ISLAMIC CHAMBER OF COMMERCE, INDUSTRY AND AGRICULTURE: 'SMES Contribute 40% to Dubai's GDP

Source: Islamic Chamber of Commerce, Industry and Agriculture

Islamic Chamber of Commerce, Industry and Agriculture issued the following announcement on June 27.

It is estimated that Small and Medium Enterprises (SMEs) contribute 40 per cent to Dubai’s GDP and employ 42 per cent of the total workforce, said Fahad Al Gergawi, CEO of Dubai Investment Development Agency (Dubai FDI).

In a statement released on the occasion of ‘Micro, Small and Medium-sized Enterprises Day’, which is observed on June 27th, Al Gergawi, said, “The significance of such enterprises must not be overlooked as they are responsible for substantial employment and income generation opportunities across the world, thus playing a major role in poverty alleviation, socio-economic and sustainable development.” The CEO added that the new series of policies announced by federal and emirate governments are set to transform the nation’s business ecosystem by enhancing the ease of doing business, supporting new sectors and further developing SMEs.

“As we intensify our efforts to attract leading global entities that are capable of making a positive impact in the local economy, we look forward to extending our support to such initiatives and providing our expertise, resources, and knowledge to investors and businesses in Dubai,” he concluded.

Small business owners are confident the remainder of 2018 will be a period of strong growth, revealed a recent survey.

More than 60 per cent are confident of achieving as much as 20 per cent growth compared to their performance last year, according to a new conducted by Meed.

For 13 per cent of the respondents, an even more robust growth of over 50 per cent is expected by the end of the year. The remaining survey participants indicated business prospects are likely to increase anywhere from 20-40 per cent.

Original source: http://iccia.com/?q=mediacenter/news/27747/details

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Islamic Chamber of Commerce, Industry and Agriculture

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