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Mid East Info
20-05-2025
- Business
- Mid East Info
H.E. Alia Al Mazrouei briefs Italian women entrepreneurs on UAE's supportive ecosystem for entrepreneurship & SME growth
Minister of State for Entrepreneurship participates in a panel discussion hosted by Chair of Milan Stock Exchange Her Excellency Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, participated in a panel discussion titled ' Entrepreneurship Without Borders ,' hosted by Claudia Parzani, Chair of the Milan Stock Exchange. The session, held as part of the third edition of Investopia Europe in Milan, brought together over 100 Italian women entrepreneurs. Discussions focused on developments in the business landscapes of the UAE and Italy and highlighted the importance of empowering women in economic and commercial sectors. During the session, H.E. Alia Al Mazrouei highlighted the UAE's supportive ecosystem for entrepreneurship and SME growth, and its role in attracting entrepreneurs from around the world. She also emphasized the country's flexible economic legislation that facilitates the establishment of startups across various sectors and economic activities. Her Excellency noted that the UAE and Italy enjoy a strong and multifaceted economic partnership, underpinned by shared visions for the future economy, including digital and technological sectors. This alignment presents a valuable opportunity to deepen cooperation in the field of entrepreneurship, in a manner that supports the strategic goals of both nations. Her Excellency said: 'Under the directives of its wise leadership, the UAE has made it a priority to enhance women's contribution across various economic sectors by encouraging them to launch pioneering projects that drive economic development and support the achievement of greater gender balance. By the end of 2024, the number of commercial licenses held by Emirati women entrepreneurs in the UAE market exceeded 135,000 – reflecting a 23 per cent increase. In the first half of the year alone, nearly 2,000 new companies were established by Emirati businesswomen, underscoring their growing presence and active role in the national business community.' Her Excellency added: 'Small and medium-sized enterprises are a key driver of growth and sustainability of the national economy. They play a pivotal role in advancing the UAE's transition toward a knowledge- and innovation-based economic model, while supporting the objectives of the 'We the UAE 2031' vision, which aims to double the national GDP to AED 3 trillion by the next decade. In support of this goal, the UAE has launched a range of initiatives and strategies designed to provide SMEs with access to financing, resources, and capabilities that foster business development and global market entry. These efforts are further bolstered by the UAE's strategic geographic location, serving as a vital link between East and West, and North and South.' In this context, Her Excellency briefed attendees on the wide range of services and incentives offered by the UAE's National Program for SMEs, which includes over 25 support measures for entrepreneurs. She also highlighted the 'Future 100' initiative, along with other key components of the UAE's entrepreneurship ecosystem, which are designed to enhance national competitiveness and raise the success rate of entrepreneurs from 30% to 50% by 2031. Among the most prominent initiatives are the Riyada Fund and the UAE Entrepreneurship Council. Furthermore, H.E. Alia Al Mazrouei invited Italian women entrepreneurs to expand their businesses and launch new ventures in the UAE across various economic sectors, encouraging them to seize the wide array of opportunities available. She emphasized that the UAE has ranked first globally for the fourth consecutive year in the Global Entrepreneurship Monitor 2024-2025 and has been recognized as the top destination for entrepreneurship and SMEs among 56 economies worldwide. Today, SMEs represent 95 per cent of all companies operating in the UAE. Her Excellency noted that the UAE Ministry of Economy is actively promoting digital transformation and the adoption of advanced technologies by SMEs, with a particular emphasis on artificial intelligence. This priority area is being advanced in collaboration with relevant ministries and authorities at both regional and global levels, reflecting the central role of technology and innovation as key pillars of the UAE's future economy.
Yahoo
25-03-2025
- Business
- Yahoo
Giglio.com Feels Luxury Slowdown in 2024, Inches Closer to Breakeven
MILAN – Italy's was not immune to the slowdown in luxury spending las year. Amid an iffy outlook for luxury players and many of the e-commerce giants, the luxury online retailer, listed on the AIM Italia program of the Milan Stock Exchange dedicated to small and medium-sized companies, logged an 18 percent drop in 2024 sales to 46.2 million euros. More from WWD Martin Miller, Architect of Cremieux-Dillard's Deal, Dies at 94 SpangleAI Secures $6M Seed Funding to Improve AI-powered Shopping Journeys EXCLUSIVE: Hourglass Bets on Brick-and-mortar With Global Flagship Thanks to cost-containment and efficiency measures, it managed to improve profitability, though, inching closer to breakeven. In the twelve months to Dec. 31, adjusted earnings before interest, taxes, depreciation and amortization stood at a negative 178,000 euros, a slight improvement over the 230,000-euro loss in 2023. In 2022, the EBITDA was negative at 1 million euros. In the second half of 2024, margins further improved, increasing 0.5 percent. 'The slight revenue contraction, after more than a decade of exponential growth, should be seen as a natural and temporary normalization of demand, following years of inflated business volumes during and immediately after the pandemic,' said Giuseppe Giglio, chairman and chief executive officer of 'We're proud to be a solid and resilient company, capable of improving both EBITDA and net profits against an external environment that remains particularly challenging for our industry. We've responded with the prudence and responsibility needed to stay on track toward swiftly reaching breakeven, despite a significant slowdown in consumer appetite for luxury goods,' he added. Last year, the company completed the relocation of all its operations to the 75,350-square-foot, state-of-the-art logistic and shooting center in Palermo, Italy, unveiled in 2023. The company also said it managed to trim variable costs with increased efficiency in logistics operations and packaging, as well as through 'prudent marketing investments.' In 2024, the net loss stood at 1.27 million euros, compared to a loss of 1.7 million euros in 2023. functions as a marketplace with around 200 brick-and-mortar stores as partners, mainly based in Italy, in addition to France, Spain, and Austria, among other countries. In 2024, two-thirds of gross merchandise value was generated abroad and especially in the European Union. As reported, last July the company introduced Digital Gateway, a new B2B division that provides business clients with services geared at ramping up their digital capabilities. This was followed earlier this year by the launch of Community Shopping, a new omnichannel service allowing partner stores to rely on the platform's entire digital stock, resorting to fellow boutiques for products they do not carry or that are sold out. In addition to the business established in 1996, the Giglio family independently operates five physical boutiques in Palermo, Italy — a business that began in 1965. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange
