Page 109 - MOE ENGLISH PR REPORT - JULY 2024

SMEs in the local market currently operate in all key economic sectors that support the country's
shift towards a new knowledge-based economic model.

In the past three years, the Ministry of Economy has worked diligently to support Emirati
entrepreneurs across different economic sectors. The Ministry introduced various initiatives to
boost the growth of Emirati SMEs, aid their expansion into international markets, and facilitate their
access to financing and investments, equipping them with necessary resources and tools for
success and continuity. For example, "Future100" is a collaborative initiative between the Ministry
of Economy and the Government Development & the Future Office aimed at supporting top 100
startups that play a vital role in bolstering the competitiveness of the UAE’s future economy
sectors.

Moreover, we continue our efforts to facilitate the expansion of Emirati SMEs to various
international markets, large UAE delegations from the private sector have participated in leading
global entrepreneurship events such as ComeUp Korea and VivaTech 2024 held in France.

Thanks to these concerted efforts, the UAE was ranked number one globally for the third
consecutive year by the Global Entrepreneurship Monitor (GEM) report for the year 2023-24,
surpassing many advanced economies in this regard.

What measures Ministry of Economy will suggest increasing the industrial sector’s
contribution to GDP to Dh300 billion by 2031 from Dh133 billion in 2021?

The Ministry of Economy is committed to promoting innovation and creativity and attracting
investments in all key economic sectors and fields including the industrial sector. The new
industrial property law is one of the most important initiatives that the Ministry of Economy and its
partners have developed in order to drive growth based on knowledge and innovation and support
entrepreneurship. These efforts fall in line with the vision, principles and projects launched by the
UAE government to drive a new phase of growth, both domestically and globally.
The new law's amendments focus on achieving speed, flexibility and effectiveness in the formal
and objective examination processes, registration procedures and services and grants for all
industrial property applications, which include patents, utility certificates, industrial designs, and
integrated circuits.

Through the procedures introduced by the new law, we worked to shorten the turnaround time
needed to issue the result of the examination of patents to six months starting from receiving the
application from 42 months in the past. The Ministry of Economy also provides integrated services
regarding various industrial property applications according to highest international standards,
through its website.

In addition, the UAE considers circular economy a critical pathway to building a sustainable future.
It not only promotes environmental sustainability but also presents remarkable opportunities for
the sector that add to our nation’s economic competitiveness.

Although the UAE is responsible for only a small share of GHG emissions globally, our ambition is
not only to curb our emissions but also help the rest of the world, particularly developing countries,
decarbonize. For example, the four pillars of the new supply-side strategy are focused on the supply

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