Media ININ Economy We Trust
Media In – Dubai – 10 February 2019 /
The Ministry of Finance, in cooperation with the International Monetary Fund (IMF), organized a round table on the development of small and medium-sized enterprises and financial coverage in the Arab region, on the first day of the seventh session of the World Summit of Governments in Dubai.
Minister of State for Finance, Obaid bin Humaid Al Tayer, said that the Ministry of Finance is keen to develop the financial system in the UAE by using the platform provided by the World Summit for Governments to hold high-level meetings attended by officials and experts from all over the world. Which face efforts to develop and sustain the financial system.
“The Government of the United Arab Emirates is paying special attention to the SME sector because it is convinced that it can contribute to supporting the overall economic and development efforts in the country by creating more job opportunities as well as its role as a guarantee for the stability of the social fabric. To find appropriate ways and means to encourage and empower entrepreneurs at various levels, including the legislative framework and financial infrastructure. ”
Discussions focused on the mechanisms of SME development and financial inclusion in the Arab world. The discussions focused on the strategies and policies that will support and develop these projects in the MENA region, especially in light of the vital role it plays in achieving economic sustainability and job creation. The session stressed the importance of pursuing financial inclusion and economic diversification, which would contribute to the achievement of comprehensive and sustainable growth.
For his part, Sultan bin Saeed Al Mansouri, Minister of Economy, said that supporting the SME sector is an important component of the national agenda in the country, which has gained momentum and strength that allowed it to grow steadily and steadily.
He pointed out that the Ministry adopts a sophisticated and integrated system to support the SME sector starting from providing a legislative environment and a legal framework that are flexible and adaptable to the data and variables, pointing to the Ministry’s keenness to enhance creativity in the sector.
In his turn, Mubarak Rashid Khamis Al Mansouri, Governor of the Central Bank of UAE, stressed that the UAE’s post-oil strategy attaches great importance to supporting the qualitative sectors that provide added value to the national economy, especially the small and medium enterprises sector. Taking into account the funding requirements of young entrepreneurs in order to overcome obstacles and change the stereotypical view of such high-risk projects.
