Dubai SME, the agency of the Department for Economic Development in Dubai mandated to develop the SME sector, have signed a memorandum of understanding (MoU) with the international law firm Taylor Wessing to raise greater awareness and impart knowledge to Dubai SME100 companies in the areas of Intellectual Property management and fund-raising in capital markets.
Intellectual Property management and fund-raising are complex subjects, which the Dubai SME100 companies have indicated they would like to be educated, particularly around legal due diligence, corporate governance and the regulatory requirements locally and internationally in these areas.
Under the terms of the MoU, Taylor Wessing will organise joint seminars with Dubai SME on intellectual property and IPOs on Nasdaq Dubai as well as offer one-on-one advisory sessions to interested SMEs, with such sessions expected to provide high level feedback on gaps and recommendations to the SME100 companies.
Launched under the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, Dubai SME100 identifies the top-performing SMEs in Dubai to help groom them into bigger and more sustainable enterprises, and support them through their growth into larger, internationally-oriented companies.
Commenting on the partnership, Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME said that the development of the Dubai and UAE economy, and the emerging opportunities and trends demand that local SMEs deepen their awareness of Intellectual Property management issues as a means to innovate for further growth.
“With respect to access to finance, our top SMEs should also explore the possibility of raising funds in the capital markets, not just through private equity or bank financing. We have the trading platform through Nasdaq Dubai, and our growth SMEs should tap this opportunity to raise new financing streams and build global brands though IPOs. It will also make Dubai the destination to raise equity capital for good quality SME businesses. Dubai SME is therefore pleased to partner with Taylor Wessing in these two critical areas as major corporate strategies for SME development,” Al Janahi added.
Ben Constance, Partner of Taylor Wessing’s Dubai office said: “Taylor Wessing is very pleased to be in partnership with Dubai SME. Collaborating with the SMEs in Dubai is an exciting project for us. The SME sector in Dubai is clearly a thriving and dynamic segment of the economy and one, as a professional advisory firm, we interact with regularly. We hope that offering international standard advice to SMEs will help SME100 companies to develop further and attract funding to take them to the next stage of their growth cycle.”