Micro, small and medium sized enterprises (SMEs) play a central role in the UAE. They are a major source of entrepreneurs’ skill, innovation and employment. ‘The UAE private sector labor force consisted of about (2.1 %) nationals. The majority among them (72 %) were employed in small enterprise.’ However, SMEs frequently have difficulties in obtaining capital or credits, particularly in the early start-up phase. Their restricted resources may also reduce access to new technologies or innovation. Therefore, support for Micro and SMEs is one of UAE priorities, for UAE growth, job creation and economic and social development.
Importance of a Common Micro and SMEs Definition
It is essential that measures in favor of Micro are SME and based on a common definition to improve their consistency and effectiveness, to limit distortions of competition. To help Micro and SMEs in areas such as development, research, funding…etc. use of common definition is supposed to be used by all Micro and SMEs supporting institutions. To read more please click here
