Page 464 - 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
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

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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