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SMEs contribute 60 per cent to the UAE GDP
posted on 23/08/2012: 606 views
Small and Medium Enterprises (SMEs) have become a vital cog to the growth of the UAE economy, contributing 60 per cent of the national GDP in 2011, according to the UAE Ministry of Economy. This figure represents a 100 per cent increase from 2010, when the Ministry of Foreign Trade economic bulletin reported that the SME sector in the UAE contributed 30 per cent of the GDP.
Recognising the invaluable economic input of businesses in the SME sector, the Gulf Capital SME info Awards seek to honour the top performing SMEs whose outstanding business performance and innovations have contributed to the growth and robustness of the UAE economy.
Since accepting nominations a month ago, hundreds of registered businesses in the UAE have so far entered the awards. For its inaugural edition, the Gulf Capital SMEinfo Awards will hand out recognition in 11 categories, including Gulf Capital Business of the Year, Small Business of the Year, Emirati Business of the Year, Online Business of the Year, and Start-Up Business of the Year.
Individual business owners and exceptional leaders will also be honoured in two categories - Entrepreneur of the Year and Business Leader of the Year; while special awards will be handed out in the following categories - Sustainable Initiative of the Year, Customer Focus of the Year, Business Innovation of the Year and People & Culture of the Year.
Gulf Capital, one of the largest and most active alternative investment firms in the Middle East, which recently launched a US$300 million Credit and Mezzaine Fund to meet the financing needs of fast growing companies in the Middle East and Turkey, signed up as headline sponsor of SMEinfo Awards as part of its strategy to support top performing SMEs. – The Gulf Today
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