Page 36 - MOE ENGLISH PR REPORT - JUNE 2024

Press Release

ranking in the GEM 2023/2024 Global Entrepreneurship Monitor (GEM) report for the third year
in a row.

H.E. 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 thousand new companies within a year and a half, taking the total number of companies
operating in the UAE to more than 788 thousand 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 capitalize 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% 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.

Fostering cooperation at the private sector level

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
emphasized 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.

Agriculture, food security and tourism

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 renewable energy. In addition, the session explored innovative methods to stimulate tourism
flows and foster new avenues for collaboration between tourism companies in both countries.
Notably, air traffic between the UAE and Hungary continues to grow, with more than 56 flights
currently operating between the two destinations every month.

New economy

2