Page 439 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/28/24, 10:33 AM Alia Al Mazrouei reviews UAE's efforts to develop entrepreneurship environment, new economic model at Expand North Star - Ey…
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 also form part of these efforts.

Al Mazrouei explained that 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 SMEs sector.

In her speech during the session, Al Mazrouei stated, “The global entrepreneurship event Expand North Star taking place in
Dubai this year, bringing together thousands of business leaders, global investors, startups, entrepreneurs, and international
investment funds, serves as an ideal opportunity to enhance the momentum of investment in startups and digital

entrepreneurship. It contributes significantly to the exchange of best practices on competitive policies that support the growth
of the SMEs environment locally, regionally, and globally, and the localisation of innovative ideas in various economic sectors.”

She added, “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.”

Furthermore, Al Mazrouei reviewed a set of positive indicators that reflect the continued growth of entrepreneurship and SMEs
in the country. Today, SMEs account for 95 percent of the total number of companies operating in the UAE’s markets, and 86
percent of the private sector workforce. Their contribution to the UAE's GDP reached 63.5 percent. Meanwhile, SMEs owned

by Emiratis grew by 10.4 percent in 2022.

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