posted on 13/02/2012: 665 views
Dubai SME, the agency of the Department of Economic Development in Dubai (DED) mandated to develop the small and medium enterprise (SME) sector, has announced the first-ever 'Dubai SME 100' ranking of companies in a ceremony held at the Dubai World Trade Centre.
The companies that made into the first list of top 100 SMEs were honoured by H.H Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Economic Sector Committee in Dubai, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, at the ceremony.
The SME sector in Dubai is a major driver of the economy, accounting for 95% of the enterprises and 40% of the workforce in Dubai and contributing 42 % of the annual value-add created by the emirate. Many SMEs that originated in Dubai have grown on to become global enterprises. The SME sector, in addition to being a key source of innovations, new products, services, markets and new business models, also supports a whole business ecosystem and all parts of the industry value chain making up the economy of Dubai and the UAE.
The Dubai SME 100 ranking will act as a platform and catalyst to identify promising SMEs - to groom them to become bigger, better and sustainable enterprises; eventually graduating them to large globally-oriented companies. At its core, the ranking is aimed at: Celebrating Dubai's top performing SMEs Creating greater awareness of the importance of SME development Creating a national motivational psyche in the nation's social and business community Encouraging SME role models to share best practices.
Marketing the capabilities of Dubai's SME's to regional and global investors Providing opportunities for SMEs to raise capital Creating a base of SMEs for a potential secondary listing of SMEs (IPO) that can attract equity capital for growth.
Providing development path for SMEs to graduate Creating a culture of transparency and corporate governance.
Unlike other rankings which are based mainly or purely on financial indicators, the Dubai SME 100 ranking places a balanced emphasis on financial and non-financial dimensions that affect enterprise performance and development. The non-financial dimensions cover Innovation, International Orientation, Human Capital Development and Corporate Excellence. The ranking will also serve as a tool for helping SMEs identify capability gaps for improvement. This is the real value add of Dubai SME 100.
The ultimate outcome will be for Dubai to have more growth-oriented, innovative, capable and sustainable enterprises that can fly the UAE flag high.
The basic criterion is that the applicant must be an SME based on the official definition of Dubai's SMEs. In addition, it must have audited financial statements for at least three years, and be an independent entity registered in Dubai (under DED or the Free Zones). SMEs will be ranked only after they have submitted all relevant information voluntarily. Hence the ranking does not necessarily represent Dubai's top SMEs, but SMEs that have undergone the Dubai SME evaluation process for ranking.
1. A total of 1092 SMEs registered for the initiative, of which 196 SMEs applied to move on to Stage
2 of the application and evaluation process. From these 196 serious applicants, the top 100 were selected and ranked based on complete submissions of financial statements, supplemented by either a management interview or site visit to ascertain facts and evaluate the merits of each case.
2. Of the 100 ranked SMEs, based on Dubai's official SME definition, 15 % are classified as micro SMEs, 52% as small SMEs and 33% as medium-sized SMEs.
3. In terms of sectors, 62 % are from the Services, 13% are from the Manufacturing and 25% belong to the Trading Sector.
4. The combined turnover of the top 100 SMEs based on their latest financial records is estimated at Dh2.3bn. Their estimate total assets are worth at Dhs1.4bn and the combined profit is Dhs220m.
5. Together, the top 100 SMEs in Dubai have 4,319 employees. - Emirates News Agency, WAM
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