Page 48 - MOE ENGLISH PR REPORT - OCTOBER 2024

Press Release

H.E. Alia Al Mazrouei reviews UAE's efforts to develop national

entrepreneurship environment and the new economic model at ‘Expand
North Star’ event

Minister of State for Entrepreneurship: The UAE today boasts a comprehensive
entrepreneurship and SMEs ecosystem. The event is an ideal opportunity to enhance
investment prospects in startups and technology

Abu Dhabi, 14 October 2024 – H.E. Alia bint Abdulla Al Mazrouei, Minister of State for
Entrepreneurship, participated in a session titled ‘The UAE's Vision for Entrepreneurship - Future
Growth Opportunities for Local and Global Investors,’ 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
organized by the Dubai World Trade Centre and hosted by the Dubai Chamber of Digital Economy
at Dubai Harbour from 13 to 16 October.

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

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