Finance Ministry and Dubai SME to further support entrepreneurs and SMEs

Dubai: The Ministry of Finance (MoF) recently signed a Memorandum of Understanding with Dubai SME, an integrated division of Dubai’s Department of Economic Development (Dubai Economy), to support the business sector and advance comprehensive and sustainable development in the country, Mariam Al Amiri, Under-Secretary, Financial Management Sector at MoF, and Saeed Matar Al Marri, Deputy CEO of Dubai SME, signed the MoU which seeks to support entrepreneurs and SME owners in the country.

Under the MoU, both parties will support SME owners registered within Dubai SME, by encouraging them to register in the Federal Supplier Register at MoF, so they can participate in government tenders offered by federal entities and thus contribute to the UAE’s sustainable development.

In turn, Dubai SME will encourage its accredited enterprises to register in the Federal Supplier Register and exchange the data of its registered SMEs’ owners with MoF, to enhance effective communication with them. Al Amiri reaffirmed the ministry's keenness to cooperate with various federal and local entities and private sector companies, to support the country’s business sector, entrepreneurs, and SME owners. This comes within the ministry’s belief in the role of these projects in diversifying the national economy and advancing comprehensive and sustainable development in the country.

He said, "At the Ministry of Finance, we are working to achieve the vision of the wise leadership to support and empower entrepreneurs and pave the way for SMEs to contribute to bolstering the national economy. During the past period, the ministry has devised sound policies and procedures to stimulate the economic movement and support the business sector in the country."

Al Marri, in turn, stated, "SMEs play a vital role in the national economy’s sustainable development. At Dubai SME, we are committed to enhancing the capabilities of these enterprises and enabling them to be among the fundamental components in various sectors. This is in line with our wise leadership’s directives to provide the appropriate environment that supports business continuity, especially for SMEs. We are pleased to cooperate with the Ministry of Finance to provide local start-ups and SMEs with new opportunities and take part in government tenders."