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New SME law will bring greater inflows of FDIs

Mehmood-UI-Hassan Khan

Minister of Economy Sultan Bin Saeed Al Mansouri said the new draft law will contribute to attracting foreign direct investment, thereby enhancing competition in the local business environment”. The UAE Ministry of Economy is determined to attract larger portions of foreign direct investments after the implementation of new SME law which is at final stage. According to them it would enhance the competitiveness of the country and increase its contributory role in performance of the industrial, technological and services sectors. It would further strengthen and brighten the participation of citizens in the national development and of course in the SME sector in the days to come.

The Ministry of UAE Economy is rigorously engaged with all the main stakeholders of the economy especially the SME owners. It is seriously preparing and finalizing the different proposals of SME owners to address the diverse challenges which include difficulty of access to funding and finance, lack of skills and training, high operating costs and other procedural obstacles.

It is seemed that funding options to a SME project is on the rise. There are Khutwa, Bedaya, Zeyada, and the Industrial Fund to finance it activities. Through these funds a total of 233 projects worth around Dh410 million have been financed since the Fund’s establishment across various industries like trade, agriculture, services and other sectors.

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