Dubai SME signs MoU with law firm Taylor Wessing
Partnership aims to raise awareness about intellectual property management and fundraising among Dubai SME 100 companies
April 28, 2014 9:25 by kippreport
Dubai SME, an agency of the Department for Economic Development in Dubai mandated to develop the SME sector, has signed a memorandum of understanding (MoU) with the international law firm, Taylor Wessing, to raise greater awareness and impart knowledge to Dubai SME 100 companies in the areas of intellectual property management and fundraising in capital markets.
Intellectual property management and fundraising are complex subjects, which Dubai SME 100 companies have indicated they would like to learn, particularly around legal due diligence, corporate governance and local and international regulatory requirements.
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 SME 100 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 SME 100 identifies the top-performing SMEs in Dubai to help groom them into bigger, more sustainable enterprises and support them throughout their growths into larger, internationally oriented companies.
Commenting on the partnership, Abdul Baset Al Janahi, CEO of Dubai SME, says the development of the Dubai and UAE economies and emerging opportunities and trends demand that local SMEs deepen their awareness of intellectual property management 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 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 adds.
Ben Constance, partner at Taylor Wessing’s Dubai office, concludes: “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 SME 100 companies to develop further and attract funding to take them to the next stage of their growth cycles.”