Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprises (SMEs) sector announced that 2,963 SMEs have been nominated for the 2013 Dubai SME100 ranking. The nominations represent a 171 % increase over the 1,092 SMEs nominated for the 2011 ranking.
Registrations for the ranking were opened in January 2013 and since then have been witnessing a high level of interest and response from the SME community. The total number of SME registrations and nominations in 2013 represent about four per cent of the eligible SMEs with at least three years of operations.
Considering industry averages, the 2013 nominees represent an estimated output of AED 53.3 billion, estimated value-add of AED 16.2 billion, and a workforce of around 93,500. Sector-wise, 53 per cent of the SMEs nominated are from the trading sector, 36 per cent from the services sector and 11 per cent from the manufacturing sector.
His Excellency Sami Al Qamzi, Director General of DED, said: “The Government of Dubai has launched various initiatives aimed at promoting entrepreneurship and SME development under its SME 5-year plan. This commitment to promote entrepreneurship and SMEs is in the DNA of Dubai, supported and led by our socio-economic stability, openness and visionary leadership. Dubai has moved to the next level of growth, and in our renewed dynamism and development outlook, SMEs play a strategically significant role in creating new value-add to the economy of Dubai and the UAE”.
“Over 95 per cent of the businesses in Dubai today are small and medium enterprises. Together, SMEs constitute the largest reserve of knowledge, innovation and human capital in the UAE as well as a significant contributor to the nation’s Gross Domestic Product. The Dubai SME 100 initiative provides an added incentive for SMEs to keep growing. They will definitely feel encouraged to think outside accepted parameters, push their creativity and thus achieve their unique goals,” added Al Qamzi.
Launched under the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, Dubai SME100 identifies the top-performing SMEs in Dubai to help groom them into bigger and more sustainable enterprises, and support them through their growth into larger, internationally-oriented companies.
Post ranking, the SMEs are given specialised capability development training in such critical areas as investment development, corporate governance, valuation, legal support and risk management. The ranking is valid for two years.
Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME, said: “We are delighted at the substantial increase seen in Dubai SME100 applications compared to 2011. It shows the level of interest in the ranking and its growing market recognition. We hope that more SMEs will apply for the ranking as it will help them gain greater value in the market, as demonstrated by the 2011 batch of Dubai SME100 companies.”
In the next step, Dubai SME will start to shortlist qualified SMEs for evaluation before the ranking of the top 100 SMEs. Site visits will also be conducted to evaluate the nominees’ focus on innovation, human capital development, international orientation and corporate governance.
