SMEs key to drive UAE's economic growth

SMEs key to drive UAEs economic growth

Published: Sat 14 Oct 2017, 8:57 PM

Last updated: Sat 14 Oct 2017, 11:01 PM

Dubai - Proving self-funded small businesses can eventually be big, UAE small- and micro-enterprises and entrepreneurs are key to drive economic growth of the UAE, said a senior official.
"SMEs and entrepreneurship are key to ensuring economic growth, innovation and job creation in the region. In the UAE, SMEs make up 95 per cent of all enterprises, employ 42 per cent of the workforce and contribute over 60 per cent to the country's GDP. SMEs are clearly the engine of growth for the local economy and we need to actively support and encourage them and celebrate their achievements," said Dr. Karim El Solh, CEO of Gulf Capital.
The self-funded small and medium enterprises were recently recognised for their innovation and contribution to economy and society at the Gulf Capital SME Awards.
RSA Logistics, a self-funded enterprise co-founded by Abhishek Ajay Shah in 2009, was named Gulf Capital Business of the Year. Through key partnerships and collaborations, RSA Logistics and its affiliate brands have now come together under the RSA Global banner, thus consolidating its supply chain solutions under one name.
Sharing the limelight at the event honouring the success, growth and innovation of the SME sector in the UAE was Amiri Gandhi who was named Entrepreneur of the Year, presented in association with Ccerebrate Business Consulting. An inventor and a businesswoman, Gandhi set up the children's edutainment facility called Kidz Factory in Abu Dhabi in 2014 which now has become a popular venue for children's art, entertainment and creativity. A self-funded enterprise, Kidz Factory was set up with Dh1.2m as initial investment.
Also taking centre stage held to celebrate the 2017 edition of the Gulf Capital SME Awards was Nadeer Ali, Founder and Managing Director, Himatrix who received the Business Leader of the Year award.
"SMEs and entrepreneurship are key to ensuring economic growth, innovation and job creation in the region. In the UAE, SMEs make up 95 per cent of all enterprises, employ 42 per cent of the workforce and contribute over 60 per cent to the country's GDP.  SMEs are clearly the engine of growth for the local economy and we need to actively support and encourage them and celebrate their achievements," said Dr. Karim El Solh, CEO of Gulf Capital.
Bait Al Kandora Gents Tailoring, one of the thousands of SMEs supported by the Khalifa Fund Enterprise for Development, was honoured with the Emirati Business of the Year award for its achievements in creating quality traditional menswear known for its style, craftsmanship and carrying with pride the national identity of the UAE.
Other winners include TAGx Labs (Business Innovation of the Year), Holidayme (Online Business of the Year), Linkviva (People and Culture of the Year), ISS Middle East (Small Business of the Year), Caramel and Sun (Start-up Business of the Year), Ecocoast Contracting (Sustainable Business of the Year), Souqalmal Insurance Aggregator (Disruption of the Year) and The Camel Soap Factory (Micro Business of the Year).




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