Page 49 - MOE ENGLISH PR REPORT - OCTOBER 2024

Press Release

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 to the UAE's GDP reached 63.5 per cent. Meanwhile, SMEs owned
by Emiratis grew by 10.4 per cent in 2022.

-Ends-

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