Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, and Deloitte, a leading global provider of audit, tax, consulting and financial advisory services, have signed a memorandum of understanding (MoU) to offer a Financial Diagnostic assessment to all members of the Dubai SME100.
Dubai SME100, launched by Dubai SME Under the patronage of Sheikh Hamdan bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, is an innovative ranking of the top-performing SMEs in Dubai aimed to groom them into bigger, better and sustainable enterprises, eventually graduating them to large globally-oriented companies.
The complimentary Financial Diagnostic will enable Dubai SME100 companies implement an appropriate financial reporting process that will support the SME as it grows, to help it realise the full potential in existing operations and make informed decisions about future strategies.
Dubai SME is delighted to partner Deloitte to offer added-value services to our current batch of SME100 companies in the area of financial management. This is a strategic area for SMEs seeking to improve capabilities in budgeting, financial analysis and diagnostics that will aid better decision making. We believe that the SME 100 companies will find the knowledge and skills imparted by Deloitte extremely useful as they strive to move to the next level of growth and development," said Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME.
Humphry Hatton, Chief Executive Officer of Deloitte Corporate Finance Limited, added: “SMEs are the bedrock of Middle East business and hugely important to the economic prospects of the region. To achieve sustainable growth, SMEs need to ensure they have the right information and resources to guide their decision-making. The Financial Diagnostic is designed to help SMEs identify the information needed to drive value from their businesses and to ensure it is prepared on a consistent, high-quality and timely basis."
The Financial Diagnostic will be a half-day workshop jointly organised by Deloitte and Dubai SME. Following the workshop, interested SMEs can sign up for a one-on-one diagnostic advisory by experts from Deloitte. The financial information and reporting processes of the SME will be examined to identify any potential areas for improvement and to assess overall alignment with the value drivers of the business. Key areas of review include financial information management, planning and budgeting, performance improvement and capital structure optimisation.
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