In a groundbreaking development set to reshape the SME sector in the UAE, Metric, a leading global financial analytics and intelligence platform for small and medium businesses (SMEs), has announced a strategic alliance with Sheikha Latifa bint Mohammed bin Al Sheikh Mejren and AFAQ Group for Investments.
This collaboration marks a significant milestone in Metric’s mission to strengthen the SME landscape in Dubai, heralding a new era of economic growth and innovation.
Empowering UAE’s SMEs: A Shared Vision
The partnership aims to bolster SMEs across the UAE, emphasizing their crucial role in the nation’s economic growth. Metric, already utilized by 130,000 businesses in 190 countries, including over 10,000 in the UAE, is set to enhance its impact through this collaboration.
The alliance underscores a deepening commitment to the SME sector in Dubai and the wider UAE, aligning with AFAQ Group’s mission to support economic diversification.
A Pivotal Sector in Economic Diversification
As of mid-2022, the UAE boasted 557,000 SMEs, contributing a substantial 63.5% to the non-oil GDP. Projections indicate that by 2030, this number will reach 1 million, highlighting the sector’s critical role in the UAE’s economic strategy.
“We are thrilled to partner with AFAQ Group,” said Meenah Tariq, CEO of Metric. “This partnership reflects our shared vision of empowering SMEs, which are the backbone of the UAE’s economy. By providing advanced financial insights, we aim to help these businesses thrive, driving sustainable economic growth.”
Leveraging Global Best Practices
Globally, SMEs are recognized as engines of economic growth and innovation. Countries like Germany and South Korea have demonstrated how robust SME sectors can drive economic resilience and job creation.
In Germany, SMEs, known as the Mittelstand, significantly contribute to exports and employment, serving as a model for economic success.
In the UAE, government initiatives and policies have created a supportive environment for SMEs. However, challenges such as access to finance, market competition, and the need for sophisticated business insights remain.
Advanced Financial Insights with Metric
Metric’s platform offers seamless integrations with popular accounting software and local banks, eliminating manual data entry and enabling business owners to focus on growth.
The platform’s AI engine, Max, provides unparalleled financial analysis, identifying spending patterns and growth opportunities often missed by traditional accounting tools.
“Max leverages state-of-the-art AI to transform raw financial data into actionable insights, enabling business owners to make informed decisions,” explained Dr. Habiba, CTO of Metric. “With a clearer understanding of their financial health, SMEs can navigate challenges more adeptly and seize growth opportunities with confidence. At Metric, we help doers do, by providing them with the tools and insights they need to excel.”
A Commitment to SME Success
Omar Parvez Khan, CPO of Metric, emphasized the transformative potential of their technology: “Our goal at Metric is to deliver powerful, user-friendly tools that enable SMEs to make smarter, data-driven decisions. By leveraging our platform, small businesses can unlock their full potential and drive substantial growth. We are committed to helping the doers in the SME sector achieve new levels of success.”
The partnership with Sheikha Latifa bint Mohammed bin Al Sheikh Mejren and AFAQ Group will provide Metric with access to a broader network of SMEs, investors, and mentors.
This collaboration is poised to enhance Metric’s ability to support SMEs, contributing to the UAE’s vision of a diversified and robust economy.
A Future of Economic Prosperity
“SMEs are the cornerstone of our economy, and their success is integral to our nation’s prosperity,” declared Sheikha Latifa bint Mohammed bin Al Sheikh Mejren. “Our partnership with Metric aligns perfectly with our dedication to equipping SMEs with the essential tools and resources to flourish.”
As the UAE continues its journey towards economic diversification, the support and empowerment of SMEs remain crucial. With the number of SMEs set to reach 1 million by 2030, initiatives like the partnership between Metric and Sheikha Latifa bint Mohammed bin Al Sheikh Mejren’s AFAQ Holdings are more important than ever.
These endeavors not only reinforce the SME sector but also significantly enhance the UAE’s non-oil GDP, ensuring sustainable and inclusive economic growth.
By leveraging advanced financial insights and fostering a supportive ecosystem, this partnership is poised to drive significant positive change, helping small businesses flourish and contributing to the nation’s economic prosperity.
