Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has launched the Nasdaq Dubai Growth Market, a new market under the umbrella of Nasdaq Dubai, Emirates News Agency (WAM) reported. The initiative aims to help young businesses and small and medium-sized companies, SMEs, achieve the next phase of their expansion by raising capital through an initial public offering, IPO, it said. The step falls under the framework of the Dubai Future District initiatives, which was launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as the largest specialized area in the region for creating the future economy by providing an investment, technical, legislative, service and incentive environment. The district links Emirates Towers with the Dubai World Trade Center and the Dubai International Financial Center. The Nasdaq Dubai Growth Market will enable fast-growing companies to achieve a streamlined and cost-effective listing on the region’s international exchange. As part of the Dubai Future District project, the Growth Market will welcome not only companies in the UAE, but also list companies from around the world to help them expand in the region and internationally, WAM said. It quoted Sheikh Hamdan as saying that Dubai is keen to launch initiatives that will boost the economy locally, regionally or globally and stimulate growth across various sectors, while also creating an environment where businesses can prosper through forming partnerships and opportunities. The Nasdaq Dubai Growth Market will add further momentum to Dubai and the UAE’s established role as the Middle East’s hub for business and finance and will serve as an ideal incubator for innovative projects, Sheikh Hamdan noted. "SMEs are a key engine of our national economy. The launch of the Nasdaq Dubai Growth Market is a strategic step that will support this vital sector by opening new horizons for its companies and providing them with investment resources to expand their business and enhance their attractiveness in global markets," he said. Sheikh Hamdan underlined the value of supporting small and medium-sized companies and its contribution to the overall economic development.