Dubai Business Women Council (DBWC) and UAE-grown management consultancy, METIS, have joined forces to equip women across the country with the necessary knowledge and skills to successfully navigate the region’s complex business landscape. The introduction of Value Added Tax (VAT) can lead to additional significant challenges for Small Medium Enterprises (SMEs) and entrepreneurs in the UAE. Issues such as increased stress on working capital, the disruption of existing banking arrangements and, in extreme cases, an increased vulnerability to fraud, are potential pitfalls for those playing a significant role in driving innovation and economic growth of an increasingly diversified economy.
According to the UAE Ministry of Economy, the SME sector represents more than 94 percent of the total number of companies operating in the country, with women playing an increasingly prominent role – as cited at the UAE’s first Women Economic Empowerment Global Summit in 2017, 46.6 percent of the UAE’s labour force is made up of women.
“This central importance of women to the thriving socio-economic fabric of the nation illustrates how critical it is to offer a platform for strategic education and training that equips women with the tools to continue overcoming barriers in their paths to success. An understanding of the macro business landscape, especially in light of the recent introduction of Value Added Tax, is vitally important and we are committed to ensuring our members are prepared to excel in business and society,” said Dr. Raja Al Gurg, President, Dubai Business Women Council.
In the first of a series of workshops held at the Dubai Chamber of Commerce and Industry this week, experts from METIS Management Consultancy took participants through a deep-dive into the impact of VAT on business – including operational mechanics, safeguarding against fraudulent practices and managing working capital with banking providers. The UAE firm has partnered with DBWC to offer members financial guidance and business strategy best practices in line with its commitment to supporting the UAE’s vision of greater female workforce participation.
Nayef Shahin, Founder, and Managing Partner, METIS Management Consultancy, said: “As an Emirati firm, we are committed to giving back to the local community, especially its key contributors – women. The mission and values of Dubai Business Women Council align perfectly with our objectives, so this partnership was a perfect fit for METIS. We look forward to this journey of supporting and empowering all those under the entity.”
As the UAE’s leading platform for accelerating the region’s gender balance mission, DBWC’s partnership with METIS plays an important role in facilitating more female-led innovation in the UAE’s drive for a sustainable and diversified economy.