Gulf Capital SME Awards to be held
DUBAI: Gulf Capital in partnership with MEED will be hosting the 9th edition of Gulf Capital SME Awards as their long-running initiative to support, identify and celebrate small and medium businesses that are spearheading commercial growth in the region.
Despite a challenging economic climate exacerbated by the global COVID-19 pandemic, regional governments have re-affirmed their support to help SMES mitigate the expected financial impact. The implementation of such initiatives and funds highlight the significant opportunities that these businesses present, reflecting the value they add to the economic potential of the region.
The development of non-oil sectors is a key objective of numerous GCC countries, in line with their strategic vision to diversify their economies away from oil revenue. With SMES placing their efforts in various sectors such as technology, healthcare and education, these enterprises are instrumental in supporting their countries to achieve their economic goals.
In the UAE for instance, SMES represent over 94 per cent of all companies operating in the country, contributing 52 per cent of the country’s non-oil GDP. The Central Bank of UAE also announced an Dhs100 billion economic stimulus package to support businesses, particularly SMES that are likely to be amongst the hardest hit due to the current economy.
Similarly, Saudi Arabia has also recognised the importance of SMES in helping the country realise its Vision 2030, a key pillar of which involves the increase of SME contribution towards GDP, from 20 to 35 per cent. The Kingdom also announced a Sr50bn package to enhance financial stability to enable growth in this sector.
In addition, Bahrain’s Small and Medium Enterprises Development Society (BSMES) and Kuwait’s National Fund for SME Development (the “SME Fund”) aim to support entrepreneurs as they drive economic progress in their respective countries. Oman’s SME Development Fund (SMEF), as well as the Special Economic Zone Authority in Duqm (SEZAD), continue to develop entrepreneurship and support the SME ecosystem.
“SMES have played a major role in transforming the economies of the UAE, Saudi Arabia, Bahrain, Kuwait and Oman, and their importance continues to be seen through their rapid growth and substantial contribution to the regional economies.