Gulf’s SMEs sector forecast to hit $920bn in 2023

      Published on Monday, 12 November , 2018      69 Views     
Gulf’s SMEs sector forecast to hit $920bn in 2023

  • Gulf News

The SME market in the Gulf region could be worth as much as $920 billion in 2023, a growth of 156 percent on its current value, according to new research.

The second India-UAE Partnership Summit (IUPS) heard that the employment potential for small and medium sized enterprises in the GCC is expected to touch 22 million, up from 17 million in the same period.



The figures were in a research paper released at the opening session of IUPS, which was prepared by Crowe, the advisory partner of the summit.

SMEs present a significant opportunity for India and the UAE to cooperate and add value to the robust economic potential of both the countries, particularly in the private sector,” said Indian Ambassador to the UAE, Navdeep Singh Suri.

The focus sectors of this year’s summit are Education, SMEs and Skill Development & Placement with four Indian states – Assam, Delhi, Punjab and West Bengal – showcasing investment opportunities in these sectors. The focus emirate of the UAE is Sharjah represented by the investment promotion agency, Invest in Sharjah.

According to the research paper, SMEs in the Gulf currently contribute 22 percent to the region’s GDP with the UAE leading in the rankings with the sector contributing 30 percent to the country’s overall national output and 60 percent of the non-oil GDP.

In other countries in the region, the share of SMEs to GDP is estimated at 28 percent in Bahrain, 22 percent in Saudi Arabia, 20 percent in Kuwait and 14 percent in Oman.

In India, SMEs form the backbone of the country’s economy contributing 45 percent of the manufacturing output and 40 percent of exports.

“SME is a sunrise sector in India, the UAE and the region throwing open immense opportunities for private sector entrepreneurs to participate, which will further reinforce the robust economic relations between both the countries,” said Ram Buxani, president of the Business Leaders Forum (BLF).



The summit heard that India has already received investment intentions of up to $52.14 billion from Gulf-based investors this year. India is the largest trading partner of the UAE with trade at $53 billion which is poised to grow to $100 billion by 2020.

Keywords:
Category Gulf News | 2018/11/12 latest update at 6:00 PM
Source : Arabian Business | Photocredit : Google
70 Views
Comments Add comment



Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Saudi Alhokair’s mall unit files for IPO, offering in second quarter: sources
Saudi Arabia Saudi Arabia news

Saudi Alhokair’s mall unit files for IPO, offering in second quarter: sources

Saudi Arabia’s Fawaz Alhokair Group plans to offer shares in its shopping malls business in Riyadh in the…

Saudi Arabia new rules

Property prices continue to fall in key UAE markets

UAE banks invest Dh87 billion in Saudi Arabia, Egypt

King Salman receives dignitaries in Riyadh King

King Salman receives dignitaries in Riyadh

The Kingdom’s Grand Mufti Sheikh Abdul Aziz Al-Asheikh, senior scholars, ministers and a group of citizens called on…

Saudi King Salman reshapes country’s political and security affairs council King

Saudi King Salman reshapes country’s political and security affairs council

Saudi King Salman on Thursday announced a new list of appointees to key positions in the country’s political…

Saudi Arabia’s Prince Talal bin Abdulaziz has died King

Saudi Arabia’s Prince Talal bin Abdulaziz has died

Saudi Arabia’s Prince Talal bin Abdulaziz passed away on Saturday, family members and Saudi media said on Twitter.…

Bahraini crown prince meets Saudi officials in Riyadh King

Bahraini crown prince meets Saudi officials in Riyadh

Bahrain Crown Prince Salman bin Hamad Al-Khalifa held talks with Saudi officials in Riyadh this week. His visit…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

1898 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government