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30 May, 2021

Dubai SME and Ministry of Finance to Support SMEs

The Ministry of Finance and Dubai SME entered into an agreement that would help support SMEs in Dubai.


The SME sector in the UAE accounted for about 94% of total companies and employed more than 86 % of the private sector workforce at the end of 2019, according to Ministry of Economy data. In Dubai, SMEs accounted for 95 % of companies, employed 42 % of the workforce and contributed 40 % of the emirate’s gross domestic product.


The ministry has signed a preliminary agreement with Dubai SME – the government body entrusted with the development of the SME sector in Dubai – to register smaller business in the Federal Supplier Register. This will permit them to participate in government tenders, the ministry said in a statement on Sunday.


Mariam Al Amiri, the undersecretary for the Financial Management Sector at the MoF, added that the vision of the Ministry is to support and strengthen the SME sector so that they can contribute positively to the growth of the economy.


Dubai SME said it will encourage companies to secure federal accreditation and will exchange SME owners’ data with the ministry to ensure effective communication with them.


Supporting the SME sector is among the top priorities at both federal and emirate levels. Dubai has rolled out several initiatives last year to soften the impact of the pandemic on small businesses. The federal government has also ensured access to financing for smaller enterprises. This was reflected in AED 420 million credit to SMEs in 2020to help in liquidity.


If you are a small-medium business and wish to make best use of the economic situation, do reach out to us for a consultancy session.


Source: thenationalnews

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