Barrel Energy has been nominated as one of the top 100 SME
Dubai, 6 November 2013: Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, announced the 2013 Dubai SME100 ranking of the 100 top performing SMEs at a special ceremony held today. His Highness Sheikh Majid Bin Mohammed Bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority, has honoured the top 10 winners of the 2013 Dubai SME100 ranking of the 100 top performing SMEs.
Building on the success of the Dubai SME100 ranking initiative, Dubai SME has also announced plans to launch the ‘Dubai Start-up 100’ and the ‘Dubai High Growth 50.’ The aim of the two new initiatives is to identify high quality companies at various stages of enterprise establishment and growth life cycle.
The Dubai SME100 list announced today is the second since the initiative was launched in 2011 under the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince and Chairman of the Executive Council of Dubai, to rank SME performance across a set of financial as well as non-financial dimensions.
While 1,092 SMEs were nominated for the 2011 ranking, the 2013 ranking attracted more than 3,000 SME applicants, a 178 per cent increase over the first cycle. Based on industry averages, the net output of these SMEs is estimated at about AED 53.3 billion and their total value-add at AED 16.2 billion.
The total number of SME applicants in the 2013 ranking represents nearly four per cent of the eligible SMEs with at least three years of operations. Together, the nominated SMEs also account for a workforce of 93,500. Sector-wise, 53 per cent of the SMEs nominated are from the trading sector, 36 per cent from services and 11 per cent from manufacturing.
For the top 100 SMEs, the net combined turnover exceeds AED 4.5 billion, which is an increase of over 100 per cent from the 2011 ranking, and profit exceeds AED 434 million, 98 per cent higher than the 2011 batch of SMEs. The top 100 also employ more than 7,000 among them and the productivity per worker is more than AED 636,000, a 22 per cent increase over 2011.
Sector wise, 60 of the top 100 SMEs are in the services, 26 from the trading and 14 from the manufacturing sectors. In the 2013 ranking SMEs that achieved double-digit revenue growth over the last three years are 81, a 53 per cent growth from the 53 such SMEs in the 2011 list. A 32 per cent increase (from 41 SMEs in 2011 to 54 in 2013) is also seen in terms of companies that achieved more than 20 per cent growth over the last three years.
The number of SMEs that achieved double-digit growth in net profits also has increased 48 per cent in 2013 to reach 71 from 48 in the previous list. The employee count was more than 100 in 24 of the top 100 SMEs in 2013, a growth of almost 140 per cent over the 10 SMEs that fell under this category in 2011.
Commented His Excellency Sami Al Qamzi, Director General of DED: “The Dubai SME100 initiative has truly made its mark in recognising Dubai’s top SMEs. These SMEs have made a difference to the Dubai business and economic landscape. I am proud of their entrepreneurial spirit and ambition to grow. I congratulate the top 100 SMEs, and wish them a great future.”
Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME, added: “The Dubai SME100 initiative has gained momentum and market recognition and I am delighted that a better crop of quality SMEs made it to the 2013 ranking. These SMEs represent the Dubai Story and the spirit of dynamism, tenacity and an eye for opportunity. I congratulate the ranked SMEs and hope more SMEs will come forward to apply in the future rankings. The ranking process is just the beginning of the SME journey to grow and move to the next level.”
Similar to the Dubai SME100, the Dubai Start-up 100 and the Dubai High Growth 50 will involve grading 100 start-ups and the top 50 of them being given relevant upgrading and growth opportunities that suit their needs, aspirations and growth potential.
The two new initiatives will be launched in the first quarter of 2014, and the rankings will be announced in November and December 2014 respectively. Post ranking, Dubai SME along with its partners will develop and execute capability programmes to take the firms to the next level of growth and development. Each will be account-managed for focused assistance over a two-year period. More details of the two initiatives will be announced in January 2014.
“Dubai SME is keen to identify and recognise the performance and contribution of SMEs to the UAE economy, especially those enterprises that began their journey in Dubai. We hope that as many start-ups and high growth firms will be nominated for the two new rankings. I am confident that the new initiatives along with Dubai SME100 will lead to substantial capacity building and value-add for these start-ups and high-growth companies,” added Al Janahi.
The proposed evaluation dimensions for the Dubai Start-Up 100 would cover, but not limited to, Entrepreneurial quotient; Quality of Business Plan; New market creation with innovative products, services or business model; Customer acquisition and retention; Supplier/partnerships management; Operations Management capabilities; Scalability potential and Investment attraction premium.
For the Dubai High Growth 50 the proposed evaluation dimensions would include sustainable financial growth with a high CAGR (Compounded Annual Growth Rate) over a three-year period, among many others.
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 centre for innovative SMEs to start, grow and expand their businesses, thus adding greater value to the economy of Dubai.