Wavetec Awarded Number 2 Ranking Amongst Dubai SME 100!

Online, November 11, 2013 (Newswire.com) - Dubai SME 100 is a premier ranking of Dubai's 100 top performing SMEs, launched by the Mohammed Bin Rashid Establishment for SME Development (Dubai SME). On November 6th, 2013 at a special ceremony at the Dubai World Trade Center, they announced the list of top SME 100 for 2013 where Wavetec FZCO was awarded Number 2 ranking amongst the top 100 companies.

"This is more than just a ranking for us," said Wavetec General Manager, Tobias Bessone at the occasion. "The objective is to become a world-class enterprise by innovating and sustaining growth."

For 2013 more than 3,000 SMEs applied or were nominated, which is 178 per cent more than the 1,092 SMEs nominated for the 2011 ranking. Considering industry averages, the net output of these SMEs is estimated at about Dhs53.3bn and total value add at Dhs16.2bn. Rankings remain valid for a period of two years.

"Dubai SMEs today represent 95 per cent of all firms registered in Dubai, 42 per cent of the labour force and 40 per cent of the emirate's GDP. Therefore, this sector has a critical role in achieving and fostering overall development across diverse economic sectors," said Sami Al Qamzi, Director General, Department of Economic Development.

After the successful outcomes of SME 100, the Department of Economic Development has planned to launch two new initiatives in this regard, first is the Dubai Start-up 100 and the other is Dubai High Growth 50. These are planned to make sure that SMEs constantly grow and enhance their business activities in UAE Region to support the economic progression.