Page 463 - 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
which took place at Expand North Star 2024, one of the largest events for startups

and investors from around the world. The event is being organised by the Dubai

World Trade Centre and hosted by the Dubai Chamber of Digital Economy at Dubai

Harbour from 13th to 16th October.

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

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