Page 226 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/20/24, 11:32 AM Empowering Ventures: H.E. Alia bint Abdullah Al Mazrouei, UAE Minister Of State For Entrepreneurship | Entrepreneur
Given that her first entrepreneurial venture in the UAE (i.e. the F&B brand, Just Falafel) got

off the ground in 2007, Al Mazrouei has had a front-row seat to the evolution of the country's
startup and SME ecosystem, which she deems as having been just remarkable, especially

over the last couple of years. "Strategic federal initiatives have significantly enhanced our

landscape, enabling full foreign ownership, introducing golden visas, and improving

intellectual property rights, all of which create a conducive environment for business
growth," Al Mazrouei points out. "Targeted support for SMEs and startups has provided

essential training and resources, while robust legal frameworks ensure the sustainability of

family businesses and cooperatives. Plus, as we empower women entrepreneurs and
women-led SMEs, particularly in emerging sectors, we unlock immense potential for

contributions to our economy. The UAE's recognition as the leading global destination for

new ventures, coupled with our high score in the Global Entrepreneurship Monitor Report
for 2023/2024, reinforces our commitment to nurturing talent and innovation. We welcome

innovators and entrepreneurs worldwide to explore our market and leverage its

advantages."

Related: Driving The Digital Economy: A Look At Dubai's Initiatives In Building A Resilient

Tech Startup Landscape

But as much as the UAE's entrepreneurial ecosystem has a lot going for it, Al Mazrouei

does admit that it can also present a fair number of challenges for those wanting to operate

in it—however, she is keen to point out that the country is making an effort to alleviate them
all the same. "Innovators in our ecosystem often face hurdles such as access to finance,

navigating regulatory landscapes, and achieving full participation in the business

environment," she says. "But the UAE government has been proactive in addressing many

of these challenges through legislative amendments and policy reforms, shaped by
meaningful consultations with the private sector. For instance, the introduction of full foreign

ownership has been a game-changer, leading to the establishment of over 275,000 new

companies in just a year and a half, pushing the total to over 788,000 by the end of 2023."

https://www.entrepreneur.com/en-ae/growth-strategies/empowering-ventures-he-alia-bint-abdullah-al-mazrouei/479617 3/10