On Micro-, Small and Medium-Sized Enterprises (MSMEs) Day, recognized by the United Nations, Emirati small and medium enterprises (SMEs) connected with the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) reached a big milestone. They secured contracts and purchases worth AED 1.27 billion in 2023.
These contracts came from various sources, including local and federal government bodies, semi-government organizations, and private businesses. This achievement shows the strong support for local entrepreneurship and the important role that Dubai SME plays in helping small businesses grow.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council, highlighted the crucial role that small and medium-sized enterprises (SMEs) play in Dubai’s economy. He emphasized that SMEs contribute significantly to innovation, competitiveness, and sustainability. This support for SMEs is in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, who is the Vice President and Prime Minister of the UAE and the Ruler of Dubai. Sheikh Mohammed strongly supports initiatives that help entrepreneurs and drive economic growth.
Dubai SME started in 2002 with the goal of helping Emirati entrepreneurs succeed. It has played a big role in creating a supportive environment for these business owners, making sure they can meet the needs of both government and private companies.
Since it began, Dubai SME has helped secure contracts worth a total of AED 10.91 billion. This shows how dedicated Dubai SME is to achieving the big goals outlined in the Dubai Economic Agenda D33.
In simpler terms, Dubai SME helps local business people get important deals with government and private organizations. Over the years, these deals have added up to a huge amount of money, demonstrating the strong support system Dubai SME has built for Emirati entrepreneurs.
His Excellency Helal Saeed Almarri, the Director General of the Dubai Department of Economy and Tourism (DET), highlighted the crucial role that small and medium-sized enterprises (SMEs) play in Dubai’s economy. He stated that SMEs contribute nearly 46% to the total value-added generated in the city, underscoring their significant impact.
Almarri underlined the government’s strategy to increase its spending on SMEs, which is designed to reinforce Dubai’s status as a global business hub. By investing more in these enterprises, the government aims to foster a more vibrant and dynamic economic environment, benefiting from the innovation and growth that SMEs bring.
Almarri’s comments reflect a broader commitment by the Dubai government to support the SME sector. This support is part of a strategic plan to diversify the economy and create a more sustainable economic model. By focusing on SMEs, the government is encouraging entrepreneurship and innovation, which are key drivers of economic growth and job creation. This strategy not only strengthens the local economy but also enhances Dubai’s attractiveness as a destination for global business and investment.
Abdul Basit Al Janahi, CEO of Dubai SME, elaborated on the organization’s dedication to nurturing entrepreneurship. He explained that Dubai SME is committed to providing comprehensive support programs designed to help new and existing businesses thrive. These initiatives include financial backing to help businesses get started or expand, technical assistance to provide expertise and guidance, and access to business incubators where entrepreneurs can develop their ideas in a supportive environment.
Al Janahi noted that these programs are essential for ensuring that Emirati entrepreneurs have the tools they need to succeed in a competitive market. Dubai SME hopes to foster a supportive environment for entrepreneurs by providing such extensive assistance. This ecosystem benefits individual companies as well as Dubai’s overall economic expansion. These resources are available to entrepreneurs so they can develop, grow, and compete globally.
In 2023, Dubai SME’s success was greatly supported by important government organizations like Dubai’s Roads and Transport Authority and Dubai Municipality, as well as semi-government organizations such as Emirates Group. Private companies, including Union Coop and Emaar Properties, also played major roles, showing their dedication to boosting local economic growth.
Dubai is working on its D33 Agenda, which aims to make the city one of the world’s top three urban economies by 2033. The success of SMEs is crucial to this goal. With ongoing support and strategic plans, Dubai SME is helping to make the city a leading place for business and investment, driving sustainable economic growth and prosperity.
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