The UAE is seeking to boost the number of companies operating in the country by nearly 67 per cent to 2 million by 2031, with a focus on developing the small-and-medium enterprises critical to its economy.
The Arab world's second-largest economy is increasing its target from the current 1.2 million companies, up from 600,000 five years ago, Abdullah bin Touq, Minister of Economy and Tourism, said in a press conference in Abu Dhabi. Of these, SMEs comprise 94 per cent currently.
The UAE on Sunday launched a national campaign titled The Emirates: The Start-up Capital of the World aimed at attracting and training Emiratis to set up their own businesses in sectors of strategic importance to the economy.
“The campaign brings together more than 50 entities from both the public and private sectors, with the aim of training and nurturing 10,000 Emirati entrepreneurs, creating thousands of economic opportunities, and raising community awareness on the importance of leveraging the economic momentum the country is witnessing,” Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, said in a Media Office statement.
“A series of initiatives will be introduced, with a call for all institutions to actively participate in this campaign and support its objectives.”
SMEs form the backbone of the national economy, contributing more than 63 per cent of the non-oil gross domestic product. The importance of the sector is underpinned by the fact that the UAE is currently home to 50 business incubators spread across the country, Sheikh Mohammed said.
“The UAE also leads among 56 global economies in supporting SMEs and in providing the best possible environment for their growth and success,” he added.
The government is looking to attract Emirati SMEs to five main sectors including food and food processing to bolster its food security strategy, tourism and hospitality that comprise 13 per cent of its GDP, financial services with a focus on FinTech, the space economy and data analytics, the minister said.
The campaign aims to attract and train entrepreneurs, make the UAE an attractive destination for talent and SMEs and promote the success stories of Emiratis who have contributed to raising awareness about the importance of entrepreneurship.
“We believe that the future is forged by our young entrepreneurs, therefore we are seeking to empower nationals to create new economic opportunities and start their own businesses, instead of just searching for a job,” the minister said during the press conference.
SMEs are a key pillar for economic growth in the UAE, representing about 94 per cent of all businesses and employ about 86 per cent of the private sector workforce, according to the Khalifa Fund for Enterprise Development.
The SMEs sector contributes 63.5 per cent to the non-oil GDP of the UAE, making it a vital growth engine for the economy.
The UAE government has rolled out numerous initiatives to support the growth of SMEs. These include programmes to bridge gaps in access to finance, procurement and developing skills by connecting smaller enterprises with opportunities and resources, some of which are available through government platforms such as Tamm.
With the UAE signing comprehensive economic partnership agreement (Cepa) deals with key trading partners around the world, it is forging a pathway for SMEs to export their goods and services to markets beyond the country's borders.
“SMEs today are part of our delegations and international exhibitions. We're looking always to bring SME's as a part of that, we even cover sometimes part of their travel [expenses], we support them as well with exhibiting by taking a booth on the ministry level but also allowing them space to exhibit their services or products,” Mr Bin Touq said.
The UAE is rolling out several programmes to meet its SME sector goals including launching the StartupEmirates.ae Digital Platform in partnership with the New Economy Academy. It will provide free mentorship programmes and connecting youth with start-ups.
The platform aims to attract 10,000 entrepreneurs and create 30,000 new jobs by 2030, offering shared workspaces, business networking events, training programmes and cross-border partnerships to position the UAE as a gateway for global start-ups.
Other programmes includes an entrepreneurship programme, a specialised content creator programme in economics and entrepreneurship, project management experts programme, UAE tax agent programme. It will also hold young entrepreneurs and graduate business expo and will help lunch 250 Emirati real estate companies, according to the Media Office statement.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Company%20profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Company%C2%A0profile
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About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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COMPANY%20PROFILE
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HOW TO WATCH
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The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
UAE currency: the story behind the money in your pockets
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
