HH Sheikh Hamdan bin Mohammed directs DTCM to partially exempt SMEs from bank guarantees

Applicable to members of the Establishment who own or operate tourism related businesses, the exemption will help companies reduce their operational overheads and increase profit margins.

On its part, DTCM will also offer other support services including market data and industry consultancy to members of the Establishment to help them launch and operate tourism related business on a sound and well-informed foundation.

The decision underlines Dubai leadership's keenness to provide adequate incentives and create the right environment for empowering SMEs across the UAE.

In addition, it also reflects the growing cooperation between public and private sectors to enhance the contribution of smaller businesses to the country's tourism industry.

Akil Kazim, Director of Operations, Mohammed bin Rashid Est. for Young Business Leaders, hailed His Highness Sheikh Hamdan bin Mohammed's decision and said it sends a strong message to other government departments in Dubai to offer similar incentives to small and medium national enterprises.

Kazim added: 'The tourism sector is already one of the key contributors to Dubai's economy. The sector's ratio in GDP is set to multiply manifold following the unique tourism-related projects announced by the government as well as private enterprises. Such a conducive environment opens up limitless opportunities for smaller businesses to thrive. We welcome the gesture and the DTCM's role to come forward for the general benefit of emerging businesses in the UAE.'

He also commended DTCM for its key role in developing the tourism sector in Dubai, and offering its support to the Establishment's members.

The Establishment has dedicated a separate category under the annual Mohammed bin Rashid Al Maktoum Awards for Young Business Leaders for tourism related enterprises.

Launched in 2003, the awards aim to at encourage UAE entrepreneurs and celebrate prominent success stories among them.

The Mohammed Bin Rashid Establishment for Young Business Leaders offers extensive enabling services such as facilitating business agreements with leading government and private sector companies.

Other services offered to its members include business consultancy, training programmes and logistical support.