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TECOM Investments and Dubai SME Sign MoU to Support SMEs and Entrepreneurs among UAE Nationals

Dubai-UAE: 24 January, 2011 - TECOM Investments , a member of Dubai Holding, and Dubai SME, an agency of the Department of Economic Development in Dubai mandated to develop the small and medium enterprises (SME) sector, have signed a Memorandum of Understanding (MOU) today with a view to encouraging entrepreneurship among UAE nationals and furthering the sector's contribution to the country's economy.

Formerly known as Mohammed Bin Rashid Establishment for SME Development (MBRE), Dubai SME was launched in 2002 to cultivate the spirit of entrepreneurialism among UAE nationals and provide key resources to facilitate the development of their businesses.

The collaboration between TECOM Investments and Dubai SME will encourage UAE nationals who are members of Dubai SME to register and set up offices within TECOM free zones. The companies will receive opportunities to gain insight and increase industry knowledge as part of the TECOM ecosystem that offers a combination of high-end infrastructure, peer-networking with major global players and an enabling business environment to ensure future growth.

Dr Amina Al Rustamani, CEO, TECOM Business Parks, said: "The MoU will further our strategic efforts to position Dubai as a centre for entrepreneurship and enterprise development. This will encourage the sharing of knowledge and expertise, and eventually impact the long-term growth of the industry and the country. Such platforms will also help grow the abundant talent for innovation and enterprise in UAE. The collaboration between Dubai SME and TECOM Investments will prove particularly crucial in providing aspiring business persons with conducive benefits required for achieving success in diverse sectors."

Abdul Baset Al Janahi, CEO, Dubai SME, said: "His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, established Dubai SME in 2002 to support various projects for youth development, and now more than 11,000 young business leaders have received assistance from Dubai SME in establishing their own businesses. Dubai SME has also created opportunities for competition and successful marketing through providing governmental contracts worth more than one billion dirhams to its members under the Government Procurement Plan."

TECOM Business Parks (Dubai Internet City, Dubai Outsource Zone, Dubai Media City, Dubai Studio City, International Media Production Zone, Dubai International Academic City, Dubai Knowledge Village, DuBiotech, Dubai Industrial City and ENPARK) offer a favourable ecosystem for SMEs through shaping and enabling a business environment that guarantees the sector's long term growth. This gains relevance against research findings that nearly 58 per cent of the SME businesses in the UAE aim to operate internationally by 2013, according to a 2010 survey released by HSBC.

Dubai SME offers a suite of services for SMEs providing them with the necessary guidance to launch a project and directs them to the relevant departments. These services include financing new and existing projects up to a limit of AED 3-million, exemption from the business license fees for the first three years of the project, obtaining a fully equipped office at the Dubai SME incubator, conducting training courses and development, and enabling business owners to become suppliers to government bodies.

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About TECOM Investments

TECOM Investments , based in Dubai, is a member of Dubai Holding, a global company dedicated to knowledge and life-improving industries.

Home to over 4,500 companies, including major multinationals and many of the Fortune 500 companies, TECOM Investments interests also include exclusive investments in high-growth sectors.

One of TECOM Investments ' largest portfolio companies is TECOM Business Parks. It comprises 10 business parks under five industry clusters across the information and communication technology (ICT), media, education, sciences, as well as manufacturing and logistics sectors.

Dubai Internet City and Dubai Outsource Zone form the ICT Cluster, while Dubai Media City, Dubai Studio City and the International Media Production Zone make up the Media Cluster.

Dubai Knowledge Village and Dubai International Academic City are part of the Education Cluster. Dubai Biotechnology and Research Park and Energy and Environment Park (ENPARK) compose the Science Cluster.

Dubai Industrial City comes under the Manufacturing and Logistics Cluster of TECOM Business Parks.

Building on its domestic success and vision for global expansion, TECOM Investments has conceptualised SmartCity, a venture that aims to develop knowledge industry townships worldwide. The foundation has already been laid with the development of SmartCity Malta and SmartCity Kochi.

Apart from spurring cluster development by creating purpose-built facilities and working with the Dubai and Federal Governments to develop business-friendly policies and industry regulations, TECOM Investments also focuses on 'pure play' businesses.

eHosting DataFort is a managed IT and advisory services provider. Arab Media Group (AMG) is a leading media and entertainment organization in the UAE, with subsidiaries covering radio broadcasting, event management and outdoor advertising.

TECOM Investments also owns share capital in Empower, a district cooling service provider; Nexgen Advisory Group, a MENA-based specialized advisory and consulting services organisation; and Energy Management Services (EMS), a leading energy savings company in the Middle East.

For more information, please contact:
Nancy Sudheer
APCO Worldwide
(JIWIN Public Relations)
Tel: + 971 4 369 2834
Mob: + 971 50 7055290/+ 971 55 9548681
Email:nancy.sudheer@apcoworldwide.com

© Press Release 2012