Dubai to rank top 100 SMEs
Dubai SME 100 initiative ranks the top 100 firms in Dubai’s vibrant SME sector
Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise sector, announced on Monday the launch of the fourth cycle of its ‘Dubai SME 100’ programme.
The initiative ranks the top 100 firms in Dubai’s vibrant SME sector, which contributes 47 per cent of the emirate’s GDP and accounts for 51 per cent of its workforce.
‘Dubai SME 100’ aims to identify and qualify distinguished SMEs based on certain financial and non-financial parameters and support their growth in line with international best practices, said a statement from the Dubai Media Office.
SMEs ranked under the programme can enjoy a series of benefits, including a capacity-building programme designed to meet the needs of executives, financial managers, human resources managers, information technology managers and quality managers. The programme includes the provision of advisory and guidance services and training sessions in partnership with international partners.
Specialised financing solutions at low interest rates provided by the Mohammed Bin Rashid Fund, the financial arm of Dubai SME, in cooperation with the Beehive platform, are also part of the package of benefits offered under ‘Dubai SME 100’. The 100 enterprises ranked are also introduced to a promising business and financing network, in addition to varied channels to enter new markets.
The programme is part of Dubai SME’s strategy to strengthen Dubai’s position as a global hub of entrepreneurship and an attractive destination to invest in innovation and creativity.
Sami Al Qamzi, director-general of Dubai Economy, said the presence of a large number of small and medium enterprises is a significant factor contributing to the unique diversity and rapid development of the economy in Dubai. Many of the prominent brands associated with Dubai had their origins as humble startups. SMEs have always provided an attractive solution for entrepreneurial talents in Dubai seeking to translate their creative ideas into successful projects, with the potential to grow globally,” he said.
“Enabling SMEs to grow in an increasingly competitive business environment requires a good understanding of their business models and the challenges they face as well as a commitment to providing solutions and nurturing innovations,” said Al Qamzi.
Abdul Baset Al Janahi, CEO of Dubai SME, said the initiative has played a major role in enhancing SME performance in Dubai, which is positively reflected in the overall economy in the emirate.
“Our objective is to build on the previous successes of the programme, especially in these times as SMEs are concerned about handling the economic recovery phase. Results of the previous cycles have shown that 88 per cent of ranked SMEs managed to achieve more than 10 per cent growth in sales. In addition, high-growth SMEs achieving more than 20 per cent sales growth accounted for 69 per cent. Overall, 98 per cent of ranked SMEs managed to improve performance,” said Al Janahi.
A number of SMEs in Dubai has attracted global attention. Careem being acquired by Uber for $3.1 billion, Property Finder attracting $120 million in investment from US private equity firm General Atlantic, and Dimensions Healthcare, a leading global provider of information and technology services to the healthcare and life sciences industries being acquired by IMS Health, are just some examples of Dubai-based SMEs that have made remarkable success on the global stage.
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