AED 1,000,000 million on offer for future UAE entrepreneurs.
Please list the implementing agencies
The Mohammed Bin Rashid Fund (MBRF) is under "Dubai SME", the agency of the Department of Economic Development (DED) in Dubai.
Abstract summary of this Policy resource
"START" aims to assist unemployed Emiratis start their own businesses and thereby promote entrepreneurship as a culture and contributor to the economy in the UAE.
Via Dubai SME, the program is connected to 'Careers UAE' which is an effort to increase awareness on entrepreneurship as a career option among Emirati jobseekers and extends resources and counsel to them.
Stated goal/metrics of the policy instrument
"START" aims to assist unemployed Emiratis start their own businesses and thereby promote entrepreneurship as a culture and contributor to the economy in the UAE. Altogether, there will be 10 winners with each receiving AED 100,000 as prize money.
Notes and additional context
Launched in 2015 to maximise financing solutions for innovative businesses and developing Emirati entrepreneurship, The Fund promotes startup businesses and supports their early stage development through a range of financing options including a non-interest Seed Capital Loan, Credit guarantee Scheme and LPO/Invoice financing.
Mohammed Bin Rashid Fund for SME aims to finance innovative pilot projects – both small and medium enterprises - for Emirati investors through dedicated efforts and devoted focus on studying the project and providing appropriate potentials for start-up and expansion.
OBJECTIVES OF THE FUND
- The development and care of investment and entrepreneurship among citizens, diversification and development of the local and national economy.
- Encourage young citizens to enter the entrepreneurial sector, and the creation and ownership of projects to provide jobs for them.
- Providing financial support to existing projects by the citizens of the state.
- Provide technical expertise in various fields to support entrepreneurs from the citizens of the state.