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UAE Freezones Biz News Updates
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Sheikh Mohammed launches SME Classification System
Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh
Mohammed bin Rashid Al Maktoum, on Tuesday launched the SME Classification
System.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai
attended the launch event at the headquarters of Dubai Executive Council,
Emirates Towers.
Sheikh Mohammed affirmed that the UAE will consolidate its global position
by launching new initiatives and implementing strategies to support the
business community. His Highness said the UAE is keen to encourage Small and
Medium Enterprises, SMEs, as they are important pillar of the national
economy and key to enhancing Dubai’s competitiveness.
Sheikh Mohammed explained that economic diversity is a cornerstone for
building a strong economic base for the UAE's post-oil phase. He further
noted that the new system will raise the contribution of SMEs to Dubai’s
GDP, a step that will advance its transformation into an innovation-driven
knowledge-based economy.
Sheikh Mohammed urged emerging entrepreneurs to diversify their methods and
adopt innovative projects and ideas to enhance their global competitiveness,
stressing that he will continue to support them.
His Highness also expressed his appreciation for the efforts of the
strategic partners of the initiative to develop plans and initiatives to
serve SMEs and called on the banking sector to support the new
classification system, highlighting the importance of building an
environment that is both supportive and conducive to innovation.
Present at the launch ceremony were Sheikh Ahmed bin Saeed Al Maktoum,
Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group;
Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, Mohammed Abdullah Al
Gergawi, Chairman of the Executive Office of Dubai Government and a number
of government officials.
SMEs are expected to contribute a massive Dh65 billion to the Dubai economy
and will account for 370,000 jobs by 2021.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and
Chairman of Dubai Executive Council said that the new classification system
will improve the role played by SMEs in Dubai’s growth by creating jobs and
enhancing innovation, and contribute to the achievement of the objectives of
Dubai Plan 2021, which focuses on further developing Dubai into one of the
world’s most preferred economic destinations. Sheikh Hamdan also said that
the UAE government is committed to supporting SMEs by building a supportive
environment.
The new classification system, a first-of-its-kind in the region, is based
on a number of criteria including finance, governance, innovation and social
responsibility, initiatives that are part of Dubai Plan 2021.
The system is being implemented in collaboration with the General
Secretariat of the Executive Council of Dubai and the Mohammed bin Rashid
Establishment for Small and Medium Enterprises.
The new classification system is part of the ‘Dubai SME 100’ a ranking
system for Dubai's 100 top performing SMEs launched by the Mohammed Bin
Rashid Establishment for SME Development, Dubai SME, in 2011.
The new classification system is optional for enterprises wishing to be
qualified for receiving a bundle of programmes and benefits that will
support their growth and sustainability. Establishments wishing to
participate should register through the website of the initiative as well as
pay the required fee to obtain the electronic classification and undergo the
final evaluation.
The classification is based on five set of factors: operational and
financial, smart innovation, governance, foreign expansion plans and social
responsibility. The evaluation for the classification will take a total of
five working days.
The strategic partners of the new initiative include Dubai Municipality, the
Roads and Transport Authority, RTA, Department of Tourism and Commerce
Marketing.
January 25, 2017
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Courtesy Dubai Media Incorporated
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