Page 466 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/25/24, 11:40 AM PRESSR: H.E. Alia Al Mazrouei reviews UAE's efforts to develop national entrepreneurship environment and the new economic …
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.

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