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ABU DHABI / WAM
The Securities and Commodities Authority (SCA) is working with the Ministry of Economy (MoE) and the Organisation for Economic Co-operation and Development (OECD) to launch a new international initiative to create a platform for funding small and medium-sized enterprises (SMEs), said Dr Obaid Al Zaabi, CEO of the SCA.
In his statement to the Emirates News Agency (WAM), Dr Al Zaabi said the SCA is coordinating with the Ministry of Economy, which will provide regulatory and legislative framework for funding SMEs.
According to the SCA, the process for funding such companies will involve monetary funds, which will have the authority to collect the necessary funding for these companies. The platform, which will be similar to crowdfunding, will manage quality control and handle issues related to accreditation and applying the Corporate Governance Charter.
Small and medium-sized companies are the main drivers of the UAE’s economy. They represent over 94 percent of the total number of companies in the country.