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DUBAI / WAM
With Dubai’s economy entering a new phase of development and the government launching initiatives to simplify and reduce the cost of doing business, the emirate is set to become an even more productive base for small- and medium-sized Enterprises (SMEs).
At the forefront of providing new opportunities for SMEs in Dubai is the Expo 2020 project, the first ever World Expo to be held in Middle East, Africa and South Asia. With a commitment of awarding 20 percent of the value of all contracts to SMEs, Expo 2020 has so far invested AED2.4 billion in the SME sector and is set to introduce a new wave of tenders that will depend mainly on SMEs for delivery.
One of the key players in supporting the growth of Dubai’s SMEs is the Dubai SME, the agency of the Department of Economic Development mandated to develop the SME sector in the emirate.
“Dubai SME continues to expand opportunities for its members and promote SME com- petitiveness by providing consultation and training, as well as facilitating partnerships with both the government and the private sector. Financial support has also been a key part of Dubai’s offerings for SMEs,†said said Abdulbaset Al Janahi, CEO of Dubai SME. The Dubai Plan 2021 aims to increase the SMEs GDP contribution to 45 percent by 2021. A new incentive package launched by Dubai’s Department of Finance in May this year introduced five new incentives to support SMEs and boost public-private partnerships.