​SMEs are the ‘beating heart’ of a healthy economy

• SME Beyond Borders 2016 kick-started lastOctober 27 at Atlantis Hotel, the Palm
• The event’s agenda falls in line with UAE’s overall strategy to support rapidly growing localSME sector
• Heads of institutions from  diverse range of sectors participated in  media roundtable

As industry leaders, representatives of the nation’s leading institutions and those most impacted by the progress of the SME sector, the National Bank of Abu Dhabi, Etisalat, Dubai South, Dubai Properties, Oman Insurance Company (OIC) - Bupa Global and Etihad convened on the occasion of SME Beyond Borders 2016 to discuss SME growth.

This high-level discussion comes at a time when there has been a renewed focus on the SME sector nation-wide, in light of the nation’s diversification agenda. The SME sector represents an important segment of Dubai’s development strategy over the last decade. Today, it forms 95 per cent of all firms registered in the emirate, 42 per cent of the labour force and 40 per cent of its GDP.

Speaking exclusively to media delegates, experts highlighted the critical challenges and opportunities that SMEs currently face—emphasizing that key players in the sector need to collaborate in order to nurture and bolster the country’s entrepreneurial ecosystem.

Nadeem Hood, CEO at CPI Business, said: “Supporting SMEs is on the top of the UAE’s economic agenda, based on which we’ve created the agenda for this year’s SME Beyond Borders conference. The idea is to give key stakeholders from a diverse range of sectors a single platform to come together and discuss opportunities for growth. Research shows that lack of strategic planning and inadequate financing are primary barriers to the growth of SMEs; it is important that we partner with high-profile institutions – such as the ones in the room today – to help us mitigate these challenges.”

Nilanjan Ray, Head of Commercial Banking at NBAD, said, “We believe in SMEs, which is why we continue to invest in them. They account for more than 60 per cent of the UAE’s GDP and are key drivers behind job creation and economic growth in the region. We are proud to have supported thousands of SMEs over the years, be it through funding or through the NBAD SME Academy skills building workshops.Platforms such as the SME Beyond Borders are a great way for us to meet new SMEs in an entrepreneurial environment, learn about their needs and share their feedback with our business in order to cater to them best.”

John Lincoln, SVP- SMB at Etisalat, said: “SME Beyond Borders 2016 is truly an innovative and first-of-its-kind platform that brings together a blend of local and international SMB innovators who are disrupting traditional business models. As co-curator and SMB Strategic Partner for this event, we have joined forces with our partners to support this sector by bringing beneficial content to drive incremental value for SMBs. Etisalat’s primary objective is to empower start-ups and SMBs with knowledge of global best practices that will help increase productivity and profitability.”

Karim Idilby, General Manager for Bupa Global Middle East, said: “At Oman Insurance Company and Bupa Global, we work closely with SMEs in the UAE to show them the benefits of looking after their employees’ health and wellbeing, and how in fact it is amongst one of the most important things an employer can do. Investing in health and wellness can benefit productivity, employee engagement and retention. Therefore, it’s easy to see why more and more SME employers are now seeing the real value in health insurance, particularly if it provides health and wellbeing initiatives. Ultimately, a healthy workforce means a healthy business and it’s great we are able to reach out to more SMEs through this event to get this important message across.”

Mohammad Al Bulooki, Vice President, UAE & GCC Commercial at Etihad Airways, said: “As a catalyst for economic activity, Etihad Airways is a key player in the UAE growth story. Each day, our flights connect business centres across the region and throughout the world, while at same stimulating new business activity. We fully acknowledge the importance of SMEs, innovation and entrepreneurship to an economy. Our BusinessConnect programme helps small businesses grow by cutting the cost of travel when visiting other markets. The initiative also unlocks products and services that make trips more productive, such as limousine transfers, lounge access, excess baggage and fast-tracked immigration. Etihad Airways’ success story is increasingly well known, but all success stories start small, so we are here to help those at the beginning of that journey.”

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