SMEs represent more than 70pc of UAE businesses

DUBAI - The UAE Small and Medium Enterprise segment has contributed great deal in the economic growth with SMEs represent more than 70 per cent of the business firms operating in the country, said Khalid Al Kassim, Deputy Director-General, Planning and Development, Department of Economic Development.

By Salah Eldin Eltayeb

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Published: Wed 7 Apr 2004, 12:17 PM

Last updated: Thu 2 Apr 2015, 11:35 AM

Speaking at a Press conference to announce the details of the new initiative to offer customised programme leading to a professional Diploma in Small and Medium Enterprises for national businessmen and Women jointly with Belhoul Corporate Office (BCO), Al Kassim said, "The contribution of the SMEs in the economic development in the UAE will continue to grow exponentially as the UAE move towards diversification and economic clustering."

He said it is found that more than 60 per cent of the future employment opportunities will be created by Small and Medium Enterprises.

Al Kassim pointed out that the economic concerned authorities are very keen to help financing the national entrepreneurs as long as their projects are economically viable. We should confess that there are some difficulties in financing all the projects through the formal financial institutions. There is a punch of rules and conditions to be met when it comes to funding such projects, but these rules are gradually melting away.

"The SMEs is playing a pivotal role in employing nationals and accelerate economic performance in the UAE and the region, hence we are committed to empower it and enhance its role through creating the suitable infrastructure for them.

"Dubai has been one of the pioneers in the region with regard to SMEs development with several initiatives including Intalaq, Tommoh and Shaikh Mohammed Establishment for Young Business Entrepreneurs which financially support the national entrepreneurs.

"In order to maximise support we need to ensure that our national entrepreneurs are fully equipped with SME specific skills and training."

He said, "As many governmental departments did, Dubai Department of Economic Development has given certain portion of its purchasing needs for the UAE national entrepreneurs."

Faisal bin Juma, President and CEO, Belhoul Corporate Office, said, "With the incubation of more SMEs we aim to benefit the economy of UAE in a number of ways such as creating job opportunities for the youth, stimulate growth of innovation and technical expertise and move towards productive economy."

"The professional diploma has been launched with a maximum of a bout 20 seats per session, with a programme provides a broad view of business at strategic level," added Belhoul. Expected to begin next in May, the programme consists of intensive training on various modules of business management including marketing, finance and accounting, management, enterprise environment and feasibility studies.

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