Eighty per cent of the region's business and employment market is made up of small and medium enterprises (SMEs), Raghav Lal, Head, Global Small Business, Visa, told Emirates Business.
"This figure is as high as 86 per cent in the UAE," he added.
"Based on this, industry analysts believe the GCC's SME sector is poised for remarkable growth over the coming years."
Quoting statistics from the International Finance Corporation and World Bank Group, Lal said the number of SMEs in the UAE stood at 208,000, a market that Visa hopes will help grow its regional share of business.
"This dominance of the UAE sector, both in terms of the number of firms as well as contribution to GDP, highlights the importance of this sector to the success of the UAE economy," added Lal.
"We have witnessed a steady growth in demand for our commercial offerings and continue to develop tailor-made products to support SMEs," he said.
"Both the demand from the corporate world and the benefits received by banks, which cater to this growing segment, mean commercial solutions, including the SME sector, continues to have a healthy outlook despite the global financial downturn," he said when asked how the downturn was impacting the SMEs.
The company is partnering with finance firms within the region to cater to a growing market, he said.
"Visa recognises that every market is different and therefore the needs of SMEs vary from region to region," he said.
"For example, Visa has partnered with Samba Bank in Saudi Arabia to deliver the first Shariah-compliant commercial product in the region and succeeded in meeting unmet need in Saudi Arabia of both SMEs and larger corporates," he added.
"Today's business environment requires companies to continually seek new efficiencies and ways to cut costs to help improve their bottom line," he said.
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