Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Council of Projects and Small and Medium Enterprises, instructed to activate federal incentives and facilities for owners of small and medium enterprises, especially those related to financing and government purchases urgently, and immediately start procedures that contribute to reducing the effects of the spread of the Corona virus on business Affected citizens.
This came during his presidency of the first meeting of the Council for Small and Medium Enterprises and Enterprises at the second session of the Council, after the esteemed Cabinet decision to renew the formation of the Council.
Al-Mansouri said that the challenges facing the SME sector are great at the regional and global levels, but government efforts and unlimited support from our rational leadership in the country, in addition to the availability of an institutional and legislative structure that supports this vital sector, are all factors that enable entrepreneurs and owners of emerging companies Small and medium sized companies will overcome the obstacles created by the global pandemic, recover from them and restore activity again.
He stressed the need to move quickly to activate the procedures and economic support packages provided by the federal government to support entrepreneurs and small and medium-sized companies, while working to update an integrated database for this sector. He added that the presence of a strong representation of institutions and entities related to entrepreneurship at the federal and local levels within the Council of Projects and Small and Medium Enterprises makes it an ideal platform to coordinate and unify the efforts made so as to ensure the speedy benefit of the project owners from the announced facilities packages.
Al-Mansouri indicated that to achieve more coherence among the roles of bodies and institutions represented in the membership of the Council, a new work system for the Council was adopted through the formation of permanent committees and sub-committees, provided that the national program for projects and small and medium enterprises is assigned the tasks of the General Secretariat and the executive arm of the Council.
The Minister pointed out the importance of continuing efforts to enhance an incubating business environment for small and medium-sized enterprises enabling innovation, employing advanced technology tools, enhancing international partnerships, and attracting foreign investments that contribute to the transfer and localization of knowledge and technology.
The meeting witnessed a discussion of the most prominent challenges facing the sector of small and medium enterprises and enterprises, especially in light of the emerging crisis of the Corona Virus, particularly those related to financing and supply chains, among others.
Several proposals for developing incentives were also reviewed in cooperation between the Ministry of Economy with local funds, institutions and programs concerned with small and medium enterprises, in order to serve the affected small and medium enterprises and companies owned and managed by citizens. The council agreed to transfer the file to the emergency committee to support citizens' SMEs as a result of the Corona virus.
The council’s decisions regarding the formed
committees include : the permanent committees, which includes:
1) The Finance Committee for Small and Medium Enterprises, headed by His Excellency / Shaker Farid Abdul Rahman, Head of Business Sector at the Emirates Development Bank.
2) Citizens Training and Rehabilitation Committee, chaired by His Excellency / Moza Obaid Al-Nasiri, Acting CEO of the Khalifa Fund for Enterprise Development.
3) The Government Incentives and Purchases Committee, chaired by His Excellency / Abdul Basit Al Janahi, Executive Director of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development.
4) The National Committee for Entrepreneurship for Emirati Women.
The temporary committees include:
1) The emergency committee to support the citizens' SMEs as a result of the Corona virus, headed by His Excellency / Moza Obaid Al-Nasiri, Acting CEO of the Khalifa Fund for Enterprise Development.
2) The National Committee for Establishing the National Database for Small and Medium Enterprises and Companies, chaired by His Excellency Eng. Azza Bin Sulaiman, Director of the National Program for Small and Medium Enterprises and Enterprises - General Secretariat of the Council.
The Council also selected His Excellency / Abdul Basit Al Janahi, Executive Director of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, as Vice-Chairman of the Council.