Dubai SME Members Secure AED 1.27 Billion in Contracts for 2023

Emirati SME suppliers affiliated with the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of the Dubai Department of Economy and Tourism (DET), secured contracts and purchases totaling AED1.27 billion in 2023. This significant achievement was announced on the occasion of the UN-designated Micro-, Small and Medium-Sized Enterprises (MSMEs) Day, highlighting the vital role of MSMEs in global economies.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, praised the support provided to SMEs in Dubai, underscoring Sheikh Mohammed bin Rashid Al Maktoum's commitment to empowering entrepreneurs. SMEs are pivotal in driving innovation, competitiveness, and sustainability, crucial elements in Dubai's economic diversification strategy, including the ambitious D33 Agenda aimed at propelling Dubai among the world's top urban economies by 2033.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel

Established in 2002 under Sheikh Mohammed bin Rashid Al Maktoum's directives, Dubai SME mandates that government entities and those with over 25% government equity allocate 10% of their procurement to Emirati SMEs. This policy aims to bolster the local entrepreneurial ecosystem by enabling SMEs to meet the demands of government, semi-government, and private sectors.

Helal Saeed Almarri, Director General of Dubai Department of Economy and Tourism (DET), emphasized Dubai SME's pivotal role in supporting SMEs as foundational to Dubai's economic landscape. The AED1.27 billion contracts awarded in 2023 reflect the commitment of various sectors—governmental, semi-governmental, federal, and private—to empower SMEs and foster their growth in Dubai's dynamic business environment.

SMEs in Dubai contribute significantly to the economy, comprising 99% of establishments, employing 50% of the workforce, and generating nearly 46% of the city's total value-added. They are critical in driving economic growth, promoting innovation, and expanding market opportunities, thereby reinforcing Dubai's reputation as a global business hub.

Aligned with the D33 Agenda, Dubai prioritizes enhancing SME capabilities and integrating them into future workforce strategies. Abdul Basit Al Janahi, CEO of Dubai SME, highlighted their comprehensive support framework, including financial assistance, technical guidance, and access to incubators and training programs, aimed at nurturing entrepreneurial talent and ensuring sustainable business success.

In 2023, top supporting entities for Dubai SMEs included Dubai Government bodies like Roads and Transport Authority, Dubai Municipality, Dubai Police, and others, alongside prominent semi-government and federal entities. The private sector, including Union Coop, Majid Al Futtaim Hypermarkets, and Emaar Properties, also significantly contributed to SME growth through increased support initiatives.

Overall, Dubai SME's efforts underscore its commitment to advancing SME interests and fostering a robust business ecosystem that benefits all stakeholders, in line with Dubai's strategic objectives for sustainable economic development and global competitiveness.

June 27, 2024 5:03 p.m. 391

#trending #latest #DubaiSME #EmiratiEntrepreneurs #SmallBusinesses #EconomicDevelopment #D33Agenda #DubaiEconomy #MSMEDay #SMEsupport #BusinessGrowth #DubaiGovernment #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #bestnewschanneldubai #bestnewschannelUAE #bestnewschannelabudhabi #bestnewschannelajman #bestnewschannelofdubai #popularnewschanneldubai

4th Hamdan bin Zayed Shooting Championship Concludes in Al Dhafra Region

June 30, 2024 10:05 a.m. 357

The 4th Hamdan bin Zayed Shooting Championship Saktoon Rifle 0.22 for men and juniors, backed by Abu Dhabi Sports Council, concluded in Al Dhafra Region....Read More.