WAM Dubai, May 17th, 2012 (WAM) -- Acting upon the directives of UAE Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the UAE government announced today the launching of the Middle East Forum for Small and Medium Enterprises (MEFSME).

The initiative is designed to create jobs and investment channels for young entrepreneurs in the region through the gathering of policy makers, senior financiers and investors with entrepreneurs, as well as to discuss the most important challenges facing this sector and develop appropriate solutions with the participation of international experts .

Small and Medium Sized Enterprises are regarded as an economy's engine of growth and employment. Approximately 70% and above of any country's economic growth is grateful to the SME sector.

Sheikh Mohammed bin Rashid Al Maktoum has given directives to make the event the largest of its kind in the region in order to activate this sector regionally for producing tens of thousands of new businessmen, whom the region needs to promote the economic growth.

Through this forum, as well as many other initiatives launched earlier , UAE aims to become the global leader in supporting SMEs.

The UAE has established several institutions and funds to support youth projects and provided incubators for these projects. It has also developed state policies at the local and federal levels to support these projects, developing the country's practically significant experience which can provide expertise to all countries that want to develop this vital sector.

The Middle East Forum for SMEs will bring policy makers, government, banking and institutional investors and financial experts and world leaders in this area under one umbrella, and will be open also for young people to market their projects to investors and to interact with experts in the sector, as well as to gain ideas and insights on best practices related to the development of their businesses.

The MEFSME is scheduled to be held from 20 to 22 November, 2012 at the Dubai World Trade Centre.

WAM/AB