Four Ways Established Entities Can Support Small Businesses In The UAE

Four Ways Established Entities Can Support Small Businesses In The UAE

In the world we live in today, there's no question about the fact that small and medium businesses (SMBs) are an engine for economic growth, and a vital contributor to global gross domestic product.

In the UAE, SMBs represent more than 94% of companies and account for 86% of private sector jobs. In Dubai alone, they contribute around 40% to the Emirate's GDP. The UAE government is investing significantly in the sector to support its growth; initiatives like the National SME Program, UAE SME Council, Operation 300bn, Khalifa Fund, and Dubai SME make this fact abundantly clear.

To understand the aspirations and challenges small businesses face, UPS commissioned a survey in nine countries, including the UAE. According to the findings, only a small percentage of SMBs (11%) engage in exporting, but all reported that exporting has gotten easier since the COVID-19 pandemic began. On the flipside, managing e-payments and taxes from international customers continues to be a challenge to exporting.