UAE – Mubasher: Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with Dubai Chamber of Commerce and Industry (Dubai Chamber) in a step to launch an index that will evaluate the cost of doing business for SMEs in Dubai.
The deal was signed by Abdul Baset Al Janahi, CEO of Dubai SME, and Atiq Juma Nasib, senior vice president of Commercial Services at Dubai Chamber, according to Dubai SME's statement on Monday.
“This partnership effectively contributes to the sustainability and competitiveness of SME businesses by creating a benchmark to measure the cost of doing business for small and medium enterprises in Dubai, which in turn helps to monitor the status of companies periodically and provide the necessary data to stakeholders to accelerate the process of decision making, and thus the development of entrepreneurship in Dubai,” Al Janahi commented.
The newly signed deal will improve knowledge sharing between both entities, in addition to developing new plans and initiatives to ensure a competitive environment for SMEs in various stages of growth, the statement added.
“Through the index and our combined efforts, we can take proactive steps to ensure a favourable business environment and enhance SME competitiveness in Dubai,” Nasib said.
He added that the index aims at highlighting the challenges and opportunities faced by SME across the emirate.
The index will also determine possible solutions to overcome such challenges, with the aim of boosting the contribution of the private sector towards Dubai’s economic and sustainable growth
