Page 310 - MOE ENGLISH PR - MAY 2024

5/29/24, 3:33 PM Next50 initiative holds its first meeting to formulate a new vision to promote the growth & expansion of UAE’s private sector compa…
Furthermore, the Minister of Economy reviewed the incentives and growth prospects that
the UAE economy offers to the private sector including startups. The UAE has succeeded

in developing a comprehensive, resilient, and competitive legislative system to foster an

ideal economic climate. By doing so, the country has consolidated its position as a leading
global economic, investment, and financial hub, which provides all ingredients for success

to businesses, investors, and startups from all over the world. According to a UNCTAD
report, the UAE has the second highest growth globally in the number of new foreign

investment projects in 2023, with over 788,000 companies currently operating in the
country.

The meeting discussed a range of topics aimed at enhancing the investment and business

growth of the Next50 companies, including the formulation of a new vision to support their
growth in the local and global markets, the promotion of communication and cooperation

between the business community, local and federal economic bodies, banking institutions

and investment funds, as well as facilitating their financing in local and international
markets and supporting their active participation in ‘Investopia dialogues’.

At the meeting, Hadi Badri, CEO of the Dubai Economic Development Corporation,

reviewed the Dubai Economic Agenda D33, which entails 100 transformational projects
with ambitious economic targets that seek to double the size of Dubai's economy by 2033

and consolidate its position among the top three economic cities in the world.

The meeting also discussed a range of mechanisms aimed at leveraging the UAE’s
innovation landscape by supporting scientific research activities, enhancing the

competitiveness of technology startups, efforts to facilitate business processes and
eliminating all unnecessary bureaucracy. Fostering transparency within the business and

investment environment, providing training programs for start-ups, as well as attracting
and retaining talent and developing their skills are also key focus areas.

Through the ‘Next50’ initiative, Investopia, in collaboration with EMIR Research, will help

accelerate the UAE economy’s growth by selecting the fastest-growing companies to join
the initiative and supporting the growth of their operations. It seeks to provide channels for

entrepreneurs to communicate with government and private institutions and governing

bodies, facilitate access to funding through major investment funds, banks and family
offices, and strengthen their presence within local and international markets.

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