Government support and the setting up of effective policies are key to helping small and medium enterprises across the Middle East and Africa recover from the pandemic, position for growth and contribute to economic prosperity, new research has found.
About 88 per cent of the region’s SMEs ranked these factors as “important” for future growth, while 50 per cent rated them as “must-haves”, the inaugural Mastercard MEA SME Confidence Index showed.
This sentiment was especially pronounced among SMEs in the Middle East and North Africa, where 92 per cent categorised them as important factors, the research found.
“The contribution of small businesses to regional economies is ultimately about much more than the immediate gains to livelihoods – it’s also about the sustainable development of an ecosystem that can advance inclusive growth and prosperity for all,” said Valerio Murta, senior vice president of core products for the Middle East and Africa at Mastercard.
The SME sector in the UAE accounted for about 94 per cent of all companies and employed more than 86 per cent of the private sector workforce at the end of 2019, Ministry of Economy data showed. SMEs make up about 95 per cent of all companies in Dubai, employ 42 per cent of the workforce and contribute 40 per cent of the emirate’s gross domestic product, government agency Dubai SME said.
On June 28, Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, announced new initiatives aimed at supporting family companies, helping start-ups and attracting more skilled workers to the UAE. They include an entrepreneurial academy (Skill-Up Academy) and a new platform to support the growth of start-ups (Scale-Up Platform), among other measures.
Besides effective regulatory support, 92 per cent of SMEs in MEA are also looking for support to upskill their teams and 88 per cent want improved telecom infrastructure, the Mastercard research found.
“Collaboration is the key to developing a commercial landscape that is fit for future growth. Through effective partnerships, the public and private sectors can together create a supportive environment where SMEs can thrive,” Mr Murta said.
Through effective partnerships, the public and private sectors can together create a supportive environment where SMEs can thrive
Valerio Murta,
senior vice president of core products for Middle East and Africa at Mastercard
Six in 10 SMEs in the region said private sector initiatives and partnerships would benefit businesses and the markets in which they operate, Mastercard said.
One in three SMEs said collaborating with governments and businesses outside their markets could affect their growth. In southern Africa, this was especially pronounced with more than half (56 per cent) agreeing, the report found.
A public policy paper titled Reimagining support for small businesses, released by the Mastercard Policy Centre for the Digital Economy in partnership with global consulting firm Kearney, recommends how effective policy and innovation can address many of the challenges faced by SMEs serving the business-to-business market.
Recommendations include providing ongoing working capital stability for SMEs, removing barriers that hinder women-owned businesses’ ability to receive capital by allowing different types of collateral and ensuring a safe, secure operating environment for SMEs in terms of cyber security, trust and transparency.
The Mastercard research found that more than half of all SMEs across MEA said government-led initiatives could have a positive effect on supporting their businesses.
Federal and local governments in the UAE launched initiatives over the past year to soften the effect of the Covid-19 pandemic on small businesses. Dubai provided stimulus measures worth Dh1.7 billion and Abu Dhabi Executive Council allocated Dh3bn to an SME Credit Guarantee Scheme.
The UAE Ministry of Finance teamed up with Dubai SME, a Dubai Department of Economic Development agency, to support entrepreneurs and SMEs by registering smaller businesses as suppliers to compete in government tenders.
Elsewhere in the region, the Central Bank of Egypt made it easier for SMEs to access capital by encouraging banks to raise their share of loans to micro, small and medium enterprises. The South African government launched a six-month debt relief finance scheme for small, medium and micro enterprises, the researchers said.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
Federer 1-0 Cilic
Grand Slams titles
Federer 18-1 Cilic
Best Wimbledon performance
Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
Cilic: Final (2017*)
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
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Our Time Has Come
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Mobile phone packages comparison
