Dubai SMEs shine
Small and medium enterprises (SMEs) continued to create significant job opportunities and add substantial value to Dubai’s economy. SMEs’ contribution to Dubai’s economy rose to 47 per cent in 2016 from 40 per cent in 2009.
dubai — Small and medium enterprises (SMEs), key enablers of economic diversification and innovation, continued to create significant job opportunities and add substantial value to Dubai’s economy, an official study shows.
The study, which was initiated during the first quarter of 2018 by Dubai SME, the agency of the Department of Economic Development (DED), said the SME contribution to Dubai’s economy rose to 47 per cent in 2016 from 40 per cent in 2009 while their contribution to job creation rose to 52.4 per cent from 42 per cent during the same period in spite of slow global economic growth.
“Younger start-ups make up nearly 50 per cent of the companies registered and it validates Dubai’s appeal as a global centre for entrepreneurship,
SMEs in Dubai have demonstrated their ability to withstand regional as well as global instabilities
Sami Al Qamzi, DG, DED
knowledge transfer and innovation, which also boasts of a state-ofthe-art infrastructure and flexible legislative framework conducive to investment,” Dubai SME said.
Sami Al Qamzi, director-general of DED, said SMEs in Dubai have demonstrated their ability to withstand regional as well as global instabilities and continued to march with confidence. Reiterating DED’s commitment to enabling local SMEs to adopt best international practices and strengthening their role in economic development in Dubai, Al Qamzi stressed the need for clear policies that enable SMEs to absorb rapid changes and grow sustainably thus reinforcing the emirate’s competitiveness.
Arif Obaid Al Muhairi, directorgeneral of the Dubai Statistics Centre, stressed the importance of monitoring and evaluating economic performance across all indicators periodically in order to provide a clear picture for decision makers.
“The study confirms that our efforts over the past years have been fruitful and that the range of initiatives and policies Dubai SME has adopted are today being considered as global best practices by international organisations and institutions including the World Bank, United Nations, and the Organisation for Economic Cooperation and Development,” said Abdul Baset Al Janahi, CEO of Dubai SME.