SMEs contribute 63.5% to UAE non-oil GDP

Inayat-ur-Rahman, Business Editor

According to Ernst & Young (EY), there were 557,000 SMEs in 2022, with approximately 366,000 Small & Medium Enterprises (SMEs) in the mainland as per Mint’s research and expected to grow to one million SMEs in the UAE by 2030.

As per the CBUAE annual report 2022, SMEs contribute 63.5% to the non-oil GDP and represent 94.4% of companies operating in the UAE, while 85% of the underserved SMEs (mainland) represent the potential addressable market for Mint. EY’s study reveals that 62% of SMEs express a need for faster credit, 72% are interested in trusted advisory services, 75% desire swift digital onboarding, and 75% want their providers to excel in the basics.

Mint, one of the leading payment solutions providers with its own distribution channels across the United Arab Emirates, has entered into partnership with S2M as part of its expansion plans.

Commenting on the partnership, Abdulrazzaq Al Abdullah, Chairman & CEO of Mint Group said, “The company’s focus under this partnership is on moving towards advancing financial inclusion and digital transformation, enhancing the lives of underserved individuals and Micro Small and Medium Enterprises (MSMEs) across the region.”

He said, in collaboration with S2M, the company has taken a significant stride to a mission to establish innovative Digital Banking Services and aims to deliver cutting-edge solutions that reduce the cost of living for individuals and drive economic growth for businesses.

Abdulrazzaq Al Abdullah further mentioned that Mint picked S2M as partner on the basis of shared values of customer-centricity, flexibility, and their result-oriented track record. He said, Mint and S2M are like-minded managements. Under this collaboration, existing financial solution systems will be revamped with the latest cloud-native electronic payment technologies of S2M, having served over 200 financial institutions globally, demonstrating its commitment to innovation and reliability.