Dubai SME members, including Emirati entrepreneurs and national companies, won contracts and purchases worth Dh1.12 billion ($305 million) in 2022 – a 21.5 per cent year-on-year increase – as part of the UAE's efforts to support entrepreneurship.
Under the Government Procurement Programme, Dh553 million worth of contracts were awarded by Dubai government entities to these small and medium-sized enterprises and Dh88 million by federal government bodies, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said in a tweet on Wednesday.
Semi-government bodies awarded Dubai SME members Dh268 million in contracts, while the private sector provided Dh214 million in contracts, Sheikh Hamdan said.
The move shows “Dubai's commitment to supporting Emirati entrepreneurs and empowering SMEs”, he said.
“We will continue to support entrepreneurial creativity in Dubai … and look forward to seeing new success stories to go global from Dubai.”
The Government Procurement Programme, an initiative of the emirate's Department of Economy and Tourism, has awarded contracts and purchases worth Dh9.6 billion over the past two decades since Dubai SME's inception in 2002, the Dubai Media Office said in a statement.
Dubai, the commercial and trading hub of the Middle East, has unveiled various support measures for SMEs, including financing facilities and mentorship opportunities.
SMEs account for about 98 per cent of companies operating in the UAE. Developing the sector and accelerating the growth of start-ups are priorities for the UAE government under its development strategy for the next 50 years.
Last year, the UAE Ministry of Economy launched an updated programme to drive the country's goal of becoming a global leader for entrepreneurship.
The Entrepreneurial Nation 2.0 initiative seeks to develop more than 8,000 SMEs and start-ups by 2030, the ministry said in October last year.
The Government Procurement Programme is helping to back the Dubai Economic Agenda D33 and “opening new horizons” for Emirati entrepreneurs, Sheikh Hamdan said.
The D33 strategy is aimed at boosting the emirate’s competitiveness and future-readiness. The plan envisages a programme to support 30 private companies to achieve unicorn status ― worth more than $1 billion ― by 2033.
D33 also aims to make Dubai a global digital economy leader, the fastest growing and most attractive global business centre, a hub for sustainability and economic diversification, and an incubator and enabler of talent.
Dubai is a “centre for launching those with big ambitions” and “backing Emirati entrepreneurs is a priority”. Sheikh Hamdan said.
“The increase in the value of contracts awarded to Dubai SME members in 2022 underlines the confidence and trust in the local SME sector and its pivotal role in building a competitive and diversified economy,” said Helal Almarri, director general of Dubai’s Department of Economy and Tourism.
“We encourage increased support from government, semi-government, and private sector establishments to create more opportunities for Emirati entrepreneurs and pave the way for top-performing SMEs to grow into successful global enterprises.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
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A foster couple or family must:
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- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
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