Page 434 - MOE ENGLISH PR REPORT - OCTOBER 2024

consecutive year by the Global Entrepreneurship Monitor (GEM) report 2023/2024, surpassing
many advanced economies,” the minister said at a session titled ‘The UAE’s Vision for
Entrepreneurship — Future Growth Opportunities for Local and Global Investors.’
The session took place at Expand North Star 2024, one of the largest events for startups and
investors from around the world. The event is being organised by the Dubai World Trade Centre, and
hosted by the Dubai Chamber of Digital Economy at Dubai Harbour.

According to the minister, SMEs account for 95 per cent of companies operating in the UAE’s
markets and 86 per cent of the private sector workforce. Their contribution to the UAE’s GDP
reached 63.5 per cent. Meanwhile, SMEs owned by Emiratis grew by 10.4 per cent in 2022.

Al Mazrouei said the UAE’s entrepreneurship and SMEs ecosystem is characterized by pioneering
initiatives, a flexible legislative framework, and competitive incentives for establishing businesses
and startups.

Outlining the Ministry of Economy’s efforts to enhance the national entrepreneurship environment,
she said the ongoing programmes include launching the National Programme for Small and
Medium Enterprises, The Entrepreneurial Nation, the Future 100 initiative, and the ‘Thabat’ family
business programme. Other measures include the establishment of free economic zones and
industrial complexes that support the growth of entrepreneurial ventures, competitive tax rates for
companies, reduced fees for obtaining the ‘National Value Added Certificate,’ and the granting of
golden visas to entrepreneurs and talented individuals for up to 10 years.

Al Mazrouei said the Ministry of Economy continues its efforts in collaboration with its partners at
local, regional, and global levels, to position the UAE as a leading hub for entrepreneurship by 2031.
“This is in line with the objectives of the National Agenda for Entrepreneurship and SMEs, as well as
the goal to enhance innovation and creativity across various economic sectors, highlighting the
vital role of startups in driving growth within the country’s SME sector.”

“Entrepreneurship is a key pillar in achieving the UAE’s goal of becoming the global hub for the new
economy by 2031, as it encourages entrepreneurs and startups to establish projects in future and
sustainable economic sectors such as FinTech, sustainable manufacturing, smart mobility, and AI,”
the minister added.

https://www.khaleejtimes.com/business/uae-amends-over-60-laws-to-support-sme-growth