Dubai SME, the agency of Dubai Economy designated to develop the small and medium enterprise (SME) sector, has launched the fourth cycle of its ‘Dubai SME 100’ program.
The ‘Dubai SME 100′ program, which ranks the top 100 SMEs in Dubai based on their performance, intends to explore and qualify distinguished SMEs based on certain financial and non-financial factors, as well as support their growth in line with international best practices.
The ranking program is part of Dubai SME’s efforts to boost Dubai’s status as a global hub of entrepreneurship and a desirable location for innovation and creativity investments. The Program’s fourth cycle is extremely significant because it will showcase SMEs in Dubai that has shown remarkable resilience and progress during the global pandemic.
The program is an eminent example of how the Dubai government works with the private sector to help SMEs improve their productivity and resilience so that they can scale up and expand.
“The ‘Dubai SME 100’ has gone past a number of milestones since its launch and also played a major role in enhancing SME performance in Dubai, which is positively reflected in the overall economy in the emirate. The ranking program has also contributed to enhancing awareness on the importance of developing the SME sector and the significance of Dubai as an incubator for innovative ideas, in addition to supporting SMEs to grow and attract global investors.”
The program is especially relevant at this time when SMEs are concerned about how to deal with the economic recovery. Results of the previous cycles have shown that 88 percent of ranked SMEs managed to achieve more than 10 percent growth in sales. In addition, high growth SMEs achieving more than 20 percent sales growth accounted for 69 percent. Overall, 98 percent of ranked SMEs managed to improve performance.
Commenting on the occasion, Mr. Sami Al Qamzi, Director-General of Dubai Economy said, “SMEs contribute to 47 percent of the GDP and account for 51 percent of the workforce in Dubai. SMEs have always provided an attractive solution for entrepreneurial talents in Dubai seeking to translate their creative ideas into successful projects, with the potential to grow globally.”
The ‘Dubai SME 100′ has helped a number of SMEs in gaining global recognition. For example, Careem being acquired by Uber for $3.1 billion, Property Finder attracting $120 million in investment from US private equity firm General Atlantic, and Dimensions Healthcare, a leading global provider of information and technology services to the healthcare and life sciences industries being acquired by IMS Health.
SMEs ranked under ‘Dubai SME 100’ can enjoy a series of benefits, including a capacity-building program tailored to meet the needs of executives, financial managers, human resources managers, information technology managers and quality managers. The program includes the provision of advisory and guidance services and training sessions in partnership with international partners.
The benefit package also includes specialized financing solutions at low-interest rates given by the Mohammed Bin Rashid Fund, the financial arm of Dubai SME, in collaboration with the Beehive platform. The 100 enterprises ranked are also introduced to a potential business and financing network, in addition to new entry channels into markets.