Page 443 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/25/24, 11:39 AM Home | Emirates News Agency
Al Mazrouei said that the UAE, thanks to the guidance of its wise leadership, boasts a comprehensive

entrepreneurship and SME ecosystem today, characterised by pioneering initiatives, a flexible legislative
framework, and competitive incentives for establishing businesses and startups. Furthermore, the UAE has

amended over 60 laws to support the growth of SMEs and increase their contribution to the national GDP.

Today, this ecosystem houses more than 50 government and private business incubators and accelerators. In
light of these developments, the UAE has been ranked first globally for the third consecutive year by the

Global Entrepreneurship Monitor (GEM) report 2023/2024, surpassing many advanced economies. The
country has also been classified as the best place in the world to set up and operate new businesses.

Al Mazrouei apprised the participants of the forum of the UAE's and the Ministry of Economy's efforts to

enhance the national entrepreneurship environment. These efforts include the launch of the National
Programme for Small and Medium Enterprises, The Entrepreneurial Nation, the Future 100 initiative, the

Thabat family business programme, as well as 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 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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