Page 73 - MOE ENGLISH PR REPORT - DECEMBER 2024 (International)

Press Release

since SMEs constitute 94% of the total companies operating in the UAE markets, and
contribute 63.5% to our non-oil GDP.”

“The Ministry of Economy is committed to providing all forms of support to Emirati entrepreneurs
and creating a supportive environment for the growth of their businesses, enabling them to attract
investments and promote their products and services in foreign markets. This is in line with the
objectives of the National Agenda for Entrepreneurship and SMEs, which aims make the country
a true entrepreneurial nation by 2031,” she added.

Her Excellency Alia Al Mazrouei shed light on the initiatives under the UAE’s new
entrepreneurship system, which aim to sustain the UAE's leadership and competitiveness in this
field and increase the rate of success for entrepreneurs from 30 percent to 50 percent by 2031.
These initiatives include the “Riyada Fund,” which has allocated incentives totaling AED 300
million to encourage graduates to pursue entrepreneurship and foster an entrepreneurial mindset
and culture among various communities in the country. It also includes the “Youth
Entrepreneurship Council”, which empowers young entrepreneurs to keep pace with developments
in the field and promotes the culture of self-employment among them. Her Excellency Alia Al
Mazrouei urged Korean investors and entrepreneurs to capitalize on the UAE’s dynamic
entrepreneurial environment and explore business and partnership opportunities available across
various vital sectors.

The forum featured a session focused on the UAE, titled “The UAE: Your First Gateway to
Business and Investment.” It was attended by representatives of the Dubai Airport Freezone,
Khalifa University Projects Company, the Emirates Development Bank, and Digitalstores.ae. The
session highlighted the key aspects of the business and investment environment in the UAE,
particularly the provision for 100 percent foreign ownership of companies, as well as the
advantages of the free zones and their advanced infrastructure. Also emphasized was the UAE's
strategic location as a vital gateway connecting the East and West, making it an ideal destination
for an array of economic activities.

In addition, several UAE entrepreneurs delivered impressive presentations on their pioneering
projects and products during various sessions and held meetings with investors and venture
capitalists who participated in the exhibition.

Furthermore, Her Excellency Alia Al Mazrouei attended the MoU signing between the UAE’s
Digitalstores and Shukran Korea, aimed at enhancing the opportunities for the expansion of
Korean companies to the UAE, particularly in the fields of storage and delivery. This agreement
is expected to attract 27 diverse Korean brands - including pharmaceuticals, cosmetics, and ready-
made clothing brands - to the UAE market by 2025.

Her Excellency also attended the signing of an MoU between Remal IoT and Sungjin Techwin,
which saw both parties agree to merge under the name Remal, reflecting a shared vision for the
future. This is particularly significant as Sungjin Techwin, now known as “Remal Korea”, is an