New study says UAE remains preferred location for SMEs

Dr Karim El-Solh, CEO of Gulf Capital.
Updated 25 September 2019

New study says UAE remains preferred location for SMEs

A new report highlights the enduring appeal of the UAE to small and medium-sized enterprises (SMEs) and business startups. 

The report by Diligencia, Gulf Capital and MEED reveals that the number of SMEs entering the UAE has grown by 30 percent over the past decade. It says that the rise in SMEs in the UAE is being driven by the introduction of new policies designed to boost private sector growth, such as allowing 100 percent foreign ownership of limited liability companies (LLCs) in certain sectors.

“New and innovative companies continue to use the UAE as a base for their regional operations. Despite the softening of the economic market in recent years, existing companies have shown resilience,” said Dr. Karim El-Solh, CEO of Gulf Capital.

The report says that SME growth is particularly strong in the technology, health care and education sectors.

The development of non-oil sectors is a key objective of the UAE’s strategic development vision to diversify the economy away from oil dependency,

According to the Ministry of Economy, SMEs account for about 94 percent of all companies operating in the UAE and they employ about 86 percent of the country’s private sector workforce. 

The report by Diligencia, Gulf capital and MEED highlights the leading role played by Dubai in providing the required business environment and economic infrastructure to support new companies. 

It says that an average of 1,000 new company licenses were registered every year in Dubai from 2015 to 2018.

Largest Huawei store opens in Eastern Province

Updated 08 December 2019

Largest Huawei store opens in Eastern Province

Huawei Tech Investment Saudi Arabia Company has just launched its biggest Huawei Experience Store in Dammam in the Eastern Province. This announcement comes in line with Huawei’s strategy of increasing overall investment in the Kingdom and bringing its products even closer to consumers. The new store will provide the latest products of Huawei that meet the consumers’ needs and requirements. 

Bill Yu, vice president of Huawei Tech Investment Saudi Arabia Company, said: “We are honored to open Huawei’s biggest Experience Store in the Eastern Province, which is our way of demonstrating our commitment to the Saudi market and our appreciation for the consumers here in Saudi. This Experience Store launched at a time in which consumers here are asking for more innovative flagship products from Huawei. We are confident they also want to learn more about these products that swept the global market and competed fiercely to be the best.”

He added: “Huawei has been working tirelessly to constantly provide our consumers with the best possible experience. This new store in the Eastern Province allows us to expand our reach in Saudi Arabia and truly create value for users. We will continue to build on our success in the market and continue our expansion.” 

Yu said: “Huawei has been in the Saudi market for many years, and we are proud of the achievements Huawei had done in Saudi Arabia during these years and especially this year. This success would never have seen the light without the cooperation of our clients and partners in the Saudi market.

“Year after year, we have been constantly working toward launching and providing products that fit all types of tastes and meet all needs of our users in the Saudi market. We have had their needs and demands in mind to be the main engine that drives the company’s growth in the Kingdom.” 

The Huawei Experience Store will be run by highly trained Saudi youth. In a statement, Huawei said it is confident that the Saudi market’s appreciation of the Huawei brand will increase with the energy, passion and determination of such young talents. The company said the new store provides a unique opportunity for Huawei’s users to enjoy amazing experiences when visiting.