The importance of SME Support Solutions for the UAE Economy
Small and Medium Enterprises (SMEs) have a vital role to play in the economic development of UAE. A major chunk of jobs in the private sector and significant percentage of national GDP comes from SMEs. SMEs are businesses where the number of employees and the annual turnover fall below a certain threshold. In most economies, SMEs outnumber the commercial and corporate entities and drive the economy forward by employing a large chunk of national workforce. For the growth of any economy, a vibrant and progressive SME sector is a core focus area for the national government. Countries that boast of economic prosperity witness this on the back of rising middle-class strata and empowerment of SME growth engine. SMEs are often source of new ideas, innovation, and competition, hence leading to overall customer benefit.
UAE being global hub for new businesses has inculcated a culture of SMEs and entrepreneurship by encouraging startup platforms, tech-innovation hubs, multiple free-zone with relaxed rules and 100% ownership and profit repatriation rules. With hundreds of new SMEs being opened each month, SME support services in Dubai is an extremely sought out advisory service. As the number of SMEs continue to grow, there is concentrated need for SME Support solutions in UAE to cater to ever increasing demand. As an advisory firm, the list of services that an SME client may need and use is limited only by your imagination and personal preferences. As you develop relationships with small businesses, you realize how dynamic this segment of economy is and how willing it is to grow, explore new ideas and expand.
2020 has been a devastating year for SMEs, with many businesses running into imminent cash flow issues. However, with an onset of mass adoption of Vaccine, there is a heightened expectation of a gradual recovery of economy, where SMEs across diverse segments will contribute the most toward this recovery. The reason being – they are quick to react as they have lesser protocols and more access to decision makers – hence these companies would be looking for sound advisory services as they embark the recovery journey. One of the most important lessons from 2020 is the need for SMEs to be better prepared for future crises and build business resilience within their processes and financial management – a concept often not focused by startups and small companies. It is imperative that SMEs learn vital lessons from this pandemic, especially the related business leaders across key sectors and adopt a more pragmatic and dynamic approach to business.
Over the years, Quantum Auditing has supported the UAE SME clientele through standardized SME Support solutions and often by offering bespoke SME Support Services, by extending assistance in financial management, advisory services, small loans for daily operations, credit facilities for trade finance, letter of guarantee, letter of credit, credit repair and other services. Quantum Auditing prioritizes supporting activities of SMEs crucial to the benefit of local economy through our active engagement with SME focused government agencies like Mohammed Bin Rashid Establishment for SME Development, Dubai SME and SME Connect, as an approved firm in its Service Providers Network. Recognizing the role of SMEs in the economic development of UAE and the region, Quantum Auditing is empaneled with leading banks and financial institutions, which provide a wide range of banking and financial services to help SMEs grow and explore their true potential.
