The UAE Ministry of Economy and Tanmia, the national human resource development and employment authority, signed a memorandum of understanding (MoU) on Wednesday to strengthen awareness on small and medium businesses (SMEs) in the UAE.The MoU also seeks to draw more people to this sector, by imparting training in necessary skills.
H E Sultan Bin Saeed Al Mansouri, UAE’s minister of economy, said that developing SMEs was a top priority for his ministry. He added that it was also the goal of the UAE government to focus on the growth of SMEs as a key contributor to the country’s overall economic growth.
The MoU was signed by H E Sultan Saeed Al Mansouri and H E Ahmad Humaid Al Tayer, chairman of Tanmia’s board of trustees.
Al Mansouri said that the MoU also aimed to promote creativity and innovativeness among UAE citizens, especially in the SME sector. His ministry had already signed an agreement with Arizona University to support this endeavour.
He added: “We are keen to offer UAE nationals an ideal environment for SME businesses, and we will support them to achieve their targets through training and guidance in association with Tanmia. We also aim to increase the participation of UAE nationals in the economic sectors that lack the presence of citizens.”
The MoU states that the ministry of economy and Tanmia will also organise workshops and conferences for UAE citizens, to create awareness among them on the best ways of getting involved in SMEs.
According to a recent report in the National newspaper, current estimates have shown that SMEs account for roughly 85 percent of all employment in the UAE and contribute to 46 percent of its GDP.
The Dubai government has also made concerted efforts in this sector, launching the Mohammed Bin Rashid Establishment For SME Development (MBRESD) scheme through which expatriates will be able to apply for start-up assistance from the first quarter of 2010.
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