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SMEs in UAE record strong growth despite challenges

Dubai - Small and medium businesses in the UAE have registered strong compound growth rate over the last two years, underscoring the resilience of small businesses in the UAE amidst challenging economic times, said an industry executive.
"The UAE has put in place very strong fundamentals to support the growth of the SME sector in the Emirates. More and more small businesses are reporting remarkable growth," said Dr Karim El Solh, co-founder and CEO of Gulf Capital, one of the largest alternative asset management firms in the Middle East.
The Gulf Capital SME Awards' 97 finalists reported a combined turnover of Dh1.3 billion last year, which shows small businesses continue to be a key pillar of the UAE's development.
The finalists are competing in 16 award categories, including B2B Small Business of the Year (above Dh15 million), B2B Small Business of the Year (below Dh15 million), B2C Small Business of the Year, Business Innovation of the Year, Customer Focus of the Year, Digital Business of the Year, Disruption of the Year, Micro Business of the Year, People and Culture of the Year, Start-up Business of the Year and Sustainable Business of the Year.
-business@khaleejtimes.com