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UAE launches ‘SME Rating’ for entrepreneurs

Feb 15, 2021
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UAE launches ‘SME Rating’ for entrepreneurs

In a move that will further boost the robust and ever-expanding entrepreneurial ecosystem in the UAE, Khalifa Fund for Enterprise Development has officially launched the SME Rating last September. This is a digital classification system that provides small and medium-sized enterprises (SMEs) a comprehensive overview of their logistics, operations, and overall performance.

The digital system will evaluate the SMEs based on detailed financial and operational evaluation criteria, involving financial and productivity management, business sustainability, and human resources, providing them with vital information for further growth. Once aware of their strengths and weaknesses, SMEs will be in a better position to plan their way to attaining the maximum business functionality and the highest operational standard.

“The prime objective behind the launch of the SME Rating is to provide a system that best assists entrepreneurs when determining the most optimal decisions for the benefit of their organization. This innovative and resourceful digital tool will give the SMEs in the UAE an opportunity to grow and improve exponentially by knowing their strengths and weaknesses accurately,” said Mouza Obaid Al Nasri, the acting CEO of Khalifa Fund for Enterprise Development.

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In addition to helping businesses grow, the SME Rating will assist business counselors of Khalifa Fund to optimize their SME site-visits. This will provide an efficient and beneficial system to the entrepreneurs when assessing businesses as applicants for the fund. The counselors will also be able to accurately measure the fundamental elements of the business in question. This is the first time that business site visits will contain a digital aspect, which will be available to all Khalifa Fund applications of over one year.

“Khalifa Fund actively contributes towards the positioning of the UAE as a global leader for entrepreneurism. Through the development of tech-savvy platforms such as the SME Rating, Khalifa Fund is showcasing its support and dedication towards the long-term production of imperative services and platforms that promote the integration of entrepreneurism and innovation,” stressed Al Nasri.

Moreover, the Khalifa Fund for Enterprise Development partnered with Amazon last month on the E-Empower Programme, which will allow Amazon to provide SMEs with access to online learning content and a dedicated seller support service as well.

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