Alia Al Mazrouei reviews UAE's efforts to develop entrepreneurship environment, new economic model at Expand North Star

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.