UAE Ministry of Economy Launches Special Committee to Foster SMEs and Start-up Financing

UAE Ministry of Economy Launches Special Committee to Foster SMEs and Start-up Financing

By Staff Writer, 25 January 2024

The UAE Ministry of Economy has announced the establishment of the "Intangible Assets Finance Committee", envisioned to play a crucial role in providing essential financing to businesses, facilitating their access to support during critical stages of development.

Minister of Economy, Abdulla bin Touq, highlighted the committee's commitment to supporting the growth of these enterprises, addressing potential financing challenges, particularly in their formative years.

The initiative is designed to offer comprehensive assistance, strengthening SME financing and imparting international best practices to entrepreneurs.

This development aligns with the UAE's strategic vision to position itself as an "entrepreneurial nation" within the next decade. As part of the National Agenda for Entrepreneurship and SMEs, the country aspires to nurture 10 unicorn start-ups by 2031 and secure a position among the top three in the Global Entrepreneurship Index.

The SME sector, contributing up to 63.5% to the non-oil GDP, remains a pivotal focus. With 557,000 SMEs recorded in 2022, the UAE aims to elevate this figure to one million by 2030.

This initiative signifies a part of the ongoing efforts to fortify the nation's economic landscape and augment the GDP contribution of the dynamic SME sector.

Source: Cleofe Maceda / Zawya

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