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10/25/24, 11:40 AM Expand North Star: Alia Al Mazrouei reviews UAE's efforts to develop entrepreneurship environment, new economic model - Aleti…

60 laws

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.

Tax rates, Golden Visas

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

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