Dubai, UAE — A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end of 2022, said the country’s Minister of Economy Abdullah bin Touq Al Marri.
He said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by the end of 2030.
SMEs account for 63.5 percent of non-oil GDP, he added, stressing that the ministry’s role in creating an investment environment that supports citizens who own SMEs is in line with its vision to establish a globally competitive knowledge-based economy led by UAE nationals.
The ministry also aims to create a business environment that attracts investment and ensures competition among SMEs, as well as protect consumer rights and increase foreign direct investment (FDI), he further added.
SMEs are prioritized in the country’s economy and are major sources of non-oil GDP, Al Marri stressed, noting that the economic plan for the next 50 years aims to encourage entrepreneurship and SMEs and promote an entrepreneurial culture among future generations.
In November last year, the minister said that the UAE government is seeking to open new channels for entrepreneurs and support the growth and expansion of their businesses in global markets, by strengthening global strategic economic partnerships and cooperation.
The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized enterprises in 2022, according to the latest data released by the Central Bank of the UAE (CBUAE).
Read full story here: UAE banks provide $23bn in financial facilities to SMEs in 2022
In August, UAE’s Ministry of Human Resources and Emiratisation issued a ministerial resolution for supporting Emirati SMEs with new incentives.