Page 454 - MOE ENGLISH PR REPORT - OCTOBER 2024

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

https://www.abudhabinews.net/news/274707429/alia-al-mazrouei-reviews-uae-efforts-to-develop-entrepreneurship-environment-new-economic-model-… 2/3