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Wed 26 Nov 2014 01:16 PM

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Workshop focuses on corporate governance

Dubai SME and the IFC host corporate governance workshop for Dubai SME100 members

Workshop focuses on corporate governance

Dubai SME and the International Finance Corporation (IFC) have recently organised a new workshop for Dubai SME100 companies to increase their corporate governance capabilities.

The two-day workshop addressed challenges faced by the CEOs of Dubai SME100 companies and their senior management teams and advised on the ways to improve their corporate governance practices.

Other topics focused on how to implement best practices in corporate governance as per investor needs, and were presented by the speakers from leading investment institutions in the region such as SHUAA Capital and Abraaj Capital.

Commenting on the partnership, Abdul Baset Al Janahi, CEO of Dubai SME said integrating corporate governance would take Dubai’s SMEs to the next level of growth, and added: “Dubai being a non-tax economy, it is critical that our SMEs start early in their corporate governance journey; as this will help them achieve a more professionally-managed organisation in the long term.

“This will in turn help them attract good talent, clients and investors.”

MENA SMEs constitute around 95 percent of all businesses and contribute to almost 40 percent of the economy's value-add and 42 percent of the workforce.

“Helping companies adopt sound management processes is a pillar of IFC’s efforts in the region and other parts of the world.

“By improving their corporate governance, companies can access financial support, helping them to expand, create jobs and drive economic development,” said Deepak C. Khanna, head of IFC in the UAE.

A member of the World Bank Group, the IFC aims to help SMEs improve performance and profitability.