Will the year 2023 boost the economic impact of SME companies in Dubai?
SME companies in Dubai or small and medium enterprises have played a central role in empowering the private sector and diversified the economic system. However, will the year 2023 boost the economic impact of SME companies in Dubai and create business opportunities for SME’s in Dubai?
UAE economy is highly fostered by SME companies in Dubai as well as other Emirates. A news report stated that the current statistics of small and medium enterprises represent around 96 percent of registered firms in the Arab world.
However, the year 2023 is scheduled to create a major transition in the country. Some reports say that the year 2023 will see the entry of corporate giants and huge foreign investments by multinational companies in the region. Because of this, SME companies in Dubai fear that their commercial aspects would be sidelined. SME’s in Dubai also think that they would have limited business opportunities hereafter.
Nevertheless, UAE has done its math! After the economic downturn in 2009, UAE has quartered itself to deal with any kind of global financial crisis. Be it the fluctuating global economy or the fall in the oil prices, UAE continues to boost the commercial aspects of the country. The reason behind this is segregated business communities, knowledge-based business-modules and investments in innovation-focused sectors mainly channeled by the SME companies in Dubai and across the UAE.
The UAE has over 400,000 SMEs that contributes nearly 60% of the UAE’s GDP. This percentage has been increasing each year. Whereas in Dubai alone there are more than 95% SME companies, adding to the robust economy of the country.
The UAE comprehends that the SME companies in Dubai and around the region are undoubtedly a major backbone to the pecuniary upliftment. Hence, with the upcoming commercial plans in the year 2023, UAE has made it a mandate to integrate SME companies through various programs. In the year 2023, UAE aims at adapting to a system suitable for industries, that executes flexibility for SME companies in Dubai and other parts of UAE. Also, initiation to encourage equal participation and possibilities for SME are in line.
As per the news reports no tender bonds, no advanced payment guarantees, and other such leverages have been installed for SME companies wanting to collaborate on governmental platforms. Reportedly, the SME sector will also see 245,000 new jobs in the subsequent years from the event, hospitality and tourism will grow by Dh143 billion, IT start-ups and business consultancies are also going to be largely benefited in the year 2023.
Do you still want to estimate your company’s outlook in the year 2023 and are thinking if this is the right time to start a business? Speak to a business setup consultant in Dubai from Shuraa Business Setup. Shuraa Business Setup is one of the best business setup service providers in Dubai UAE, offering comprehensive solutions on company formation and more!
To book a free appointment or get free consultation on business setup in the UAE call us on +97144081900 or WhatsApp on +971507775554. You may also check out our website for more information www.shuraa.com
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