557,000 SMEs in UAE by end-2022 – News

MSME Honors Recognize Outstanding Entrepreneurs and Businesses

Vikas Panchal, General Manager Middle East, Tally Solutions. – supply

The number of small and medium-sized enterprises (SMEs) operating in the UAE totaled 557,000 by the end of 2022, in line with the country’s ambitious plan to increase this number to one million by the end of 2030.

The United Nations General Assembly designated 27 June as “micro, small and medium enterprises” to raise awareness of the enormous contribution of these enterprises. MSMEs account for 90 percent of businesses, 60 to 70 percent of jobs and 50 percent of gross domestic product globally. As the backbone of society, they contribute to local and national economies and livelihoods, especially among women, youth and groups in developing countries.

“At Tally, we are committed to supporting and recognizing the efforts of MSMEs around the world. We understand the importance of MSMEs in driving economic growth and proudly celebrate the achievements of these MSME heroes in the region. We are delighted to host the third annual MSME Honors awards and encourage people to participate in the programme,” said Vikas Panchal, Managing Director, Middle East, Tally Solutions.

This year, Tally’s MSME Honors will recognize outstanding MSMEs in various categories around the world, including the Middle East, India, Africa, Bangladesh, Nepal and Indonesia. The initiative takes into account the diversity of businesses and aims to recognize them on a hyperlocal level. These honors are given to entrepreneurs, creators, small and new business owners or independent business leaders.