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FINANCIAL NEWS
Dubai to support small, medium enterprises
16 Aug 2010
(MENAFN) The Dubai Export Development Corporation (DEDC) has launched a new initiative under which small and medium enterprises (SMEs) will be able to boost their exports, Gulf News reported.
Exporters in Dubai will be able to receive finance up to 33 per cent of their export expenses through the Export Assistance Program (EAP), launched by DEDC, which could help the businesses cruise through economic stress.
The DEDC, an agency of the Dubai Department of Economic Development, Government of Dubai, commenced operations in 2007.
Dubai export and re-export sector is the real driving force behind Dubai’s economy. A recent study showed that Dubai’s exports and re-exports surged to a higher level despite slow global recovery.
The latest statistics by Dubai Chamber of Commerce and Industry showed a 13.7 percent increase in exports and re-exports by its members in the first half of 2010.
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