UAE A Global Leader In SME Support, Says ITC Executive Director

In a recent address at the SME Conference held during the 13th World Trade Organisation (WTO) Ministerial Conference (MC13) in Abu Dhabi, Pamela Rosemarie Coke-Hamilton, Executive Director of the International Trade Centre (ITC), highlighted the United Arab Emirates' (UAE) leading role in fostering small and medium-sized enterprises (SMEs). Coke-Hamilton praised the UAE for its proactive measures in supporting SMEs and promoting gender equality within this sector.

The UAE has been at the forefront of launching numerous programmes aimed at bolstering SMEs, setting a commendable example for other nations to follow. This initiative is particularly significant as SMEs frequently face challenges in securing adequate support. The Executive Director's commendation underscores the UAE's commitment to creating a nurturing environment for these businesses, which are crucial for economic diversification and innovation.

By the end of 2022, the UAE boasted an impressive tally of 557,000 SMEs, aligning with its ambitious target to establish a million companies by 2030. This growth trajectory is supported by data from the Ministry of Economy, which reveals that SMEs account for 63.5 percent of the nation's non-oil Gross Domestic Product (GDP). This substantial contribution highlights the pivotal role of SMEs in the UAE's economic framework and its broader strategy to reduce oil dependency.

The emphasis on empowering women within the SME sector is another noteworthy aspect of the UAE's approach. By integrating gender equality into its economic policies, the UAE not only enhances social inclusivity but also taps into a wider pool of talent and creativity, driving further innovation and growth in this vital sector.

The initiatives undertaken by the UAE serve as a model for other countries looking to stimulate their economies by supporting SMEs and promoting gender equality. The success of these programmes is evident in the significant contribution of SMEs to the UAE’s non-oil GDP, showcasing the effectiveness of targeted support and empowerment strategies.

In summary, the UAE's strategic focus on SME development and women's empowerment within this sector has garnered international recognition. As countries worldwide strive to foster economic resilience and inclusivity, the UAE's efforts offer valuable insights into creating a supportive ecosystem for small and medium-sized enterprises.

With inputs from WAM