Page 382 - MOE ENGLISH PR REPORT - MARCH 2025

But that’s not all, of course – from the provision of “golden visas” for entrepreneurs in the country, to
allowing companies in a variety of sectors to have full foreign ownership, Al Mazrouei pointed out
that the UAE’s entrepreneurial ecosystem has been “greatly enhanced” through several such
offerings and incentives. “As a result, over the last few years, the UAE has witnessed a remarkable
166 percent increase in the number of SMEs, contributing to a 3.6 percent gross domestic product
(GDP) growth in the first half of 2024 alone,” Al Mazrouei added. “The total number of business
licenses registered in the UAE stands at a record high of nearly 1.1 million today.”

Such stats add to the global recognitions that the UAE has garnered for itself in the recent past as
well. For one, the UAE was ranked first for the third consecutive year in the Global Entrepreneurship
Index for 2023-2024, with the country being especially noted for factors like financing, ease of
market entry, and government support. The report also pointed to the UAE as being the best global
destination for starting and operating new business ventures with a score of 7.7, which, Al Mazrouei
proudly pointed out, is the highest ever recorded in the history of the report.
Furthermore, Al Mazrouei highlighted the fact that the UAE also ranked seventh globally in the
International Institute for Management Development’s (IMD) World Competitiveness Yearbook for
2024, achieving second place in the “economic performance” pillar as well as 10th in “business
efficiency,” which serves as a reiteration of the country’s robust economic growth, pro-business
policies, and thriving investment climate. And even as the country leaves no stone unturned to
make it a conducive arena for entrepreneurship, Al Mazrouei noted that the UAE’s business-friendly
environment, with its streamlined regulations, pro-business policies, and strong intellectual
property protections, has also cultivated investor confidence, thereby enhancing its attractiveness
as an FDI destination.

“According to the World Investment Report 2024 issued by the United Nations Trade and
Development body, the value of FDI inflows to the UAE in 2023 amounted to US$30.7 billion,
compared to $22.7 billion in 2022, representing a 35 percent increase in inflows,” Al Mazrouei
shared. “This remarkable increase in investments flowing into the UAE's economy has resulted in
the country advancing to 11th place globally in attracting foreign investments, climbing 10 spots
compared to 2022. The UAE was also ranked first in the West Asia and North Africa region for
attracting FDI inflows, capturing 31.1 percent of the total. This achievement underscores the UAE's
position as a regional leader in attracting investment, and fostering a
competitive business environment. Meanwhile, the total value of Emirati investments abroad,
encompassing both government and private sectors, have reached a staggering $2.5 trillion.”

But as amazing as these achievements are, the UAE has never been a nation that rests on its
laurels, and that would explain its continued efforts to further bolster its entrepreneurial
ecosystem. “Building a resilient and adaptive entrepreneurship ecosystem requires a mix of policy
changes and strategic partnerships,” Al Mazrouei shared. “These changes should address the
structural, social, financial, and environmental aspects of entrepreneurship. The most prominent
ones revolve around the simplification of regulations and reducing bureaucracy, as well as access
to financing, education and training, and infrastructure for digital transformation.”

At the same time, Al Mazrouei noted that the UAE is making it a point to continue to enhance its
economic openness and strengthen ties with partners around the world, which would unlock new
markets for the country’s business community, as well as enhance their dialogues with their foreign

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