UAE boasts comprehensive entrepreneurship, SME ecosystem

Alia Bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, participated in a session titled ‘The UAE’s Vision for Entrepreneurship - Future Growth Opportunities for Local and Global Investors’, which took place at Expand North Star 2024, one of the largest events for startups and investors from around the world. The event is being organised by the Dubai World Trade Centre and hosted by the Dubai Chamber of Digital Economy at Dubai Harbour from 13th to 16th October.

Al Mazrouei said that the UAE, thanks to the guidance of its wise leadership, boasts a comprehensive entrepreneurship and SME ecosystem today, characterised by pioneering initiatives, a flexible legislative framework, and competitive incentives for establishing businesses and startups. Furthermore, the UAE has amended over 60 laws to support the growth of SMEs and increase their contribution to the national GDP. Today, this ecosystem houses more than 50 government and private business incubators and accelerators. In light of these developments, the UAE has been ranked first globally for the third consecutive year by the Global Entrepreneurship Monitor (GEM) report 2023/2024, surpassing many advanced economies. The country has also been classified as the best place in the world to set up and operate new businesses.

Al Mazrouei apprised the participants of the forum of the UAE’s and the Ministry of Economy’s efforts to enhance the national entrepreneurship environment. These efforts include the launch of the National Programme for Small and Medium Enterprises, The Entrepreneurial Nation, the Future 100 initiative, the Thabat family business programme, as well as the establishment of free economic zones and industrial complexes that support the growth of entrepreneurial ventures. Competitive tax rates for companies, reduced fees for obtaining the National Value Added Certificate, and the granting of golden visas to entrepreneurs and talented individuals for up to 10 years also form part of these efforts.

Al Mazrouei explained that the Ministry of Economy continues its efforts in collaboration with its partners at local, regional, and global levels, to position the UAE as a leading hub for entrepreneurship by 2031. This is in line with the objectives of the National Agenda for Entrepreneurship and SMEs, as well as the goal to enhance innovation and creativity across various economic sectors, highlighting the vital role of startups in driving growth within the country’s SMEs sector.

In her speech during the session, Al Mazrouei stated, “The global entrepreneurship event Expand North Star taking place in Dubai this year, bringing together thousands of business leaders, global investors, startups, entrepreneurs, and international investment funds, serves as an ideal opportunity to enhance the momentum of investment in startups and digital entrepreneurship. It contributes significantly to the exchange of best practices on competitive policies that support the growth of the SMEs environment locally, regionally, and globally, and the localisation of innovative ideas in various economic sectors.”

She added, “Entrepreneurship is a key pillar in achieving the UAE’s goal of becoming the global hub for the new economy by 2031, as it encourages entrepreneurs and startups to establish projects in future and sustainable economic sectors such as FinTech, sustainable manufacturing, smart mobility, and AI.”

Furthermore, Al Mazrouei reviewed a set of positive indicators that reflect the continued growth of entrepreneurship and SMEs in the country. Today, SMEs account for 95 percent of the total number of companies operating in the UAE’s markets, and 86 percent of the private sector workforce. Their contribution to the UAE’s GDP reached 63.5 percent. Meanwhile, SMEs owned by Emiratis grew by 10.4 percent in 2022.

Meanwhile, Khalifa Fund for Enterprise Development has announced its support for four outstanding Emirati businesses in the information technology and communications sector at Expand North Star 2024, the world’s largest event for global startups and investors, set to take place at Dubai Harbour from 13th to 16th October.

Organised by the Dubai World Trade Centre and hosted by the Dubai Chamber of Digital Economy, Expand North Star is part of the renowned Gitex Global in Dubai, and is poised to unite startups, investors and industry leaders from around the world, showcasing groundbreaking innovations and fostering collaboration across various sectors.

The list of participants supported by Khalifa Fund includes Rafeeg, a platform bridging the gap between customers and service providers, offering seamless access to trusted home maintenance services; By Tech, a technology firm focused on helping businesses grow through innovative digital solutions tailored to their unique needs; Osool Communications and Technical Systems, a market leader in providing cutting-edge communication and security solutions, from CCTV systems to home automation, ensuring high-quality and cost-effective services; and Anigma Technologies, an Abu Dhabi-based gaming brand dedicated to enhancing the gaming experience in the GCC by offering premium gaming PC components and custom-built systems.

Mouza Obaid Al Nasri, Acting CEO of Khalifa Fund, stated, “At Khalifa Fund, we place the support of the Emirati entrepreneurial community at the forefront of our priorities, focusing on enterprises and companies that embrace sustainable practices, adopt digital transformation and innovate effective solutions. We recognise that this forward-looking vision is fundamental to success in an ever-evolving economy and contributes to shaping a diverse and sustainable economic future. By supporting Emirati businesses at Expand North Star 2024, we strategically position them within one of the world’s most dynamic technology ecosystems. This not only elevates their global presence but also opens doors to meaningful partnerships and investment opportunities. Our participation highlights the strength of Emirati innovation and reaffirms the UAE’s commitment to advancing a knowledge-based economy.”

WAM