SME investment plan
Entrepreneurs will be partnered with investors under a new scheme to unleash the huge economic potential of small to medium businesses in Dubai, delegates at a conference were told.
The new initiative, launched by Dubai SME, aims to link investors with those seeking to start up small to medium enterprises (SMEs) in Dubai. “SME’s are the backbone of the economy,” said Abdul Baset Mohammed Al Janahi CEO of Dubai SME.
“The initiative aims to provide entrepreneurial projects with access to funding from venture capitalists, angel investors, and private equity companies.
Dubai SME is an agency of the Department of Economic Development set up in 2002, to provide financial support to Emirati entrepreneurs.
Al Janahi was speaking at the SME Equity Investment Forum at The Armani Hotel, Dubai, yesterday.
SMEs like facebook and Uber have made colossal contributions to economies around the world, said one SME entrepreneur, Mohammed Elayyan.
“Look at the top 10 companies in Canada, they’ve either gone bankrupt or are on the edge of bankruptcy,” Elayyan said.
“Big companies can’t survive anymore.”