Dubai comes from humble beginnings, which is why the city has established an empowering arena for both globally-renowned companies and small and medium homegrown enterprises (SMEs). SMEs are often credited with driving innovation and creativity in a variety of economic sectors. A startling 95 percent of the establishments in Dubai are currently SMEs, with some of the most popular sectors being manufacturing, fast-moving consumer goods, and telecoms.
An efficient tool for businesses in Dubai
The UAE is devoted to creating a conducive environment for innovators and has made provisions to cater them with a range of skills, tools, and valuable resources. One of the most common reasons startups fail is due to a restricted budget. A significant proportion of the country’s aspiring entrepreneurs are young and don’t have accumulated savings. Striving to curb this issue, a host of business incubators have been launched across the UAE. These incubators equip their candidates with management lessons, budget training, business plan design tips, and funding.
In return, the incubators take a share of the startup. Incubators and business accelorators invest in concepts that display a strong potential to succeed in the market. In order to help your business while keeping their own running as well, they normally earn their money from equity investment and by offering a startup the option of marketing services.
With the launch of The Dubai Entrepreneurship Academy, there has been a remarkable increase in candidates interested in setting up their own venture. The academy witnessed a 57 percent increase in trainee enrolment in the first half of 2016 alone. These trainees are exposed to a wealth of development workshops and new skills at the institution. 30 percent of the academy’s trainees went on to successfully establish their own business after graduating from the course, last year.
Administration tools for bustling businesses
Following limited funds, SMEs also struggle with having to focus on administrative tasks when they would rather invest their time into developing their venture. Dedicated to minimizing this issue, myOffice is a business solutions center located in Dubai and Jeddah. The company offers smart tech-driven services ranging from company formation and meeting space rental to phone and mail management. myOffice is responding to multiple requests from entrepreneurs about introducing an online e-commerce booking meeting room service that’s secure and savvy to use. In addition to this, it is also launching a free one-day trial for its Flexi Desk area. This comes accompanied with full admin support. myOffice also has a specialized licensing department that handles all aspects of acquiring a trade license that allows a company to legally operate in Dubai.
For companies whose budget can’t accommodate renting a workspace, myOffice features a variety of cost-effective options. Clients can rent hotdesks and conduct business meetings at myOffice’s elegantly-designed conference rooms. Its well-connected branches are conveniently located in the city’s major districts – Downtown Dubai, Dubai Marina, and Business Bay. If you’ve got a business trip to Saudi Arabia, consider a visit to myOffice’s outlet in Jeddah.
SMEs and Expo 2020 Dubai
Expo 2020 is predicted to bring a boost to the UAE’s GDP by four percent. According to the International Monetary Fund, a period of rapid acceleration is predicted to hit Dubai following the highly-anticipated Expo 2020. There will also be a spike in the job market, with the introduction of over 275,000 new positions to span across the region. Professionals and investors will be traveling in from all over the world seeking interesting opportunities. Taking things one step further, Dubai SME (an integrated division of the Department of Economic Development) and Tejari (a leading global procurement organization) have joined forces to support SME growth in the UAE in preparation for Expo 2020. This initiative is in line with the goal of turning Dubai into the smartest city in the world. The tools to accomplish this vision partially lie in the hands of local SMEs.
SMEs play a major role in a country (or city)’s economy. They create jobs primarily targeted at local professionals, which in turn helps boost the economy. They’re young and flexible, enabling them to rapidly adapt to their location’s constantly evolving business landscape. SMEs inject innovation into their community, with some even attracting global attention to their cities and countries. If you’re an SME looking to take your first step, explore myOffice’s savvy services here.