UAE SMEs successfully moved from resilience to prosperity – Gulf Today

  • Date: 01-Apr-2024
  • Source: Gulf Today
  • Sector:Technology
  • Country:UAE
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UAE SMEs successfully moved from resilience to prosperity – Gulf Today

Top officials during the event.

RAKBANK launched its inaugural SME Confidence Index report in collaboration with independent research company RFI Global. Among the headline findings of the report is that the Small & Medium Enterprise (SME) sector in the United Arab Emirates has successfully moved from a stage of resilience to prosperity after the Covid-19 pandemic, with two in three SMEs expressing a positive view of the future business environment in the country.

The report found an overall confidence index score of 61 among UAE SMEs – a number based on RFI Global’s analysis of macroeconomic indicators in the UAE, as well as survey responses from over 1,000 SMEs in the country collected between November-December 2023, all of which contributed in the final Index.

With most of the industries in the report topping the index base score of 50, it is clear that SMEs across the board are experiencing a period of robust growth, propelled by notable increases in revenue over the past two years, especially within key sectors such as Construction & Manufacturing and Public Services.

Commenting on the launch of the RAKBANK SME Confidence Index, Raheel Ahmed, Chief Executive Officer at RAKBANK said: “Small and Medium Enterprises are the backbone