Turkish president says the move is also aimed at increasing the amount of humanitarian aid entering Gaza
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Young entrepreneurs from the Middle East were honoured at the Mohammed bin Rashid Award for Young Business Leaders in Dubai on Monday for their exceptional and innovative projects in the UAE and Arab world.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Executive Council, Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, chairman of the Mohammed bin Rashid Al Maktoum Knowledge Foundation, and Sheikh Ahmed bin Saeed Al Maktoum, president of Dubai Civil Aviation Authority, chairman and chief executive of Emirates airline and Group, gave away the awards to the winners at the Dubai World Trade Centre on Monday.
The awards were categorised in gold and silver. The young business leaders from the UAE, Saudi Arabia, Oman, Kuwait, Jordan and other countries were awarded at the ceremony.
Sheikha Bodour bint Sultan bin Muhammad Al Qasimi, chairman of the Sharjah Investment and Development Authority, was named the Best Business Supporter of the Year.
According to Dubai SME, the 10th edition received 456 entries of which 251 are from the UAE while 78 entries and 127 nominated supporters are from the Arab world.
Of these, 76 businesses by Emirati entrepreneurs and 47 by other Arab entrepreneurs had qualified for the second round. In all, the shortlisted Emirati businesses have a combined revenue of Dh963 million, generated Dh180 million in profit and created over 4,000 jobs. Businesses from the Arab world that qualified for the second round generated a combined annual revenue of Dh230 million, and secured profits of Dh26 million while creating 1,400 jobs.
Abdul Baset Al Janahi, CEO of Dubai SME, the small and medium enterprises (SMEs) in Dubai are growing at five per cent, contributing 40 per cent to the emirate's GDP.
He said that the rating systems launched by Dubai SME has received good response from the companies.
"The response for rating has been very well. The companies listed in SME 100 have got their ratings. There are a number of big groups which have a lot of ancillaries or clients from SMEs that they give credit to and they needed something like this. We started rating SMEs to enable them to have more access to finance, government contracts and build credit trust in them," said Al Janahi.
"We encouraged all SMES to register and get ratings because this will help them expand privileges from the government. Even when they sit with financers either for debt or equity, they will have better description of their business and status," Al Janahi said during an interview with Khaleej Times on the sidelines of the event.
Winning UAE Projects - Silver
. Best Project in Industrial Sector: Jincan Industrial Est
. Best Existing Project in Trade Sector: Feathers Fashion
. Best Project in Clothes Manufacturing Sector: Al Kandoura Gents Tailoring House
. Best Existing Project in Services Sector: Giftco International
. Best Emerging Project in Services Sector: Forceis Integrated Security Systems
. Best Project Launch: Pixel Film
. Best Concept for Innovative Project: Spirit of the Emirates project
. Best Project in Social Entrepreneurship Sector: Omniyati Prosthetics Arts Centre
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