On the occasion of the UN-designated Micro-, Small and Medium-Sized Enterprises (MSMEs) Day, Emirati small and medium enterprises (SMEs) affiliated with the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) have achieved a significant milestone, securing contracts and purchases totaling AED 1.27 billion in 2023.
These contracts were awarded by local and federal government entities, semi-government organizations, and private businesses, highlighting the robust support for local entrepreneurship.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, underscored the pivotal role of SMEs in Dubai's economic landscape, emphasizing their contribution to innovation, competitiveness, and sustainability. This support aligns closely with the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who champions initiatives aimed at empowering entrepreneurs to drive economic growth.
Established in 2002, Dubai SME has been instrumental in fostering an enabling environment for Emirati entrepreneurs, ensuring they meet the procurement needs of governmental and private entities. Since its inception, Dubai SME has facilitated contracts totaling AED 10.91 billion, reinforcing its commitment to realizing the ambitious goals set forth in the Dubai Economic Agenda D33.
His Excellency Helal Saeed Almarri, Director General of Dubai Department of Economy and Tourism (DET), affirmed the pivotal role of SMEs in Dubai's economy, citing their substantial contribution of nearly 46% to the total value-add generated in the city. Almarri highlighted the government's strategy to increase spending on SMEs, which supports Dubai's position as a global business hub.
Abdul Basit Al Janahi, CEO of Dubai SME, emphasized the organization's dedication to nurturing entrepreneurship through comprehensive support programs. These initiatives include financial backing, technical assistance, and access to business incubators, ensuring that Emirati entrepreneurs have the tools needed to thrive in a competitive market.
In 2023, notable contributors to Dubai SME's success included key government entities such as Dubai’s Roads and Transport Authority, Dubai Municipality, and semi-government organizations like Emirates Group. Private sector leaders such as Union Coop and Emaar Properties also played significant roles, underscoring their commitment to fostering local economic development.
As Dubai continues to implement its D33 Agenda, aimed at positioning the city among the world's top three urban economies by 2033, the achievements of SMEs remain pivotal. Through sustained support and strategic initiatives, Dubai SME aims to further enhance the city's reputation as a premier destination for business and investment, catalyzing sustainable economic growth and prosperity.
News Source: Dubai Media Office
