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Strategic partnership is aligned with the goals of the Dubai Economic Agenda, D33, to increase economic productivity by 50% through innovation and digital adoption

Signed at GITEX Global, the MoU will further facilitate access to finance and payment solutions for SMEs and fintech companies

Dubai Department of Economy and Tourism (DET) has signed a strategic memorandum of understanding (MoU) with Network International, a leading enabler of digital commerce in the Middle East and Africa, to enhance Dubai’s digital economy and support the growth of small and medium-sized enterprises (SMEs) and fintech companies in the emirate.

Signed at GITEX Global 2024, the partnership will boost the digital payment infrastructure in Dubai and facilitate business access to finance and payment solutions, aligned with the goals of the Dubai Economic Agenda, D33, to double the size of Dubai’s economy by 2033 and to increase economic productivity by 50% through innovation and digital adoption. The agreement will also support the key D33 objectives to further consolidate Dubai’s position as a leading global city for business and leisure, and to make Dubai the fastest growing and most attractive global business hub for multinational corporations (MNCs), SMEs and Emirati entrepreneurs.

In the presence of H.E. Helal Saeed Almarri, Director General of DET, and Nandan Mer, Group CEO of Network International, the partnership agreement was signed by Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), the economic development arm of DET, and Jamal Al Nassai, Group Managing Director for Merchant Services – Middle East and North Africa (MENA) at Network International.

Collaboration to Empower SMEs

With SMEs and fintech firms widely recognised as the driving forces behind Dubai’s continued economic growth, both DET and Network International will pool their expertise and resources to launch initiatives designed to boost SME access to capital and cutting-edge financial technologies. This will include tailored loan programmes or grants, designed in collaboration with financial institutions, to support business expansion and innovation. They will also collaborate to provide digital payment solutions and offerings for micro and start-up businesses at preferential rates. Cutting-edge digital payment systems and e-commerce platforms will also be developed to empower Dubai-based SMEs to expand their market reach, both domestically and internationally, and increase their competitiveness and potential for growth. These programmes will be further supported by preferential payment solutions designed to ease the financial burden on emerging businesses.

DET and Network International will also collaborate to create a fintech start-up ecosystem, providing the necessary support, including market and customer access, mentorship and the facilitation of seed and growth capital through a public-private partnership model. Additionally, DET and Network International will explore the development of a fintech solution for micro-lending that leverages data from POS transactions and banking information, aiming to streamline customer onboarding and enhance credit risk assessment for SMEs.

Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), the economic development arm of Dubai Department of Economy and Tourism (DET), said: “Through this partnership with Network International, we are delivering our commitment to providing SMEs with the resources they need to grow, and in turn contribute to the momentum already gathered towards achieving the ambitious goals of the Dubai Economic Agenda, D33. Furthermore, we are not only empowering SMEs through access to finance and payment solutions, but also ensuring that our city remains at the cutting edge of digital transformation. Guided by our city’s visionary leadership, this partnership reflects our commitment to creating a business environment driven by innovation, and recognised as a platform for sustainable growth and international scalability. As the global marketplace becomes increasingly digitalised, SMEs can be confident that Dubai offers the crucial, comprehensive solutions needed to succeed.”

Jamal Al Nassai, Group Managing Director for Merchant Services – Middle East and North Africa (MENA) at Network International, said, "SMEs are the backbone of the UAE economy, driving innovation and growth across all sectors. Through our strategic partnership with the Dubai Department of Economy and Tourism, we are proud to support the government's vision of empowering SMEs by providing our cutting-edge payment solutions and value-added services including swift access to capital at competitive rates, enabling them to thrive in today’s dynamic market. By leveraging our expertise in digital payments innovation, we aim to create an ecosystem that not only facilitates easier access to financial resources but also enhances the overall business environment for SMEs. This collaboration underscores our commitment to fostering economic growth, supporting the D33 agenda and reinforcing the UAE’s position as a global hub for entrepreneurship and innovation."

To stimulate innovation and attract talent to emerging industry sectors, DET and Network International will work in conjunction with government bodies to simplify the regulatory procedures affecting SMEs. This will encompass providing support and counsel for adherence to both local and global trade regulations, thereby ensuring that SMEs can operate with efficiency and effectiveness. The partnership will also involve integrating backend systems, including the Dubai Unified License Platform, to create a comprehensive data repository. This will facilitate the analysis of sales patterns and spending trends, providing invaluable insights for SMEs.

The MoU is a pivotal step in accelerating the digitalization of Dubai’s economy, bringing enhanced efficiencies and opportunities to the vital SME sector. Through this partnership, DET and Network International aim to further empower SMEs by providing access to cutting-edge digital tools and payment solutions that streamline operations, reduce costs, and create new pathways for growth. By enabling more efficient, data-driven business practices, this collaboration will ensure that Dubai’s SMEs continue to thrive as a key contributor to the city’s economic progress and global competitiveness.