Page 457 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/25/24, 11:40 AM Latest News
H.E. Al Mazrouei said that the UAE, thanks to the guidance of its wise leadership, boasts a comprehensive
entrepreneurship and SMEs ecosystem today, characterized 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.

UAE's efforts in developing the national entrepreneurship environment
H.E. the Minister of State for Entrepreneurship apprised the participants of the forum of the UAE's and the
Ministry of Economy's efforts to enhance the national entrepreneurship environment. These 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.

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

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