Page 50 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 1)

Press Release

H.E. Alia Al Mazrouei meets with CEOs of 20 venture capital funds to
discuss enhancing national entrepreneurship ecosystem & the financing of

startups

Meeting emphasizes SMEs sector’s importance in building a knowledge-based and
innovative economy in the UAE

Abu Dhabi, 18 September 2024 - Her Excellency Alia bint Abdulla Al Mazrouei, UAE Minister
of State for Entrepreneurship, held a roundtable with 20 directors and CEOs of venture capital
funds. The meeting was aimed at enhancing cooperation to support the development of the UAE’s
entrepreneurial ecosystem and the growth of startups by promoting their expansion into new
economic sectors. This will be achieved through equipping them with necessary skills to enhance
their chances for securing funding, partnerships, investment opportunities, and engagement with
domestic and foreign investors.

H.E. Alia Al Mazrouei said: “The UAE sees SMEs and entrepreneurship as key drivers in building
a knowledge-based, innovative, and competitive national economy. Therefore, we are continuing
concerted efforts to enhance the country’s entrepreneurial environment, making it more appealing
to startup owners, innovators, and talents, and to become a leading hub for entrepreneurship by the
next decade, in line with the goals of the national agenda for entrepreneurship and SMEs.”

“The meeting with venture capital funds concerned with supporting SMEs in the country forms
part of these efforts and contributed to the exchange of experiences on best practices and policies
in the sector, enhancing cooperation in driving SME growth and enabling their access to regional
and global markets,” H.E. added.

During the meeting, the Minister of Entrepreneurship highlighted the UAE’s favorable
environment for investors, venture capitalists and venture capital deals, which ranked first in
MENA in terms of the number of venture capital deals, and second in terms of the value of these
investments attracted by emerging capital markets in H1 2024, as revealed by a Magnitt report.

Furthermore, H.E. Alia Al Mazrouei reviewed a set of indicators confirming the importance of the
SMEs sector in supporting the growth of the national economy. SMEs constitute 95 per cent of all

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