UAE SMEs recognized for growth

The winners of the 8th Gulf Capital SME Awards 2019 were announced at a gala dinner hosted at The Ritz-Carlton, Dubai International Financial Center.
Updated 30 September 2019

UAE SMEs recognized for growth

Gulf Capital has unveiled the winners of the 8th Gulf Capital SME Awards 2019 at a gala dinner hosted at The Ritz-Carlton, Dubai International Financial Center. Seventeen SMEs across the technology, F&B and health care sectors were recognized for implementing innovative techniques and strategies that lead to business growth and rapid expansion. 

This year, the awards, which recognize new and existing SME businesses, received a record number of 300 applications from companies and entrepreneurs across 17 categories. 

Dr. Karim El-Solh, CEO of Gulf Capital, said: “SMEs are the driving force of the UAE’s economy, as they constitute over 90 percent of all the organizations in the country. We are pleased to recognize and celebrate the achievements of the SMEs that continue to fuel the growth of the UAE economy and are displaying world-class capabilities by being champions of growth and innovation.”

“Entrepreneurs and small companies are the drivers of the future success of this region,” said MEED editorial director Richard Thompson. “Through these awards, MEED is supporting SMEs in the UAE by celebrating their finest achievements. And even if they have not won an award on the night, every company participating in the Gulf Capital SME Awards 2019 is a winner and should be applauded for the contribution it is making to the future of this region.”

The UAE continues to be the preferred location for SMEs to flourish as the number of new companies entering the market has increased by 30 percent in the last decade, according to a recent report by Diligencia, Gulf Capital and MEED.


SAGIA, Xylem ink $50m MoU to advance water security

Updated 05 December 2019

SAGIA, Xylem ink $50m MoU to advance water security

Water technology firm Xylem has signed an MoU with the Saudi Arabian General Investment Authority (SAGIA), representing an investment of $50 million. The agreement aims to expand Xylem’s manufacturing footprint into the Kingdom, and to better serve its portfolio of customers in Saudi Arabia and across the region.

Under the MoU, Xylem will work with SAGIA to develop and localize advanced water and wastewater products and technologies to address water challenges in Saudi Arabia, as well as increase its footprint of service points and rental fleets across the Kingdom. A core objective of the MoU is to accelerate adoption of digital water solutions and optimize utility networks across the Kingdom.

The proposed multimillion-dollar investment will not only help build a vibrant local supply chain, but also see Xylem bringing additional commercial opportunities into the Kingdom, with the wider aim of improving water solutions locally. The agreement is in line with the goals of Saudi Vision 2030 to promote economic diversification through investments in localization that will also contribute to the export of “Made in Saudi” products across the world.

The MoU was signed on the sidelines of the Future Investment Initiative (FII), commonly known as the “Davos in the Desert,” by Ibrahim A. Al-Omar, governor of SAGIA, and Steven Leung, senior vice president and president, emerging markets of Xylem, in the presence of senior officials of both entities and Frank Ackland, managing director Xylem Middle East.

Al-Omar said: “As Saudi Arabia welcomes investors and decision-makers from across the globe to this annual global investment platform, the agreements exchanged here reflect the strength and diversity of the economy. Under Saudi Vision 2030, Saudi Arabia is undergoing an ambitious program of economic reform, and the world is taking notice. This month, Saudi Arabia climbed 30 places in the World Bank’s Doing Business 2020 report, becoming the most improved economy globally. The indicators are
clear: Saudi Arabia is not only open for business, it’s the economy of the future.”

Leung added: “As Xylem continues to lead the water sector’s digital transformation globally, this MoU presents an opportunity to leverage our market-leading portfolio and application expertise to advance water security in Saudi Arabia. Through our investment of $50 million, and with our strong presence in Saudi Arabia, backed by our dedicated office and team, we are committed to creating in-Kingdom value through our investments and partnerships. We are thankful to SAGIA for the opportunity to directly contribute our expertise to the development vision of the leadership, as the Kingdom embarks on its ambitious transformation program.”