UAE Ministerial Council for Services Discusses Setting Up National Program to boost Small and Medium-Sized Enterprises
The UAE Ministerial Council for Services, chaired by His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, reviewed a number of initiatives such as establishing the National Program for Small and Medium-Sized Enterprises, a proposed decree to setup an SME Board as well as support SME’s entrepreneurs.
The National Program for Small and Medium-Sized Enterprises, which will be under the umbrella of the Ministry of Economy, aims to develop blueprints to provide expertise, technical support as well as training to boost SMEs. It will also coordinate with federal and local governments and private sector to promote products inside the UAE and abroad as well as conduct periodic reviews of SMEs on challenges and proposed recommendations.
Meanwhile, the Ministerial Council further discussed a proposed decree to set up the Small-and-Medium-Sized Enterprises Board that will represent all relevant government and private entities. The mandate of the proposed Board will include draft policies and strategies on developing SMEs, set regulations that will coordinate the relationship of the National Program for Small and Medium-Sized Enterprises and relevant entities as well as follow up the performance of the Program.
The Ministerial Council recommended submitting the proposed decree to the UAE Cabinet for endorsement. It also addressed a proposal on mechanism to provide incentives to boost SME’s competiveness in the country.
Boosting local and global competiveness of the SME in the UAE reflects government’s efforts to ensure sustainable of economic development that will eventually contribute to the UAE’s economy, which is based on knowledge and innovation. This comes in line with the National Agenda which seeks to ensure "SME’s contribution to non-oil GDP reaching 70% by the year 2021."
On the other hand, the Ministerial Council reviewed a number of government-related reports submitted by The State Audit Institution on the closing accounts of the Emirates Real Estate Cooperation and Sheikh Zayed Housing Programme.