The Department of Economic Development (DED) is working in close cooperation with the United Nations Development Program (UNDP) to review its current small and medium enterprises (SME) policies.
DED officials in co-ordination with a UNDP expert have been reviewing the department's current strategies, institutional framework and measures to support SME development in Dubai, in addition to assessing their consistency with international best practice. The UNDP is also expected to assist the DED in defining the criteria that SME's must meet in order to attract support from the Department.
“In most of the countries today, the contribution of small and medium enterprises is significantly greater than that of large enterprises in respect of new innovations, productive employment including self-employment and optimum utilization of latent resources,” said Deputy Director General of DED, Khalid Al-Kassim.
The DED - UNDP cooperation will also establish criteria to classify the SMEs according to economic sectors, organization size and history of operations, to make them eligible for support from the department.
DED was established in 1992, with the objective to organize, regulate and boost trade and industry within the Emirate of Dubai. One of its key functions is to encourage local and foreign investments in commercial and industrial projects, and create the appropriate environment for investors. — (menareport.com)
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