UAE launches initiatives to support SMEs to drive the future economy
- May 6, 2022
- Posted by: axiom_admin
UAE unveiled three significant initiatives targeted at providing entrepreneurs and SME owners with a set of comprehensive services geared towards improving their potential growth and market access.
Dr. Ahmad Belhoul Falasi, Minister of State for Entrepreneurship and SMEs launched these initiatives as part of the National Programme for Small and Medium Enterprises which include the Business Support Programme, Government Procurement Programme, and the Financial Solutions Programme.
According to Al Falasi, the National Program for SMEs has developed over 25 partnerships with important public and private sector institutions, all of which have contributed to the creation of initiatives and services within the three programs.
He stated that the programmes are in line with UAE’s wise leadership vision, which puts the citizen first, second, and third in the developmental priorities of the nation. It places faith and confidence on entrepreneurs while recognizing the importance of entrepreneurship as a key plater for driving the future economy and achieving flexibility, sustainability, and innovation of the country in accordance with the principles and goals of the Projects of the 50.
Al Falasi said that efforts to establish SMEs and support Emirati youth-led entrepreneurial projects will continue by providing them with all necessary facilities and resources to achieve commercial success, business continuity, and growth.
He added that SMEs account for 94% of all firms and institutions in the country, which contribute more than 50% of the country’s GDP.
Through its state-of-the-art infrastructure, tax-free income, Fair Policy and Regulatory Framework, Government Initiatives such as Expo 2020, connectedness to all countries, and potential growth in economic development, the UAE has long shown to be a steadily growing economic hub. From ambitious start-up techpreneurs to major corporate giants’ offshore corporations, the UAE has become a desirable place to setup a business.
Understanding the country’s entrepreneurial ecosystem might be challenging, however, the initial stage’s goal is to put in place the necessary processes to ensure that federal procurement is involved in serving the needs of citizen business owners, and to widen the scope of the initiative in order to reach success, achieve the desired outcomes, and provide advanced services to all ministries and target entities. Seek out for pragmatic business consultants with an eye on execution, to help implement the dream of setting up a business in UAE with ease.