Dubai Crown Prince and Chairman of The Executive Council of Dubai His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the ‘Dubai Next,’ an integrated digital crowdfunding platform that allows ambitious youth and innovators in Dubai to secure the required funding to launch their projects.

“The ‘Dubai Next’ platform will contribute to stimulating positive competition and encouraging youth to put forward innovative ideas as well as obtain community support through crowdfunding. It will also empower a generation that is capable of innovating to succeed in a competitive commercial environment, thus reinforcing the fundamental role of SMEs in economic development so that the UAE can continue to stand as a model for youth empowerment,” His Highness said.

Crowdfunding is the use of small amounts of capital from individuals to finance a new business venture. With the use of digital technologies, aspiring entrepreneurs can now present their ideas and projects to a larger segment of the community locally and globally, and obtain direct financing or support in marketing the idea.

Abdul Basit Al Janahi, CEO of Dubai SME, said “The ‘Dubai Next’ platform is fully aligned with  the Dubai SME’s mission to create platforms that promote entrepreneurship. The launch of the initiative reflects the Government of Dubai’s keenness to provide innovative solutions to the challenges facing creators and innovators and highlight their capabilities in various sectors as well as provide them with community support, guidance and follow-up support in line with the UAE’s strategic goals for sustainable growth and promoting knowledge and technologies.”

Al Janahi added “Dubai SME’s efforts to provide innovative financing solutions to SMEs is in line with our leadership’s directives to create an ideal environment for supporting innovative ideas and initiatives, especially projects by Emiratis, through ensuring that at least 50% of the funding required is obtained through crowdfunding.”