Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Mohammed bin Rashid Al Maktoum Foundation and President of the UAE National Olympic Committee, on Sunday honoured the owners and executives of small and medium businesses in the emirate that made the Dubai SME100 ranking in its third cycle, at a ceremony held in Madinat Jumeirah.

Launched in 2011 under the patronage of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, Dubai SME100 identifies top-performing SMEs in Dubai to help them grow into bigger, more internationally-oriented, and sustainable enterprises, as well as support them through their growth.

The 2015 ranking saw a substantial rise in SME enrollments and Dubai SME restructured the ranking criteria by adding Corporate Social Responsibility as one of the themes and increasing the weightage for innovation in classifying the companies.

Speaking during the ceremony, Sami Al Qamzi, Director-General of the Department of Economic Development (DED) the body mandated to develop the SME sector in Dubai, said, "Today, Dubai, because of its global reputation as an entrepreneurial hub, is increasingly becoming a launch-pad for SMEs in vital sectors such as health, education, information technology, logistics, tourism, hospitality and others. Many of the enterprises thus launched have also successfully expanded to neighbouring markets in the region. Dubai SME100 continues to inspire many of these emerging companies and their innovations as well as growth."

Al Qamzi added that the Department of Economic Development, and particularly Dubai SME, maintain a strong focus on SMEs as it’s a vital sector and the backbone of Dubai's economy.

"Micro enterprises account for 72 per cent of the total business population in Dubai, small enterprises constitute 18 per cent and mid-sized businesses, another 5 per cent. Mid-sized businesses contribute to about 17 per cent of the total value added to the economy of Dubai, while the respective share of small enterprises is 14 per cent and that of micro-enterprises is about 8 per cent. In the trade sector alone, SMEs account for 47 per cent of the total value added while the respective share in the service sector is 41 per cent and 13 per cent in the manufacturing sector," said Al Qamzi.

Al Qamzi also referred to the growth the Dubai SME100 achieved within its first two cycles during which 200 SMEs benefitted from the programme. The number of enrollments in the third cycle was 4,532, an increase of 49 per cent compared to 3,041 companies in the second cycle. Together, the companies enrolled in the third cycle represent net revenues of Dh69.5 billion from a workforce of over 144,000. The service sector represents the lion's share of registrations in the third session with 57 per cent while 34.5 per cent (1,565) are trading companies and company 8.4 per cent (382) are manufacturing firms.

"The Government of Dubai and the UAE over the past years have focused on supporting and developing small and medium-sized companies to remain key players across all sectors. SMEs in Dubai are major enablers of sustainable economic development, and account for a major share of the net economic output in Dubai, and the UAE in general. The local SME sector contributes to a diversified investment environment and national talent pool while being self-reliant and globally competent, thanks to the strategic thinking of our visionary leadership," Al Qamzi added.