The best things come in small packages

Date Posted:Mon, 14th Jan 2019

The best things come in small packages

According to Dubai SME, the Department of Economic Development?s (DED) agency responsible for the development of the small and medium enterprise (SME) sector in Dubai, and the Dubai Statistics Centre, SME contribution to Dubai's economy rose from 40% in 2009 to 47% in 2016 while their contribution to job creation rose from 42% to 52.4%...[1]

 

Additionally, micro enterprises comprise 72% of the total business count in Dubai.[2]

With these kinds of companies forming the backbone of Dubai’s economy, it is essential that the people running them have access to the kind of information that will help them make good decisions for the growth and sustainability of their companies and the wider Dubai economy. And that’s exactly what the team at CEI provided with the SMART SME MENA summit last December.

It can be lonely setting up an MSME (Micro Small Medium Enterprise). I know because I’ve seen a lot of my friends and family go down that route and I’m doing it right now. Although the knowledge and skills we’ve gained working for large companies are what gave us the confidence to branch out on our own, there are challenges that are unique to MSMEs which we’re not necessarily prepared for. For example, as a large company that’s been operating for a number of years, you can draw on a strong past to support your request for a bank loan. As an MSME, you don’t have that. So how do you get a bank to give you a loan? That’s why we look to investors – very nervously and usually multiple times until we are successful. It’s thanks to events like the SMART SME MENA summit that I now know, and can share with other SMEs, exactly what it is that investors look for as well as key points on failure and how to address them.

As we grow, thanks to opportunities like this which allow us to learn from each other in addition to thought leaders and experts, we are able to help others through the products and services we offer, through the jobs we create, and through the partnerships we enter in to with other entities locally, regionally, or internationally.

It’s like we always say: the best things come in small packages.

 

[1] Study shows SME share of Dubai GDP at 47% and workforce at 52.4%, Dubai Statistics Centre, https://www.dsc.gov.ae/en-us/DSC-News/Pages/Study-shows-SME-share-of-Dubai-GDP-.aspx  

[2] The State of Small and Medium Enterprises in Dubai, Dubai SME, http://www.sme.ae/StudiesandResearchDocumentsinArabic/STATE_of_SMEs_in_Dubai_Presentation.pdf