Dubai, UAE -- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth Initiative’, allocating AED500 million to accelerate the expansion of small and medium-sized enterprises (SMEs) established in Dubai into global markets. The initiative was launched by the Government of Dubai in...

RIYADH, SAUDI ARABIA  - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor, which showed a 3.5 percent growth in the number of SMEs in the Kingdom in Q3 2023, bringing their total number to 1.27 million. With over 40,000 new businesses created...

Abu Dhabi, UAE -- The Abu Dhabi Department of Economic Development (ADDED) has launched a program to improve the access of SMEs to financial services and enable them to grow further and play a greater role in the sustainable development. ADDED said the “SME Finance Facilitator” program is being launched...

"We are working towards creating a more balanced environment where women can succeed alongside men in overcoming future challenges. There is a need for women's economic empowerment and increased opportunities as a catalyst for establishing a sustainable society where economic growth is inclusive," she adds

“By placing an emphasis on inclusive policies, embracing digitalization and fostering stronger international collaboration, we can establish a trade landscape that benefits everyone and leaves no one behind,” she adds, referring to the UN’s fifth global survey on digital and sustainable trade facilitation aimed at easing international trade.

Abu Dhabi, UAE - The UAE has unveiled a series of relief measures to support the growth and prosperity of small and medium-sized enterprises (SMEs) since the introduction of corporation tax in the UAE.  "It's important for SMEs to familiarize themselves with the intricacies of corporate tax regulations and integrate...

Muscat, Oman - The small and medium-sized enterprises (SMEs) are playing a critical role in ushering in Oman's shift towards a low carbon economy, a report released by Tejarah Talks has revealed. The report highlights the significance of eco-innovation, eco-adoption, and eco-entrepreneurship in harnessing the potential of SMEs to contribute...

While the startup ecosystem flourishes in the Middle East and North Africa region, concerns arise over the durability of investments and the ability of banks to sustain SME support amidst a global banking crisis.

DUBAI,  UAE -  Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has announced a new initiative to help tech companies set up in Dubai. The initiative will provide a comprehensive package of services designed to support tech and digital startups, SMEs, and multinational corporations...

Riyadh, Saudi Arabia – The SMEs Bank system of the National Development Fund has signed 20 agreements valued at more than SAR 1 billion ($266 million) with several financial technology entities, local and international investment funds and e-commerce platforms. These deals include 10 agreements and MoU by the SMEs Bank...

Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has attracted five Multinational Corporations (MNCs) and 20 Small and Medium-sized Enterprises (SMEs) during Q1 2023 alone, which is more than the number attracted during the entire year 2022. In addition, the chamber also supported...

Riyadh, Saudi Arabia -- The number of small and medium enterprises (SMEs) in Saudi Arabia hit 1.2 million by the first quarter of this year, an increase of 4.8 percent over the fourth quarter of last year, while 89,000 new enterprises were launched during this period. The kingdom's General Authority...

The Gulf country, according to reports, ranks first in the MENA region and fifth globally in entrepreneurship education and training at university and vocational levels.

SAMARKAND, UZBEKISTAN -  The UAE, represented by the Ministry of Finance (MoF), participated in the 2023 Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) here on May 16-18. The meeting discussed global economic challenges and prospects for economic growth. The UAE delegation...

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...

Abu Dhabi, UAE – 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). Loans to SMEs accounted for 10.4 percent of the total accumulated balance of...

The small and medium enterprises are an important component of the Qatari private sector, as they account for over 90 percent of private sector establishments and are a great source of employment, in addition to their role in promoting innovation and creativity in business activities, he adds.

Vienna, Austria -- The OPEC Fund for International Development (OFID) will provide a $40 million loan to Vietnam Maritime Commercial Joint Stock Bank (MSB) for on-lending to small and medium-sized enterprises (SMEs). The loan will support at least 80 local businesses, providing financing to meet critical needs to grow their...

Riyadh, Saudi Arabia -- The Small and Medium Enterprises Bank of Saudi Arabia's National Development Fund said Sunday it has allocated SAR 10.5 billion ($2.79 billion) to finance programs and products for the SME sector. The Bank's direct and indirect lending programs, financing guarantee programs and investment programs will be...

Dubai, UAE-- Dubai Chamber of Commerce has announced the launch of the Cloud Computing Business Group, which will focus on promoting the development of cloud computing companies. The Chamber said that by providing a forum that facilitates mutual dialogue between the sector stakeholders and government entities, the business group will...

"The UAE economic model is based on developing the national entrepreneurship system and enhancing the participation of Emirati entrepreneurs and startups, as they represent a major strategic partner in advancing the UAE development process and driving sustainable growth in new economic sectors," he adds.

The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM.

There is a need for concerted efforts by citizens and residents to make this global event a success, Sheikh Khalifa bin Jassim said in an interview to a local Qatari newspaper, adding that the World Cup Qatar 2022 will leave a unique imprint in the history of the FIFA World...

Riyadh, Saudi Arabia--Aramco said on Thursday it has launched Taleed program to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia, boost their contribution to economic development and support job creation. In a statement, Aramco said the program targets sustainable SME growth across multiple sectors through a...

Post pandemic, startups, SMEs, and entrepreneurs must adopt a new mentality to scale their enterprises and survive, says Awfa Mustafa, CEO of Najahi Events.

Rising oil prices, which have proved to be a windfall for governments and companies in the upstream sector, has strengthened balance sheets of the region's banking sector.

Riyadh, Saudi Arabia—Saudi Arabia’s General Authority for Small and Medium Enterprises (Monsha'at), has signed a cooperation agreement with Aramco’s Center for Entrepreneurship (Wa'ed), to develop entrepreneurship in the Eastern Province. The two sides will provide shared office spaces, financial grants, and business development and mentorship programs to enable SMEs to...

