Page 265 - MOE ENGLISH PR REPORT - JUNE 2024

technology ecosystem. The UAE secured number one ranking in the GEM
2023/2024 Global Entrepreneurship Monitor (GEM) report for the third year in
a row.

Bin Touq also called on the Hungarian private sector to take advantage of the
promising, competitive policies and opportunities offered by the UAE to
establish diverse business and economic activities and launch startups in the
country. These include the amendment to the Commercial Companies Law
to grant full foreign ownership of companies, which contributed to the

establishment of over 275,000 new companies within a year and a half, taking
the total number of companies operating in the UAE to more than 788,000
by the end of 2023, as well as the country's strategic position that supports its
status as a dynamic global trading hub.

The Minister of Economy invited the Hungarian private sector to capitalise on
the opportunities and flexible, competitive advantages offered by the UAE
economy to establish businesses, economic activities and innovative startups
in the country. One remarkable development is the amendments made to
the Commercial Companies Law to allow 100 percent foreign ownership of
companies in the UAE. This amendment has resulted in the establishment of
over 275,000 new companies in just a year and a half. As of the end of 2023,

the total number of companies operating in the UAE exceeded 788,000.
Furthermore, the country's strategic location strengthens its position as a
dynamic global trade hub.

The meeting extensively explored ways to improve cooperation and explore
potential opportunities to boost private sector growth in both countries. The
objective was to cultivate new partnerships that would reinforce the
economic ties between the UAE and Hungary. Additionally, the meeting
emphasised the significance of encouraging entrepreneurs to enter and
expand their businesses into new markets, in line with the vision of both
countries to transition to innovative economic models.

The UAE and Hungary agreed on continuing the exchange of expertise and
knowledge, while also seeking insights from best practices adopted in various

fields such as agriculture, food security, animal husbandry, food industry,
water and environmental management and protection, energy, and

https://www.khaleejtimes.com/business/economy/uae-hungary-agree-on-developing-economic-
partnership