There are more than 350,000 small and medium enterprises (SMEs) in the United Arab Emirates, accounting for 60 per cent of the country’s gross domestic product (GDP), according to a minister.
This sector employs more than 86 per cent of the private sector’s labour force, says UAE Minister of Economy, Sultan bin Saeed al-Mansoori.
The minister adds that the country has ambitious plans to increase the contribution of the sector to the country’s GDP to 70 per cent by 2021.
Speaking at a key SME conference in Dubai, the minister notes that the UAE government attaches attention to this sector to achieve the national 2021 vision.
Al-Mansoori emphasises that this sector acts at a springboard for economic to flourish and grow further. He points out that SMEs comprise roughly 90 per cent of the total number of companies in the world and make up 46 per cent of global gross domestic product.
Here in the UAE, the minister adds, SMEs comprise roughly 94 per cent of the total number of companies operating in the country.
Moreover, roughly 73 per cent of companies working in the wholesale and retail sector are SMEs while 16 per cent of them operate in the services sector.