UAE's Entrepreneurship Environment And Economic Model Reviewed By Alia Al Mazrouei At Expand North Star 2024

Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, recently participated in a session at Expand North Star 2024. This event, held at Dubai Harbour from 13th to 16th October, is organised by the Dubai World Trade Centre and hosted by the Dubai Chamber of Digital Economy. It is one of the largest gatherings for startups and investors worldwide.

During her address, Al Mazrouei highlighted the UAE's comprehensive entrepreneurship ecosystem. She credited this to the country's wise leadership, which has fostered pioneering initiatives and a flexible legislative framework. The UAE has also introduced competitive incentives for business establishment and startup growth.

The UAE has implemented over 60 legal amendments to support SMEs and boost their GDP contribution. Currently, there are more than 50 government and private business incubators and accelerators in the country. These efforts have led to the UAE being ranked first globally by the Global Entrepreneurship Monitor (GEM) report for three consecutive years.

Al Mazrouei informed forum participants about various initiatives aimed at enhancing the national entrepreneurship environment. These include the National Programme for Small and Medium Enterprises, The Entrepreneurial Nation, and Future 100 initiative. Additionally, free economic zones and industrial complexes have been established to support entrepreneurial ventures.

The Ministry of Economy collaborates with partners at local, regional, and global levels to position the UAE as a leading hub for entrepreneurship by 2031. This aligns with the National Agenda for Entrepreneurship and SMEs, aiming to enhance innovation across economic sectors.

Al Mazrouei stated that "The global entrepreneurship event Expand North Star taking place in Dubai this year... serves as an ideal opportunity to enhance the momentum of investment in startups and digital entrepreneurship." She emphasised its role in exchanging best practices on policies supporting SME growth locally and globally.

Focus on Sustainable Sectors

Entrepreneurship plays a crucial role in achieving the UAE's goal of becoming a global hub for the new economy by 2031. It encourages projects in future-oriented sectors like FinTech, sustainable manufacturing, smart mobility, and AI.

Positive indicators show continued growth in entrepreneurship within the country. SMEs now represent 95% of companies operating in UAE markets and employ 86% of the private sector workforce. Their contribution to GDP reached 63.5%, with Emirati-owned SMEs growing by 10.4% in 2022.

The UAE's strategic focus on entrepreneurship aims to drive economic growth through innovation and creativity across various sectors. By fostering an environment conducive to startup success, it seeks to maintain its position as a global leader in entrepreneurship.

With inputs from WAM