02 November 2010

A new forward-looking initiative to strengthen the growth of the small and medium enterprises, or SME, sector in the UAE was launched with the signing of a Memorandum of Understanding between Economic Zones World’s R&D initiative, Dubai Institute of Technology, or DIT, and the Federal Ministry of Economy.At a brief ceremony on the sidelines of the 20th WAITRO Biennial Congress and General Assembly, organised under the banner of DIT Strategic Forum, the MoU was signed by Economic Zones World Chief Executive Officer Salma Hareb and Ministry of Economy Director-General Mohammad Bin Abdelaziz.

The MoU establishes a partnership between the two parties, who will engage in discussions focussed on exploring ways to enhance competitiveness in the UAE’s SME sector through accessing innovation and technology. DIT will periodically exchange information and ideas with the Ministry of Economy under the terms of the MoU to lay down the framework for cooperation and negotiations.

“It is the key focus of the UAE Government to leverage science and technology for the benefit of its people. This step comes within the Ministry’s plan to encourage innovation and achieve an ideal environment for the knowledge based economy,” said Abdelaziz.

“Sustainable growth of the small and medium enterprise sector is crucial for the overall development of the national economy. We are pleased to join hands with the Ministry of Economy to launch this initiative to help harness the benefits of innovation,” said Hareb.

“SMEs are invaluable with their contribution to economic growth, employment and local development. The UAE Government has always prioritised this sector and we are grateful for their support,” said DIT Managing Director Dr Eng Hamad Al Hashemi.