Page 527 - MOE ENGLISH PR - APRIL 2024

4/25/24, 3:44 PM Ministry Of Economy Organizes 'National Forum For Smes Government Procurement' Forum To Help Maximize Emirati Entrepren…
H.E. said:“The SMEs in the local market are currently active in all key economic sectors that
support the country's shift towards a new knowledge-based economic model. These sectors

include FinTech, innovation, AI, digital transformation, manufacturing, healthcare, smart
mobility, tourism, and creative industries. Today, SMEs make up 95 per cent of all businesses

in the country and employ around 86 per cent of the private sector workforce.”

“The forum serves as a national platform that reflects the UAE's vision to empower Emirati
entrepreneurs to embrace innovation and boost their role in the national economy, while also

enhancing their competitiveness at global and regional levels. This event has brought
together the largest number of federal entities and local companies offering tenders and
government procurement contracts to Emirati SME-owners, encouraging them to fully

capitalize on these opportunities in the near future,” he added.

The Minister of Economy continued:“Over the past three years, the Ministry of Economy has

worked diligently to support Emirati entrepreneurs across different economic sectors. The
Ministry introduced various initiatives to boost the growth of Emirati SMEs, aid their expansion
into international markets, and facilitate their access to financing and investments, equipping

them with necessary resources and tools for success and continuity. These efforts aim to
establish the UAE as a prime hub for entrepreneurship and startups, in line with the 'We the

UAE 2031' vision.”

In addition, H.E. explained that one of the most outstanding initiatives in this regard is the
'National Program for SMEs,' established under Federal Law No. 2 of 2014 on SMEs. The

program has offered over 25 services and incentives to projects initiated by Emirati
entrepreneurs through partnerships with both governmental and private sectors. Over 5,000

members have already benefitted from the program and efforts are underway to increase this
number by introducing new services and incentives. Additionally, support will be extended to

over 600 SMEs through“The Entrepreneurial Nation' project, and the launch of the 'Future100'
initiative aimed at supporting the UAE's vision to develop a knowledge-based economy.

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