Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with the Dubai Chamber of Commerce and Industry (Dubai Chamber) to launch an index that will evaluate the cost of doing business for SMEs in Dubai.

The MoU was signed by Abdul Baset Al Janahi, CEO of Dubai SME, and Atiq Juma Nasib, Senior Vice President of Commercial Services at Dubai Chamber in the presence of representatives from both organisations.

Commenting on the strategic agreement, Al Janahi said: “This partnership effectively contributes to the sustainability and competitiveness of SME businesses by creating a benchmark to measure the cost of doing business for small and medium enterprises in Dubai, which in turn helps to monitor the status of companies periodically and provide the necessary data to stakeholders to accelerate the process of decision making, and thus the development of entrepreneurship in Dubai.”

The agreement will promote knowledge sharing between the two entities, and develop new plans and initiatives to ensure a competitive environment for SMEs in various stages of growth, added Al Janahi.

Nasib said: “The agreement between Dubai Chamber and Dubai SME marks the beginning of a strategic partnership that will further our efforts to support the stimulus plans and business-friendly measures launched by the government of Dubai.  Through the index and our combined efforts, we can take proactive steps to ensure a favourable business environment and enhance SME competitiveness in Dubai.”

Nasib added that the index will highlight the challenges and opportunities faced by SMEs, identify possible solutions for overcoming such obstacles and highlight the changing needs of businesses operating in this sector with the aim of boosting the contribution of the private sector towards Dubai’s economic and sustainable growth.