The majority of businesses worldwide are small and medium sized enterprises (SMEs). For instance, in Australia, small and medium-sized businesses account for 98 percent of all businesses and generate 30 percent of the country’s GDP (GDP). Small and medium-sized businesses in the US account for 40% of the nation’s gross domestic product and 50% of all employment opportunities. The success of small enterprises is also viewed as a sign of the economy’s ability to innovate quickly and the trust of small investors in the market.

Small and medium-sized businesses typically have fewer than fifty employees, though the definitions of these businesses in terms of both employee count and net income may vary from country to country. These businesses are currently flourishing as a result of the communications and technology revolution. This is due to the abundance of online organizational, operational, and marketing tools that free them from expensive investments in facilities, personnel, and sales.

The UAE is once again setting the pace for this worldwide trend. Given that the government’s goal is to have one million small and medium-sized businesses functioning in the nation by 2030, His Highness the UAE Minister of Economy recently declared that in 2022, there were 557,000 such businesses operating there. The revenue from these businesses, accounts for 63 percent of the non-oil GDP.

This accomplishment proves that the UAE has been successful in creating a business-friendly climate, which inspires trust and safety for both large and small investors as well as nationals and foreigners and streamlines procedures for them. We must not overlook the rules and laws in place that protect workers’ rights to the highest possible international standards. This inspires people to believe in new enterprises because their rights are always protected.

The prosperity of these companies, the increase in their employment attractiveness, and their contribution to the domestic product would hasten the country’s digital transformation and assist its unrelenting march towards transforming its economy into an economy of knowledge and innovation.