Page 452 - MOE ENGLISH PR REPORT

Page 452 - MOE ENGLISH PR REPORT - OCTOBER 2024

P. 452

10/25/24, 11:40 AM H.E. Alia Al Mazrouei reviews UAE's efforts to develop national entrepreneurship environment and the new economic model at ‘E…
UAE set to become a leading hub for entrepreneurship by 2031

H.E. 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.

A global event for entrepreneurship and startups

In her speech during the session, H.E. said: “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 localization of innovative ideas in various economic sectors.”

“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,” H.E.
added.

UAE entrepreneurship landscape’s growth

Furthermore, H.E. Alia 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 per cent of the total number 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.

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