Mon 02-04-2018 16:25 PM
AJMAN, 2nd April, 2018 (WAM) — The Ajman Chamber of Commerce of Industry organised a panel discussion, titled, ‘Challenges Facing SMEs’.
Citing statistics from the Khalifa Fund for Projects Development, the panel highlighted the fact that the small and medium-sized enterprises, SMEs, constitute around 94 percent of the total number of companies in the UAE and approximately 86 percent of the labour force, and there are an estimated 350,000 SMEs that generate around 60 percent of the country’s GDP.
The fund’s statistics also point out that the majority of these companies, around 73 percent, are working in the trade and retail sectors while 16 percent are in the services sector and about 11 percent are in the industrial sector. SMEs also constitute over 90 percent of Ajman’s industrial facilities.
Abdullah Al Muwaiji, Chairman of Ajman Chamber of Commerce and Industry; Salem Al Suwaidi, Director-General of the Chamber; Khawlah Khalfan, Executive Director of the Organisational Support Services Sector; Nasser Al Dhafri, Executive Director of the Planning and Members Support Sector, and several of the Chamber’s employees attended the session.
Al Muwaiji highlighted the importance of the discussion in promoting a business culture among local employees and added they are brainstorming sessions that aim to create ideas and suggestions, which reflect the development of the emirate’s working environment and strive to fulfil the goals of the Chamber’s members and customers.
The panel discussion confirmed the definition of SMEs and classification of projects, according to the number of employees and their annual income, as well as the significant challenges facing SME owners, including obtaining financing for various reasons, such as the lack of awareness among many company owners about the essential requirements to secure funding.