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SME share of Dubai GDP at 47 per cent
July 10, 2018
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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

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