The SME Classification System has been launched by Sheikh Mohammed in Dubai to consolidate the UAE's position for new initiatives and implementing strategies to support the business community.
His Highness said the UAE is keen to encourage Small and Medium Enterprises, SMEs, as they are important pillar of the national economy and key to enhancing Dubai’s competitiveness. Sheikh Mohammed explained that economic diversity is a cornerstone for building a strong economic base for the UAE's post-oil phase. He further noted that the new system will raise the contribution of SMEs to Dubai’s GDP, a step that will advance its transformation into an innovation-driven knowledge-based economy. He urged emerging entrepreneurs to diversify their methods and adopt innovative projects and ideas to enhance their global competitiveness, stressing that he will continue to support them.
SMEs are expected to contribute a massive Dhs 65 billion to the Dubai economy and will account for 370,000 jobs by 2021.