dubai sme and shuaa sign mou
Last Updated : GMT 18:26:54
Arab Today, arab today
Arab Today, arab today

Dubai SME and Shuaa sign MoU

Arab Today, arab today

Arab Today, arab today Dubai SME and Shuaa sign MoU

Dubai - Arabstoday

Dubai SME, the agency of the Department of Economic Development mandated to develop the small and medium enterprise (SME) sector, and Shuaa Capital, a leading provider of corporate finance advisory services in the UAE, have signed a memorandum of understanding (MoU) to offer  new valuation advisory services to a select number of Dubai SME 100 companies. Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital, commented: “Access to capital remains a perennial challenge for many SMEs, including successful and well managed companies. In the current corporate environment, in which small and medium-sized enterprises are facing enourmous challenges but also big disadvantages, our aim is to provide entrepreneurs with competent and applicable knowledge that will help them achieve future business success.” According to data from Dubai SME, the small and medium enterprises are around 95 per cent of registered businesses in Dubai and contribute over 40 per cent to Dubai’s GDP and accounts for 42 per cent of employment, but represents only 4 per cent of bank lending. For banks and financial institutions, SME financing involves important strategic decisions as it underpins the growth potential of the company, whatever its stage of development. Dubai SME 100 is a premier ranking of the 100 top performing SMEs in Dubai, launched by Sheikh Ahmed Bin Saeed Al Maktoum in March 2011 to identify promising SMEs and act as a platform and catalyst for them to become bigger, better and sustainable enterprises; eventually graduating them to large globally-oriented companies. The ranked SMEs resemble an attractive investment pool for investors. The combined turn-over of the top 100 SMEs is estimated at Dhs2.3 billion, their total assets worth Dhs1.4 billion, and net profit standing at Dhs220 million. The top 100 SMEs also represent a combined workforce of 4,319 people. The Valuation Advisory Service will help Dubai SME100 companies understand the underlying value of their businesses. Based on pre-defined corporate finance valuation methods and robust advice, it will help business owners and their management teams understand the drivers that define business value. The Valuation Advisory Service will also identify gaps that require management’s attention and highlight important changes that businesses need to make in order to enhance access to capital from banks and other sources, such as equity and debt capital markets Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME remarked: “We are delighted to partner with Shuaa Capital, who have an excellent track record of raising capital and experience in providing corporate finance advisory services to UAE companies. This is a major milestone in our Dubai SME 100 ranking initiative and I am confident that SMEs will stand to benefit tremendously as they ponder about their future growth and investment potential once they discover the underlying value of their business, how to create more value and explore new avenues of funding.” The Valuation Advisory Service is designed to help SMEs understand better and improve their business and achieve their growth plans. With the Valuation Advisory Service, Dubai SME aims to support dynamic and growth-oriented SME100 companies broaden their horizon. The service will give SMEs the tools to institutionalise their companies and, ultimately, help them get bigger and better. The Valuation Advisory Service is now an integral part of the support programme that Dubai SME has put in place to help CEOs of Dubai SME 100 companies advance their company’s capabilities and professionalism. Dubai SME, an agency of the Department of Economic Development (DED), Government of Dubai, aims to foster an entrepreneurial culture and develop a competitive SME sector for the Emirate of Dubai. The key strategies adopted by Dubai SME are: advocate a pro-business environment for developing entrepreneurship and SMEs, seed innovative start-ups and groom promising SMEs. Dubai SME’s vision is to make Dubai the centre for innovative SMEs to start, grow and expand their businesses thus adding greater value to the economy of Dubai. From gulftoday

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