The Dubai Business Women Council, DBWC, the UAE’s leading platform for the personal and professional development of women in the emirate and beyond, has partnered with the Pearl Initiative consultancy, to raise awareness among regional micro-, small-, and medium-sized enterprises, MSMEs, on the importance of good governance and accountability.

More than 150 industry leaders and experts from the top public and private entities and SMEs attended an interactive session, which detailed the strategic implementation of best practices in corporate governance and accountability across the GCC’s thriving MSME sector. The event attracted speakers from the Pearl Initiative, DBWC, International Finance Corporation, IFC, ICON Investment Consultants and Endeavour UAE, an organisation that helps entrepreneurs accelerate their growth.

Participants at the event, held at the DBWC, explored how strengthening the regulatory environment of various sectors is an essential element to improving the UAE’s business environment in the country’s ongoing drive towards a more diversified economy.

Dr. Raja Al Gurg, President of DBWC, said, "The Dubai Business Women Council provides an important platform for stimulating and encouraging dialogue that drives a positive impact on society and the economy. With micro, small and medium enterprises being instrumental in shaping the regional economy of the future, this roundtable and the focused discussion on corporate governance was invaluable for MSMEs seeking to grow their businesses."

Carla Koffel, Executive Director of Pearl Initiative, said, "Employing more than 17 million people in the Gulf region alone, MSMEs are key drivers of the economy. However, reports suggest that only 30 percent are equipped for the transition to the next level of growth this is where good corporate governance practices come in. The Pearl Initiative has dedicated significant resources to exploring the challenges MSMEs face and raising awareness of the benefits good corporate governance can bring.

"Organised in collaboration with the DBWC, the aim of our roundtable was to shed light on the current state of MSMEs and help attendees understand how they can adopt corporate governance practices within their businesses to increase the long-term value of their operations."

During the event, participants exchanged views on the impact of an effective authority matrix on the competitiveness of the MSMEs.