Dubai Economy & Tourism Partners with Network International to Boost Digital Economy

The Dubai Department of Economy and Tourism (DET) has partnered with Network International, a major player in digital commerce across the Middle East and Africa, to accelerate the growth of Dubai’s digital economy. This collaboration aims to empower small and medium-sized enterprises (SMEs) and fintech firms by enhancing access to digital payment systems and financial solutions. Announced at GITEX Global 2024, the partnership aligns with the Dubai Economic Agenda (D33), which seeks to double the emirate’s economy by 2033 and raise economic productivity by 50% through innovation and technology adoption. It also reinforces Dubai’s ambition to cement its reputation as a leading hub for business, leisure, and entrepreneurship.

Leadership and Signing of the MoU

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

Empowering SMEs with Finance and Digital Solutions

Recognizing SMEs and fintech companies as key drivers of Dubai’s economic success, the two organizations will collaborate on initiatives to enhance SME access to capital and financial technologies. New loan programs and grants will be developed with financial institutions to support business growth and foster innovation. Additionally, micro and startup businesses will benefit from preferential rates on digital payment services, encouraging financial inclusion. Advanced e-commerce platforms will also be introduced, helping Dubai-based SMEs expand both locally and internationally, increasing competitiveness and market presence.

Developing a Thriving Fintech Ecosystem

The partnership extends to the creation of a fintech start-up ecosystem, aimed at providing mentorship, access to markets, and funding through public-private collaborations. DET and Network International will explore innovative micro-lending solutions, leveraging data from point-of-sale (POS) transactions and banking sources. This approach is expected to simplify customer onboarding processes and enhance credit risk assessments for SMEs, ensuring efficient financing opportunities.

Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), remarked: “This partnership with Network International exemplifies our dedication to equipping SMEs with essential resources for growth, thereby contributing significantly to the ambitious objectives outlined in the Dubai Economic Agenda, D33. By facilitating access to finance and payment solutions, we are not only empowering SMEs but also ensuring that Dubai remains at the forefront of digital innovation. Under the visionary guidance of our city’s leadership, this collaboration underscores our commitment to fostering a business environmentrooted in innovation, sustainability, and global scalability. In an increasingly digitalised global marketplace, SMEs can trust that Dubai provides the comprehensive, cutting-edge solutions necessary for success.”

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."

Regulatory Simplification and Data Integration

DET and Network International will collaborate with government entities to streamline regulatory processes, making it easier for SMEs to comply with local and international trade regulations. This will include offering advisory services to ensure businesses operate smoothly. To enhance operational efficiency, the partnership will integrate backend systems, including the Dubai Unified License platform, creating a central data repository. This unified system will analyze sales trends and consumer spending patterns, delivering actionable insights to help SMEs make informed business decisions.

Accelerating Digital Transformation for Economic Growth

This MoU is a critical step toward advancing Dubai’s digital economy by empowering SMEs with cutting-edge tools and payment solutions. The collaboration aims to lower operational costs, simplify business processes, and unlock new growth opportunities for emerging enterprises. By adopting data-driven strategies and innovative practices, Dubai’s SME sector will continue to thrive, contributing significantly to the emirate’s economic progress and reinforcing its status as a global business hub.