The Ministry of Economy last year launched a new vision for Small and Medium Enterprises (SMEs) to provide UAE businesses with more growth possibilities and improved market access, on March 12, 2022, in Dubai. Photo: Ministry of Economy
The Ministry of Economy last year launched a new vision for Small and Medium Enterprises (SMEs) to provide UAE businesses with more growth possibilities and improved market access, on March 12, 2022, in Dubai. Photo: Ministry of Economy
The Ministry of Economy last year launched a new vision for Small and Medium Enterprises (SMEs) to provide UAE businesses with more growth possibilities and improved market access, on March 12, 2022,
Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
March 09, 2023
Small and medium enterprises (SMEs) in the GCC region have suffered from the fallout of the Covid-19 pandemic and the subsequent global economic downturn. It is now time to empower entrepreneurs to lead their enterprises to success, especially in the context of net zero and overall national socio-economic goals. A truly inclusive economy will support the growth of small businesses and empower them to make valuable contributions.
According to a report published by the International Monetary Fund in December 2019 (titled Enhancing the Role of SMEs in the Arab World – Some Key Considerations), SMEs in the Gulf countries at the time accounted for 15-30 per cent of their national GDPs, which was behind the global average of 40 per cent in emerging economies.
Small businesses were also among the first to face detrimental impacts of challenges arising from the pandemic and subsequent lockdowns. While we have come a long way as a region to recharge our economies, there is a dire need to empower small business owners so they can reach their maximum potential, not only in terms of output but to support our nations in becoming more sustainable.
Governments across the region have launched a series of initiatives towards sustainability and made progress most notably in the area of renewable energy. Although to move forward, the contribution of both corporations and SMEs is crucial.
The Organisation for Economic Co-Operation and Development (OECD) published a paper in November 2021 that stressed the importance of small businesses as drivers of socio-economic change, their impact on the carbon footprint and also challenges they face with environmental degradation. The paper also pointed out how SMEs are led by entrepreneurs who are innovative and forward-thinking in their overall approach to business, which means they have great potential to make an impact in the realm of sustainability.
Given the tradition of entrepreneurship in the Gulf region, it is no surprise that we have a wealth of ideas with profit-making potential. And while business infrastructure has improved over time, more collaborative strategies from within the private sector can engage owners of small businesses and set them up for success.
One way to fill this gap is for small businesses to actively work on job creation with greening goals in mind
Larger private sector organisations can engage with SMEs in industry-wide greening initiatives – whether it is reducing the carbon footprint in their current operations or fostering new ideas that can open new revenue streams and support environment conservation goals.
Strategic partnerships between corporations and small businesses can create synergy and contribute towards industry-wide growth while targeting climate goals.
There is also room for governments to collaborate more closely with SME owners and aspiring entrepreneurs to support them in greening their existing businesses and developing innovative solutions for climate preservation.
Funding is a major area of concern for SME owners. So this is a great time for financial institutions in the region to work with them to develop flexible financing models that see them through various stages of organisational growth.
The greatest asset the GCC region boasts is the youth, a segment of the population that is increasingly educated and driven. There still remains, however, a gap between private sector employers and graduates. Globally, young minds have been instrumental in pushing the movement for climate change. The Middle East should be no exception especially when it is home to bright and capable young citizens.
One way to fill this gap is for small businesses to actively work on job creation with greening goals in mind. Companies can harness fresh young talent through internship programmes that focus on greening and innovation.
Also, SMEs can work with educational institutions to engage with students to encourage an early and continued interest in sustainability in the context of lifestyles and business.
While it is encouraging to know that myriad efforts are under way across the GCC region within the realm of sustainability, there are still ways to go in order to meet net zero emissions. As mentioned earlier, we are still dealing with the fallout from economic setbacks, but the region has come out strong, with both the public and private sectors remaining focused on recovery.
The increasing complexity of the modern world requires multi-faceted approaches for economic inclusion and subsequent growth. GCC countries have a series of strengths – from dedicated governments to innovative entrepreneurs and bright young minds who are capable of leading the region towards a sustainable future.
Proactively collaborating, focusing on greening business and developing innovative solutions while strengthening small businesses will be the way forward to climate safety and ultimately, net zero emissions.
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
West Indies: Holder (c), Ambris, Bishoo, Brathwaite, Chase, Dowrich (wk), Gabriel, Hamilton, Hetmyer, Hope, Lewis, Paul, Powell, Roach, Warrican, Joseph
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
German intelligence warnings
2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Opening Rugby Championship fixtures: Games can be watched on OSN Sports Saturday: Australia v New Zealand, Sydney, 1pm (UAE) Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
