SME in­vest­ment plan

7 Days in Dubai - - BUSINESS -

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.”

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