Dubai Looking To Promote SMEs In The UAE

by Lorys Charalambous, Tax-News.com, Cyprus

18 March 2011

Dubai SME, an agency of the Department of Economic Development and the Dubai International Financial Centre (DIFC), has signed a memorandum of understanding (MoU) to jointly promote small and medium enterprises (SMEs) in the UAE. The agreement was signed by Abdul Basit Al Janahi, chief executive officer of Dubai SME, and Abdulla Mohammed Al Awar, chief executive officer of the DIFC Authority.

Commenting on the agreement, Abdul Basit Al Janahi said that it should provide a comprehensive incentive package for SMEs and facilitate their access to the DIFC as well as establish partnerships for growth.

“The MoU also shows how institutions in Dubai can create the perfect synergy to promote the SME sector, projected to lead growth worldwide, and achieve the larger development goals of the emirate,” added Al Janahi.

Abdulla Mohammed Al Awar said: “SMEs play a strategic role in developing the national economy and supporting the UAE’s long-term plans to promote innovation and achieve sustainable growth. DIFC is proud to motivate SMEs through providing a business platform for them to exchange expertise and best practices with the elite global companies in DIFC”.

The MoU states that DIFC will offer a number of incentives to Dubai SME members to start their business in the free zone and preferential treatment in DIFC’s procurement, as laid down by the Government Purchasing Programme.

Dubai SME will provide the necessary assistance and information to the DIFC Authority to identify qualified SMEs, and will also brief SMEs on procurement opportunities and procedures at DIFC.

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