Small and Medium Enterprises also known as SME in Dubai has played a central role in empowering the private sector that has diversified Dubai’s economic system. However, the question is will Dubai continue to create business opportunities for SME’s during the upcoming years with multinational companies finding their base here?
The future of Dubai in the years ahead is scheduled to create a major transition in the country with the majority of events and global expansions planned in the year 2020 and 2021. Dubai will not only see the entry of corporate giants with huge investments but also aid the whole of UAE into an innovation-based economy as per several reports.
However, a large part of these business fulfillments is currently nurtured by the SME’s. So, will the future also continue to boost the economic impact of SME’s in the coming years? Most definitely YES!
Since 2009, after the economic downturn, UAE has quartered itself to deal with any kind of global financial crisis. Hence, segregation of business communities, categorizing entrepreneurship, fostering creativity & innovation and encouraging knowledge-based business modules became the chief goal.
In less than no time, UAE had over 400,000 SME’s that contributed nearly 60% of the UAE’s GDP, built on these grounds. Whereas in Dubai alone, 95% of establishments were the SME’s, that estimated 40% of Dubai’s economy assimilating in the wider UAE’s economy.
The Dubai Government understands that the SME businesses in Dubai are undoubtedly a major backbone to the pecuniary upliftment. This has made the SME’s as a strategic priority of the Government. Thus, Dubai makes it a mandate to integrate SME’s in their various programs, events and commercial revolutions. The aim is to stimulate engagements, work opportunities, support prevailing industries, expand SME competitiveness, subsidize a sustainable economic and ultimately deliver growth of commercial bodies.
A recent media reports also noted that a percentage of total spending on the various project will be given towards expansions of local as well as international SME’s. Moreover, Dubai makes every effort to adapt to a system suitable for such industries, that executes flexibility for small and medium startups in Dubai and other parts of UAE. To generate an equal participation and encourage possibilities for SME’s in the project the government has also put up scheme such as no tender bonds, no advanced payment guarantees, and other such leverages have been installed.
Do all these perks motivate you to start a business in Dubai? Or would you like to know how to start an SME in Dubai? Get in touch with Shuraa Business Setup! Book a FREE consultation with one of our business setup consultants to understand business setup opportunities in Dubai and across the UAE. For more details log on https://www.shuraa.com/. You can also email us on firstname.lastname@example.org, call us on +97144081900 or WhatsApp to request a call back on +971507775554.