Small and medium enterprises (SMEs) in the GCC region are forecast to grow by 156 percent in the next five years, with the sector set to be worth $920 billion.
According to a new study, the SME sector in the Gulf will employ 22 million people in five years.
Is SME actually growing? There is a strong and positive wave of new startup in GCC especially in UAE which is bringing new ideas and business opportunities. But, when I look back on the existing set of SME’s who are suppose to be a pillar of economy they are somehow neglected by the financial institutions. I strongly believe that without much banking support the business won’t grow much on the contrary banks should increase their checks and balance more in order to have better quality of finance which will eventually help to stabilize and grow the market.