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Dubai, United Arab Emirates, 26 September 2019 – Gulf Capital has unveiled the winners of the 8th Gulf Capital SME Awards 2019 at a gala dinner hosted at The Ritz-Carlton, DIFC. 17 SMEs across the technology, F&B and healthcare sectors were recognised for implementing innovative techniques and strategies that lead to business growth and rapid expansion.
The UAE continues to be the preferred location for SMEs to flourish as the number of new companies entering the market has increased by 30% in the last decade, according to a recent report by Diligencia, Gulf Capital and MEED. The number of new companies in the technology sector has increased dramatically over the last five years from 11% of new SMEs in the UAE during 2015 to 47% during 2018,* testament to the commitment local organisations have to be at the forefront of innovation.
The healthcare industry has also grown consistently over the last 10 years with a significant peak in 2018. Many of these new SMEs are recognizing the strength of the UAE’s pharmaceutical and biotechnology sector, especially in Abu Dhabi and Dubai.*
This year, the awards, which recognise new and existing SME businesses, received a record number of 300 applications from companies and entrepreneurs across 17 categories.
Commenting on the accolades, Dr. Karim El Solh, CEO of Gulf Capital said, “SMEs are the driving force of the UAE’s economy, as they constitute over 90% of all the organisations in the country. We are pleased to recognise and celebrate the achievements of the SMEs that continue to fuel the growth of the UAE economy and are displaying world-class capabilities by being champions of growth and innovation. Gulf Capital is proud to be sponsoring this SME Award programme and to be celebrating and backing these promising SMEs.” “Entrepreneurs and small companies are the drivers of the future success of this region,” says MEED editorial director Richard Thompson. “SMEs account for over 90 per cent of the companies in the market and their energy, creativity and risk taking not only will drive growth and create wealth, but it also will be a source of innovations to tackle climate change, services that create healthier and happier societies, and careers that develop knowledge and skills. Through these awards, MEED is supporting SMEs in the UAE by celebrating their finest achievements. And even if they have not won an award on the night, every company participating in the Gulf Capital SME Awards 2019 is a winner and should be applauded for the contribution it is making to the future of this region.”