Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise or SME sector, has launched the fourth cycle of its Dubai SME 100 program, according to a statement.
Dubai SME 100 is initiative that ranks the top 100 SMEs in Dubai based on their performance.
It aims to identify and qualify distinguished SMEs based on certain financial and non-financial parameters, and support their growth in line with international best practices, said the statement.
The ranking program is part of Dubai SME’s strategy to strengthen Dubai’s position as a global hub of entrepreneurship and an attractive destination to invest in innovation and creativity.
The fourth cycle of the program is expected to highlight SMEs in Dubai that have shown great resilience and progress despite the challenges posed by the Covid-19 pandemic.
Dubai SME 100 is said to have helped a number of SMEs in Dubai attract global attention.
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 being acquired by IMS Health are just some examples, said the statement.
Given the focus of the program on helping enterprises identify gaps and address them, Dubai SME is now said to have restructured Dubai SME 100 to include new criteria to assess the rate of productivity and the extent of digital technology adoption.
SMEs ranked under Dubai SME 100 could be expected to enjoy a series of benefits, including a capacity-building program designed to meet the needs of executives, financial managers, human resources managers, information technology managers and quality managers.
Specialized financing solutions at low interest rates provided by the Mohammed Bin Rashid Fund, the financial arm of Dubai SME, in cooperation with the Beehive platform, are also said to be part of the benefits offered under Dubai SME 100.
The 100 enterprises ranked may also expect to be introduced to a business and financing network, in addition to varied channels to enter new markets.