His Excellency Abdullah bin Touq Al Marri, the Minister of Economy, announced that by the end of 2022, the number of small and medium-sized enterprises (SMEs) operating in the UAE had reached 557,000, in line with the country’s goal of reaching 1 million SMEs by 2030.
Al Marri emphasized that SMEs make up 63.5 percent of non-oil GDP and that the ministry’s objective is to create an investment-friendly environment that supports SME owners, consistent with the vision of establishing a knowledge-based economy led by UAE nationals.
Furthermore, the ministry aims to foster a competitive business environment that encourages investment, protects consumer rights, and attracts foreign direct investment, according to WAM.
Al Marri highlighted the importance of SMEs in the UAE economy, with a particular emphasis on their prioritization, and noted that the economic plan for the next 50 years aims to promote an entrepreneurial culture among future generations and encourage entrepreneurship and SMEs.
