The UAE is primaried for a new wave of small- and medium-sized enterprises (SME) advancement led by innovation and technology, inning accordance with a new record titled ‘Charting the Future of SMEs in the UAE’ released on the sidelines of the SME Beyond Borders 2017 seminar held under the theme ‘SME4X’ today (November 9, 2017) at the JW Marriott Marquis Hotel in Dubai. The report was released by Orient World Research in partnership with SME Expert Middle East and Utalenta.com.
The Arab Gulf nation has one of the most robust SMEs in the region, which has actually sprung from solid trading and retail markets. Amidst a swiftly transforming financial landscape, the sector encounters the should attend to future instructions to sustain development. The report examines residential staminas which can be improved to support SMEs and check out the impact of the ongoing digital revolution and its beauty to the here and now young generation. The record kept in mind that while financing is a key factor, SMEs also deal with the should constantly innovate and adjust to changing markets especially in an age where modern technology has become a prime factor in specifying the direction of the global economy.
Nidal Abou Zaki, Managing Director, Orient World Group, stated: “The UAE’s SME sector is in a certain time where it has to resolve the new obstacles and chances of the digital age. We discover it crucial to recognize SMEs’ requirements past the financial elements of the business, which is typically mentioned as one of the most usual problem, to be able to add to financial growth. While funding is necessary, SMEs and business developers should take a look at a wide variety of factors, consisting of acknowledging the major composition of companies given that the nation started branching out from oil as its primary resource of revenue. The have to change to a post-oil age in the GCC motivates SMEs to take advantage of brand-new growth markets such as digital technology, innovation and the knowledge-based economy.”
Digital technology is fundamentally transforming the means people live and the UAE is at the leading edge in executing the most up to date fads in the industry – from drones to expert system, the Internet of Things, mobile applications, and digital reality, to name a few. Additionally, the record highlighted that the country’s young tech-savvy population spells a substantial possibility for SMEs to create a new business landscape in harmony with the country’s ambition to end up being a global leader in innovation, which is main to the accomplishment of a knowledge-based economic climate. This is sustained by various other studies which provide UAE Millennials as amongst the most active in the region in terms of business development, with 91 percent either already having begun their own business or planning to start one in the nearest future.
Abou Zaki added: “There is a solid drive amongst young professionals to end up being independent and run their very own business. We discovered that this is quite high in the country, which continues to be among the most eye-catching in terms of setting up a business in the region. This appears in the development of lots of e-commerce organisations in recent years.”
Gina O’Hara Larsen, Co-founder and COO, CPI Business, noted: “We are producing this report in partnership with Orient World Research as part of our initiatives to attend to shedding inquiries within the sector such as: where will our business be four years from now; just what modern technologies would certainly affect us; will certainly our leadership style develop; will our staff members be functioning remotely; and so forth. Via our partnership with Orient Planet Research Study and Utalenta.com, we share their analogies of the future of the world, the city and their respective markets. We are positive that the record will assist inform local organisations on the possibilities that lie in advance.”
The rise of internet-based companies particularly shopping retail such as Souq.com and other successful online enterprises has actually inspired lots of young entrepreneurs to take advantage of the widespread schedule of smart phones paired with a solid telecoms infrastructure. Engaging entrepreneurship through social media sites is likewise widespread amongst many startups in the nation, capitalizing on the popularity of social media sites platforms such as Facebook, Twitter and Instagram, the record clarified. The report located that advanced projects and efforts centered on tidy modern technologies, renewable resource, smart technologies and safety are among the key locations that draw in startups, the initial stage of SME growth.
“There is no doubt that the UAE is established on moving in the direction of a knowledge-based economic climate therefore consequently expected fads within the next five years would certainly be concentrated on the sectors that bring about knowledge development and management. Picturing the future and harnessing a culture of creativity are absolutely on the schedule for the development of a brand-new collection of SMEs in the nation. The foundation is established on knowledge and innovation, and as a result, the platform is open for all that have the resourcefulness and dedication towards developing a far better culture,” the report concluded.