Dubai has launched a scheme supplying grants for firms to establish new export markets as the emirate looks to boost trade after the global crisis.
Under the export assistance programme, the first such scheme in the region, private sector firms will be able to apply for annual grants of up to Dh100,000 (US$27,000) to cover costs involved in securing export buyers in new countries.
The funding will cover the costs involved in market research, participation in trade exhibitions, visiting potential foreign markets and bringing prospective foreign buyers to Dubai.
“This service is the first of its kind in the GCC and through this initiative we are optimistic that more SMEs will be involved in seeking out and developing the export sector by exporting local goods and services,” said Saed al Awadi (CK), chief executive of Dubai Export Development Corporation (EDC), which was launched by the Dubai Government three years ago to develop the emirate’s export base.
Officials hope the scheme will give a competitive advantage to both existing exporters looking to identify new markets as well as companies not yet exporting.
The scheme will provide an important tool in the emirate’s drive to increase exports by 11 per cent every year.