(MENAFN- Khaleej Times) Investment bank Shuaa Capital and Dubai SME have joined hands for extending collaboration to support Small and Medium Enterprises (SMEs) in Dubai this year
In this regard a memorandum of understanding (MoU) has been signed that commits the two institutions to provide at least 20 of the Dubai SME 100 companies - a ranking of the top 100 SMEs in the Emirate of Dubai - with valuation advisory services, seminars and workshops on generating enhanced access to funding which remains a key challenge to SMEs
"A vibrant SME sector has emerged in the UAE that sometimes requires support of international best practice advice," said Shaikh Maktoum Hasher Al Maktoum, executive chairman of Shuaa
"Our investment banking team provides SMEs with the necessary tools required to make their businesses more profitable, more investable and better positioned for growth," he added
Dubai SME and Shuaa concluded 22 SME valuation assessments and fairness opinions in 2012 and 2013. SME management teams that participated in these exercises have gained a deeper understanding of key value drivers, enabling them to take a more systematic and strategic approach in implementing sustainable growth plans, and identifying important issues within their businesses which in turn opened up new opportunities for access to funding
Abdul Baset Al Janahi, chief executive officer of Dubai SME, commented: "We are pleased to strengthen our partnership with Shuaa Capital by continuing to offer this valuable service to the Dubai SME 100 companies. Many of these businesses are well positioned to grow and we hope that our joint efforts enable them to move to the next phase of their development, attract funding partners and possibly become listed entities in the future.
For the 2013 ranking, more than 3,000 SMEs applied or were nominated, which is 178 per cent more than the 1,092 SMEs nominated for the 2011 ranking. Considering industry averages, the net output of these SMEs is estimated at about Dh53.3 billion and total value add at Dh16.2 billion
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