557,000 SMEs in the UAE at the end of 2022

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UAE - The number of small and medium-sized enterprises (SME) operating in the UAE at the end of 2022 totalled 557,000, in line with the country’s ambitious plan to drive this number to 1 million by the end of 2030.

The United Nations General Assembly designated 27 June as ‘Micro-, Small, and Medium-sized Enterprises’ to raise awareness of the tremendous contributions of these enterprises. MSMEs account for 90 per cent of businesses, 60 to 70 per cent of employment and 50 per cent of GDP worldwide. As the backbone of societies, they contribute to local and national economies and to sustaining livelihoods, in particular among women, youth, and groups in countries that are developing.

“At Tally, we are committed to supporting and recognizing the efforts of MSMEs globally. We understand the importance of MSMEs in driving economic growth and are proud to celebrate the achievements of these MSME Heroes in the region. We are excited to host the third edition of the MSME Honours and encourage people to participate in this initiative,” said Vikas Panchal, General Manager - Middle East, Tally Solutions.

This year, Tally’s MSME Honours will be recognising outstanding MSMEs across categories globally, including Middle East, India, Africa, Bangladesh, Nepal, and Indonesia. The initiative takes into account the diversity of businesses and aims to recognise them at a hyper-local level. The honours will be awarded to entrepreneurs, creators, small and new business owners, or independent business leaders.