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.
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March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
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Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
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Investment: $250 million
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Looking for a new family pet? Here are the links to visit when it comes to adopting...
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The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
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Fear
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Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
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