The International Finance Corporation and Dubai SME recently organised a workshop for Dubai SME100, focusing on the concept of corporate governance and its implementation in any growth stage.
Attended by more than 40 participants, the two-day workshop addressed challenges that limit SME growth and profitability, with a special focus on family-owned businesses.
Other topics included the formation of the main company bodies, management control and risk management, and a presentation of the best practices and key roles corporate governance plays in fostering stakeholder trust and sustained growth.
Commenting at the event Deepak C. Khanna, head of IFC in the UAE, said: "Corporate governance is key to sustaining private sector led growth and a regional priority for IFC.
"By becoming more transparent and efficient, companies find it easier to attract investors and capture profitable growth opportunities.”
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.
“Many SMEs, which had attended the earlier workshop, have implemented plans to be more corporate governance-ready, and are benefitting from it,” said Abdul Baset Al Janahi, chief executive officer of Dubai SME.
He added that sound corporate governance helps businesses expand sustainably, create transparency, and allow high-quality performance for generations to come.
A member of the World Bank Group, the IFC organised the workshop as part of its regional initiative to help SMEs improve performance and profitability, which is funded by Switzerland's SECO.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.