Dubai, United Arab Emirates, May 13, 2014
—IFC, a member of the World Bank Group, has co-organized a workshop to help businesses in Dubai improve their corporate governance, to attract investments and provide an example for emerging markets in the region.
IFC held the two-day workshop in collaboration with Dubai SME, to address challenges that limit the growth and profitability of small and medium enterprises (SMEs), with a focus on family owned businesses. More than 40 local businesspeople took part in the workshop, which demonstrated best practice and highlighted the key role of corporate governance in fostering sustained growth.
“Sound corporate governance helps businesses expand sustainably, create transparency, and allow high-quality performance for generations to come,” said Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME. “We are delighted to have partnered IFC to organize the corporate governance workshop for SMEs. Our SME participants found it extremely enriching and practical to implement initiatives befitting their stage of development.”
SMEs contribute significantly to economic growth and job creation in MENA, where family-owned businesses are a common business model. In Dubai SMEs constitute around 95 percent of all businesses and make up 42 percent of the workforce.
“Corporate governance is key to sustaining private sector led growth and a regional priority for IFC,” said Deepak C. Khanna, Head of IFC in the United Arab Emirates. “By becoming more transparent and efficient, companies find it easier to attract investors and capture profitable growth opportunities.”
The workshop is part of a regional IFC initiative that aims to help small and medium businesses improve performance and profitability, funded by Switzerland’s State Secretariat for Economic Affairs.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About Dubai SME
Dubai SME, an agency of the Department of Economic Development (DED), government of Dubai, aims to foster an entrepreneurial culture and develop a competitive SME sector for the Emirate of Dubai. The key strategies adopted by Dubai SME are: advocate a pro-business environment for developing entrepreneurship and SMEs, seed innovative start-ups, and groom promising SMEs. Dubai SME’s vision is to make Dubai the center for innovative SMEs to start, grow and expand their businesses, thus adding greater value to the economy of Dubai.
