Mubasher: SC Ventures joined forces with Visa to develop solutions aimed at supporting small and medium-sized enterprises (SMEs) across the MENA region, according to a press release.
The two parties signed the memorandum of understanding (MoU) at the Visa Innovation Center in Dubai.
The partnership marks a remarkable step in the development and growth of the MENA’s SME ecosystem.
Gautam Jain, Operating Member SC Ventures, commented: "Through this partnership, we are committed to equipping SMEs with the tools and resources to thrive, expand, and drive sustainable growth in the increasingly digital and interconnected global economy.”
Salima Gutieva, Visa’s Vice President and Country Manager for UAE, highlighted: "This collaboration with SC Ventures will help provide SMEs with the tools and knowledge they need to accelerate their digital transformation as well as to expand their business, improve efficiency, and explore new growth avenues."
Regarding the SME sector in the Middle East, businesses are moving beyond traditional industries such as trading and construction. This growth is backed by technological advancements and supportive government initiatives, enabling SMEs to explore new opportunities in sectors like fintech, e-commerce, and healthcare.
In the UAE alone, SMEs represent more than 63.50% of the country’s non-oil GDP, making them a central element of the nation’s economic strategy. It is expected that UAE's SME sector alone will hit 1 million by 2030.
