Page 455 - 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
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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