Riyadh, Saudi Arabia: The number of small and medium enterprises (SMEs) in Saudi Arabia increased by 25.6 percent to 892,063 in the second quarter of 2022, compared to the fourth quarter of 2021, the General Authority for Small and Medium Enterprises (Monsha'at) has said. The Riyadh region accounted for 35.4...

The new incentives include classifying up to five enterprises under Tier 1 category per owner, instead of two enterprises, and a five-year classification under Tier 1 category starting from the date of license issuance.

The agreement aims to promote entrepreneurship and develop Small and Medium Enterprises (SMEs) in Kenya.

The three entities will support Sharjah exporters and re-exporters.

A new industrial financing entity will soon be established in Abu Dhabi to finance large industries and small and medium-sized enterprises (SMEs) as industrial financing requires the establishment of new frameworks, said Mohamed Ali Al Shorafa Al Hammadi, Chairman of the Abu Dhabi Department of Economic Development (ADDED). Abu Dhabi's...

The companies must also strive for more delegated authority and accountability as delays and poor follow-up lead to disaster, says Rabih I Khoury, Partner & Chief Exit Officer, MEVP.

They will explore ways to offer travel incentives to SMEs.

The Emirates Development Bank (EDB) has restated its commitment to financial inclusion in the UAE with a range of financial solutions and services that enhance the profitability of the country’s SMEs and startups. On the occasion of Arab Day for Financial Inclusion, which is celebrated on April 27 of each...

For the first time, direct investments supervised by Qatar Development Bank in SMEs has exceeded QR 100 million ($27 million). The total amount of direct and indirect investments in the bank’s portfolio has reached QR 220 million, supporting nearly 100 companies operating and providing highly skilled jobs and innovative services...

Emirates Development Bank (EDB) has said it will facilitate direct and indirect lending totaling AED30 billion ($8.16 billion) by 2025, which is expected to support more than 13,500 companies. At its first Board meeting of 2022, the bank said the record growth over the past 12 months demonstrated the success...

On the third day of the Global Entrepreneurship Congress (GEC) in Riyadh, SAR 6 billion ($1.59 bn) worth of agreements were signed and initiatives launched. The Small and Medium Enterprises Financing Guarantee Program “Kafalah" signed a number of agreements with a number of ministries as well as public and private...

The Global Entrepreneurship Conference (GEC) recorded 28.9 billion ($7.71 billion) worth of agreements and launches on the second day. The conference is designed to support entrepreneurship in various fields and enhance the Kingdom's position as an attractive environment for pioneers, innovators and creators from around the world. It has been...

Emirati entrepreneurs and national enterprises in Dubai won contracts worth AED 921.6 million ($250 million) from various local and federal government entities, semi-government bodies and private businesses in 2021 as part of the Government Procurement Programme (GPP). The value of the contracts was three percent higher than the AED 896.7...

UAE Banks Federations (UBF) has called upon the entrepreneurs of existing and under-formation Small & Medium Enterprises (SMEs) to unlock their full potential by benefiting from UBF's Nationwide SME Campaign. The campaign is all accessible through one platform: www.uaebf.ae/SME. UBF Director-General, Jamal Saleh, explained that such initiatives will help UAE...

New corporate laws and business-friendly policies give start-ups an upper hand in the UAE as they are predominantly created and led by millennials and Gen Z individuals.

Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized Enterprises (SMEs) and start-ups based in the city. This will include easy access to NeoBiz, the bank's first digital banking platform designed specifically for start-ups and SMEs. The MoU was...

The Project Finance Committee of the Sharjah Entrepreneurship Foundation (Ruwad) has approved AED300,000 finance for a project that will work in the field of health fitness services by providing an integrated environment with advanced specifications for exercise and sports. Ruwad said the approval was granted at the meeting, the second...

The UAE and Latvia have agreed on a six-track economic cooperation program covering trade and investment, innovation and advanced technology, transportation and logistics, agriculture, food, education and science during the 2nd Joint Economic Committee (JEC) session held in Dubai. These programs will be designed to achieve higher levels of prosperous...

Diversifying, and strengthening local production structures is the most appropriate way to reduce inflation. Entrepreneurs and start-up companies may come forward to help their respective governments in finding more sustainable development solutions. The menace of inflation cannot be managed alone.

Oman has signed three agreements RO 94 million ($244 million) with the Saudi Fund for Development (SFD) for supporting SMEs and infrastructure development. The first MoU dealt with supporting small and medium enterprises (SMEs) through a soft loan portfolio of RO 57.6 million catering to SME projects in governorates. The...

The significant increase in the UAE’s industrial exports coincided with 220 new facilities commencing production in 2021, said Minister of Industry and Advanced Technology Dr Sultan bin Ahmed Al Jaber. These facilities benefit from the UAE’s strategy aimed at raising industrial sector’s contribution to the GDP from AED133 billion to...

Suriname, Tanzania, and Senegal have explored investment and other opportunities to collaborate with the stakeholders from across the region and the globe through the World EXPO2020 Dubai, according to CEO Clubs Network. CEO Clubs Network hosted "Suriname: Oasis of Opportunities for the ‘Republic of Suriname’ in the presence of the...

A meeting of the Dubai Free Zones Council (DFZ Council) on Sunday discussed how to facilitate opening business bank accounts for small and medium-sized enterprises (SMEs), opportunities to attract Emirati talent to free zones and other issues concerning the business sectors within Dubai's free zones. The meeting chaired by the...