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10/25/24, 11:39 AM UAE boasts comprehensive entrepreneurship, SME ecosystem - GulfToday

Alia Bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, participated in a
session titled ‘The UAE’s Vision for Entrepreneurship - Future Growth Opportunities for Local
and Global Investors’, which 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
from 13th to 16th October.

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

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