In a monumental move set to redefine the SME landscape in the UAE, Metric, a global financial analytics and intelligence platform for small and medium businesses (SMEs), has joined forces with Sheikha Latifa bint Mohammed bin Al Sheikh Mejren & AFAQ Group for Investments. This alliance marks a pivotal moment in Metric’s mission to fortify the SME sector in Dubai, paving the way for a new era of economic growth and innovation which is part of AFAQ’s mission.
This strategic partnership aims to further empower small and medium-sized enterprises (SMEs) across the UAE, emphasizing the critical role these businesses play in the UAE’s economic growth. Metric has been used across 190 countries, by 130,000 businesses, including more than 10,000 businesses in the UAE.
The collaboration between Metric and Sheikha Latifa bint Mohammed bin Al Sheikh Mejren through AFAQ Group signifies a deepening commitment to the SME sector in Dubai and the wider UAE. As of mid-2022, the number of SMEs in the UAE reached 557,000, contributing a substantial 63.5% to the non-oil GDP. Projections indicate that by 2030, this number will swell to 1 million, underscoring the sector’s importance to the nation’s economic diversification 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.”
Globally, SMEs are recognized as vital engines of economic growth and innovation. Countries that have successfully supported their SME sectors, such as Germany and South Korea, have seen remarkable economic resilience and job creation. For instance, in Germany, SMEs, known as the Mittelstand, are credited with driving the country’s economic success, contributing significantly to exports and employment.
In the UAE, the government’s focus on nurturing SMEs is evident through various initiatives and policies designed to create a conducive environment for these businesses. Despite these efforts, challenges such as access to finance, market competition, and the necessity for sophisticated business insights persist.
Metric’s platform offers easy integrations with popular accounting software and local banks, eliminating manual data entry and allowing business owners to concentrate on growing their businesses. Business owners get simple dashboards, with no accounting or finance knowledge required, to make better decisions.
The platform’s AI engine, Max, aims to provide unparalleled financial analysis, identifying spending patterns and growth opportunities that traditional accounting tools often miss.
Metric is backed by local and international VCs, including 500 Global through their Sanabil MENA fund.
“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.”
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 & 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.
“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.
