Dubai: The number of SMEs in the UAE totalled 557,000 by end 2022, placing the economy in line to have up to 1 million of these business by end of this decade.

“We understand the importance of micro- and SMEs in driving economic growth,” said Vikas Panchal, General Manager - Middle East, Tally Solutions. “We are excited to host the third edition of the MSME Honours.”

This year, Tally will be recognizing outstanding MSMEs across categories, including Middle East, India, Africa, Bangladesh, Nepal, and Indonesia. “The initiative takes into account the diversity of businesses and aims to recognize them at a hyper-local level,” the company said in a statement.

The honours will be awarded to entrepreneurs, creators, small and new business owners, or independent business leaders.

The MSME Honours extend to across four categories – ‘wonder woman’, ‘E-preneur icon’, ‘tech transformer’ and ‘business maestro’.

The UN has designated June 27 as ‘Micro-, Small, and Medium-sized Enterprises’ to raise awareness of the contributions of such enterprises.