Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 1 minute ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
SME share of Dubai GDP at 47 per cent
July 10, 2018
 Print    Send to Friend

DUBAI: Dubai SME, the agency of the Department of Economic Development, DED, in Dubai, mandated to develop the Small and Medium Enterprise, SME, sector, in conjunction with the Dubai Statistics Centre, released a new study on the local SME sector as part of Dubai SME Development Plan, SMDP, which is part of the Dubai Plan 2021.

The study was released in conjunction with the World SME Day, which was celebrated on June 27th this year.

Underlining the role and importance of the SME sector in the overall economy in Dubai, the study, which was initiated during the first quarter of 2018, showed that SMEs continue to create a significant number of job opportunities and add substantial value to the emirate’s economy. The SME contribution to Dubai’s economy rose from 40 per cent in 2009 to 47 per cent in 2016 while their contribution to job creation rose from 42 per cent to 52.4 per cent during the same period in spite of the slow global economic growth, the study showed.

Younger start-ups make up nearly 50 per cent of the companies registered in Dubai and it validates the emirate’s appeal as a global centre for entrepreneurship, knowledge transfer and innovation, which also boasts of a state-of-the-art infrastructure and flexible legislative framework conducive to investment.

Commenting on the study, Sami Al Qamzi, Director-General of the DED, said that the SMEs in Dubai have demonstrated their ability to withstand regional as well as global instabilities and continue to march with confidence. He reiterated the DED’s commitment to enabling the local SMEs to adopt best international practices and strengthening their role in economic development in Dubai. Al Qamzi also stressed the need for clear policies that enable the SMEs to absorb rapid changes and grow sustainably thus reinforcing the emirate’s competitiveness.

Arif Obaid Al Muhairi, Director-General of the Dubai Statistics Centre, stressed the importance of monitoring and evaluating economic performance across all indicators periodically in order to provide a clear picture for decision makers. Referring to the joint initiative from the Dubai Statistics Centre and Dubai SME, Al Muhairi called for further studies and statistics on the importance of the SME sector and the SME development initiatives by Dubai and the UAE.

WAM

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
UAE, Algeria discuss cooperation
ALGIERS: The Ministerial Meeting of the 14th session of the Joint Committee between the UAE and Algeria took place in the Algerian capital, Algiers. The meeting was ch..
UAE leads in ICT Global Competitiveness Index
DUBAI: The United Arab Emirates has achieved a new accomplishment in ICT global competitiveness by achieving advanced ranks in the Global Competitiveness Index, according..
Mohamed Bin Zayed approves Dhs50 billion plan
ABU DHABI: His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has approved Dhs50 billion dev..
Hotel Show 2018 takes off in Dubai
DUBAI: Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, CEO and Chairman of the Emirates Group inaugurated the 2018 editions of the Hotel S..
UAE-Ghana trade exchange hits $1.2 billion
ABU DHABI: The trade exchange between the UAE and Ghana amounted to over $1.2 billion by the end of 2017,a according to a senior Ministry of Economy official. “Afro-UA..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright