Dubai has launched a new programme that will provide financing and consultation support for Emirati retirees and employees approaching retirement who wish to set up their own business.

The “Dubai Retiree Projects Support”, which operates under the Higher Committee for Development and Citizens Affairs, seeks to support “projects launched” by retired UAE citizens through the Mohammed bin Rashid Fund for SME, according to a statement on Wednesday.

The goal is to engage the entrepreneurial spirit of the retired population and at the same time harness their long experience to further drive economic growth.

“[The programme] offers Emirati retirees in Dubai benefits and incentives, including priority in being assigned to government projects, financing of their future projects, exemption from service fees … and consultation support for their projects to ensure optimal returns,” the statement said.

The initiative is in line with the Dubai Social Agenda 33’s goals of establishing Dubai as a hub for small and medium-sized enterprises (SMEs).

As part of the initiative, Dubai is setting up a council to facilitate communications with the beneficiaries.

Extra money

The programme will also provide job opportunities for retired individuals and those approaching retirement who may need extra income while they’re setting up a business.

“The new programme turns the expertise and knowledge gained by retirees into investment and development opportunities that support the sustainability of Dubai’s economy,” said Helal Saeed Al Marri, Director General of the Dubai Department of Economy and Tourism.

He noted that by encouraging retirees to engage in entrepreneurship, Dubai can benefit from their “long years of experience to support economic sustainability and social stability”.

“SMEs represent a crucial driver of comprehensive and sustainable development,” Al Marri said.

Target beneficiaries can avail themselves of the programme by applying through Dubai SME.

Aside from getting support for their small business, retirees will be given priority in undertaking government projects and bids.

Through the programme, beneficiaries will be exempted from paying service fees for a period of five years, to help ease any financial difficulties they may have.

(Writing by Cleofe Maceda; editing by Seban Scaria ) seban.scaria@lseg.com