Minister of Economy records 557,000 SMEs operations in UAE at end of 2022

Abdullah bin Touq Al Marri, Minister of Economy, said that the number of small and medium-sized enterprises (SME) operating in the UAE at the end of 2022 totalled 557,000, in line with the country’s ambitious plan to drive this number to 1 million by the end of 2030.

SMEs account for 63.5 percent of non-oil GDP, he added, stressing that the ministry’s role in creating an investment environment that supports citizens who own SMEs is in line with its vision to establish a globally competitive knowledge-based economy led by UAE nationals.

The ministry also aims to create a business environment that attracts investment and ensures competition among SMEs, as well as protect consumer rights and increase foreign direct investment (FDI), he further added.

SMEs are prioritised in the country’s economy and are major sources of non-oil GDP, Al Marri stressed, noting that the economic plan for the next 50 years aims to encourage entrepreneurship and SMEs and promote an entrepreneurial culture among future generations.

News Source: Emirates News Agency