The number of small and medium-sized enterprises operating in the UAE reached 557,000 at the end of last year, state-owned news agency Wam reported on Thursday
The UAE aims to increase this number to one million by the end of 2030 as it seeks to boost the contribution of SMEs to the economy, Wam cited Abdullah Al Marri, Minister of Economy, as saying.
SMEs account for 63.5 per cent of the non-oil economy, Mr Al Marri said.
The ministry’s role in creating an investment environment that supports citizens who own SMEs is in line with its vision of establishing a globally competitive, knowledge-based economy led by UAE citizens, he said.
The government intends to foster an ecosystem that attracts investment and ensures competition among SMEs, as well as protects consumer rights and increases foreign direct investment, Mr Al Marri added.
Developing the sector and accelerating the growth of the start-up ecosystem are priorities for the UAE government under its development strategy for the next 50 years.
The UAE government has launched various programmes and initiatives to support the ecosystem.
In October, the Ministry of Economy unveiled the Entrepreneurial Nation 2.0 initiative, which seeks to develop more than 8,000 small and medium enterprises and start-ups by 2030, with a focus on technology.
The first Entrepreneurial Nation initiative was set up in November 2021, with 10 programmes backed by digital tools and financing solutions, and about Dh20 million ($5.5 million) provided by private-sector partners.
The programme also has a goal of creating 20 unicorns, or start-ups with a valuation of $1 billion and above, by 2031.
Meanwhile, Emirates Development Bank, founded in 2011 after a merger between Emirates Industrial Bank and Real Estate Bank, also provides direct and indirect financing to start-ups and SMEs, along with larger corporates.
It has set aside Dh30 billion for direct and indirect lending to more than 13,500 companies in five priority sectors such as manufacturing, infrastructure, advanced technology, food security and health care, by 2025.
The start-up ecosystem in the UAE has received a strong boost in recent years as entrepreneurs tap into innovation to address consumer needs.
The sector's growth has risen in tandem with the increase in digitisation in key sectors such as retail, services, e-commerce and government.
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
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4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Fight card
Bantamweight
Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)
Lightweight
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
Catch 74kg
Tohir Zhuraev (TJK) v Omar Hussein (JOR)
Strawweight (Female)
Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
Featherweight
Kaan Ofli (TUR) v Walid Laidi (ALG)
Lightweight
Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)
Welterweight
Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
Alan Omer (GER) v Aidan Aguilera (AUS)
Welterweight
Mounir Lazzez (TUN) Sasha Palatnikov (HKG)
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR)
Match info
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Racecard
6.35pm: American Business Council – Maiden (PA) Dh80,000 (Dirt) 1,600m
7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m
8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m
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Stars:Jenny Slate, Charlie Day
Rating:4/5
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
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