SME contribution to UAE’s GDP seen at 53pc in 2019

MAGNiTT News tradearabia.com - 1 year ago - Sun, Mar 3, 2019, 1:04 PM

SME contribution to UAE’s GDP seen at 53pc in 2019
Author: MAGNiTT

By TradeArabia

 

SOURCE: TradeArabia - SME contribution to UAE’s GDP seen at 53pc in 2019


The contribution of the SME sector to the UAE’s GDP of the country is estimated at 53 per cent, up from about 49 per cent in 2018, said a top official, citing the Federal Competitiveness and Statistics Authority’s report.

Sultan bin Saeed Al Mansoori, UAE Minister of Economy and chairman of the UAE SME Council was speaking at the recent 9th UAE Conference on  Small and Medium Enterprises & Innovation was held in Dubai.

The federal government aims to increase this rate  to around  60 per cent by 2021, underscoring  the importance of this contribution in  supporting the country’s economic diversification, he added.

Al Mansoori emphasized  that the UAE’s progress in accelerating  the establishment of a robust SME sector according to highest  standards stands out at both regional and international levels. This is achieved through building strategic partnerships with developed countries and establishing  strong partnerships with the private sector. The  support offered to small and medium-sized entrepreneurs  enables them to succeed and contribute to the competitiveness of the national economy at the global level.

He added that the conference aims to facilitate sharing of  experiences,  identify  best practices followed by  the participating countries, and discuss the best solutions for SMEs that target new market by focusing on smart technology solutions in  trade finance, services, production and marketing . These efforts are in line with the objectives of the  UAE Vision 2021 to build a diversified competitive economy based on innovation and knowledge led by competent nationals. This objective also aligns with the goals set under the UAE Centennial 2071 for the future development.

Al Mansoori reaffirmed the Ministry’s and the UAE SME Council’s commitment to follow up the efforts during the next phase to support the entrepreneurs and SMEs.  He further emphasized  facilitating access to facilities and incentives granted by the law and by government laws, the most important of which is citizens' easy access to financing. While the allocation of 10 per cent of the procurement contracts and services is required by  federal agencies and companies,  the government bears more than 50 per cent of the fee for SMEs in order to support them.

 

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