RAKBank Launches Its Inaugural SME Confidence Index Report In Collaboration With RFI Global With SMEs contributing over 50% to the UAE's gross domestic product (GDP), the report also forecasts a strong economic outlook for the nation in 2024.
By BIZ Experiences Middle East Staff Edited by Aby Sam Thomas
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RAKBank, A UAE-based private sector bank, has collaborated with RFI Global, an independent global research company that specializes in financial services, to launch its inaugural report on the small and medium enterprise (SME) sector in the UAE, titled the SME Confidence Index report.
As per the publication, which surveyed over 1,000 SMEs in the UAE between November 2023 and December 2023, the country's SME sector has an overall confidence index score of 61.
The result is a key indicator of robust growth across various industries -especially construction and manufacturing, and public services- and also highlights SME owners transitioning from a resilience mindset to one driven by prospects of prosperity.
As such, the SME Confidence Index report offers insights into business sentiment and confidence levels across a plethora of industries within the overall SME space, including construction and manufacturing, transport, trading, and professional services.
With SMEs contributing over 50% to the UAE's gross domestic product (GDP), the report also forecasts a strong economic outlook for the nation in 2024, with non-oil GDP expected to grow by over 4%.
SMEs, however, als face challenges such as rising costs and impending corporate tax introduction. The SME Confidence Index report thus highlights the importance of banking support for SMEs, with high satisfaction levels reported across sectors.
In a conversation with BIZ Experiences Middle East, Dhiraj Kunwar, Managing Director of Business Banking at RAKBank, emphasized the significance of SMEs in driving economic growth- and how the sector is an important area of focus for the bank itself. "SMEs are always a vital sector of the economy, so it's no surprise that RAKBank is always trying to help them accomplish their dreams," Kunwar said.
Check out the full interview in the video.
