UAE’s small and medium enterprise (SME) sector is set to receive a boost from the government that will allow for more job opportunities, according to a report.

A deal was signed between the Arab Monetary Fund (AMF) and the Dubai Economic Council aimed at enhancing strategic cooperation between both parties in various fields such as research and monetary data exchange, said the Gulf News report.

“SMEs have an important role in Arab economies, and we could have strong cooperation in order to grow these enterprises and strengthen their hiring capacity,” Abdulrahman Al Hamidy, director general and chairman of the AMF, was quoted as saying.

“The Arab world has the highest rates of young people and the highest rates of unemployment, so such cooperation can really help SMEs and hence, the economy,” he said.

The development of the sector will need co0operation between both public and private parties, said the report.

According to the deal, the two parties will have a joint agenda that will include economic policy research projects, training programmes, and the exchange of economic and technical advice, it said.

The deal will also strengthen existing cooperation with the Dubai Economic Council especially in areas of common interest on economic and financial policies related to the UAE, GCC, and other Arab economies, it added.