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.
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Company%C2%A0profile
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
Alan%20Wake%20Remastered%20
SPEC%20SHEET
While you're here
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
While you're here
Johann Chacko: Why Maldives has become a theatre for US-China rivalry
C Uday Bhaskar: What is India's Indo-Pacific strategy?
C Uday Bhaskar: The 'Asian Century' depends on China and India working together
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Match info
Costa Rica 0
Serbia 1
Kolarov (56')
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
Company%20Profile
Tom Fletcher on 'soft power'
Jawan
COMPANY PROFILE
Kibsons%20Cares
Getting%20there%20and%20where%20to%20stay
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
New schools in Dubai
FORSPOKEN
Company%20of%20Heroes%203
Star%20Wars%20Jedi%3A%20Survivor
Suicide%20Squad%3A%20Kill%20the%20Justice%20League
Final%20Fantasy%20XVI
Street%20Fighter%206
Diablo%20IV
Baldur's%20Gate%203
The%20Legend%20of%20Zelda%3A%20Tears%20of%20The%20Kingdom
Marvel's%20Spider-Man%202
Assassin's%20Creed%20Mirage
Starfield
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
