Tecom Group, the owner and operator of investment free zones in the emirate, is expanding its cooperation with Dubai SME, offering the small and medium-sized enterprises from other parts of the region to set up base in Dubai.
Tecom group, a member the emirate’s investment firm Dubai holding, along with Dubai SME, the body tasked with development of smaller businesses will extend support for the first time to a wider pool of entrepreneurs and SME owners from neighbouring countries seeking to set up or expand their ventures in Dubai, Tecom said in a statement on Sunday.
The two ecosystem providers will also continue to assist Emiratis looking to start or grow their business by providing them tangible benefits for easier market entry, it said.
“Boosting Dubai’s attractiveness as a business destination for leading companies and start-ups is at the core of what we do at Tecom Group,” Malek Al Malek, chief executive of Tecom Group, said. “Developing the UAE’s entrepreneurship ecosystem is crucial, as it is a building block of a sustainable innovation-based economy.”
SMEs are the backbone of economic growth, making up for the bulk of business activity and employment in Dubai. Development of the sector is among the top priorities of the government, both at federal and the emirate levels. SMEs contributed Dh198.6 billion, or 46 per cent, of the emirate’s gross domestic product (GDP) in Dubai, according to Dubai SME report released earlier this month.
Between 2008 and 2017, there was a 6 per cent increase in the contribution of micro, small and medium enterprises to GDP, and in the case of SME, the increase was higher at 28 per cent in 2017, from 17 per cent in 2008, according to the government data.
Micro firms account for 61 per cent of total businesses, followed by SMEs, which account for 36 per cent and 2 per cent, respectively, of the total number of enterprises in Dubai, according to the Dubai SME report. The proportion of small businesses has doubled since 2008.
Through its partnership with the Tecom Group, Dubai SME is “keen to extend its scope of services to SMEs across the GCC region, and provide the required financial and advisory support to entrepreneurs”, Abdul Baset Al Janahi, chief executive of Dubai SME, said.
“Along with our partners, we place our members on the optimal path to success in the ever-evolving business landscape.”
Under the current agreement with Dubai SME, the Tecom Group provides tangible benefits, preferential rates, and business set-up support to Dubai SME members across its 10 business communities that include Dubai Internet City, Dubai Media City, and Dubai Design District.
Separately, Dubai SME, on Sunday said that GEMS Modern Academy - Nad Al Sheba branch - has also launched an incubator to support innovative business ideas of students. The facility, the first of its kind, is established in line with the accreditation programme of Dubai SME for incubators set up by educational institutions, individuals and private as well as government entities, it added.
