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4/29/24, 3:31 PM UAE explores potential avenues for cooperation with Estonia – The Gulf Time Newspaper
the establishment of a wide range of entrepreneurial activities and foster the growth of startups. These
include the amendment made to the Commercial Companies Law to permit foreign investors to have 100

percent ownership of their companies in the UAE. This amendment has resulted in the addition of over
275,000 new companies in the country in just one and a half years. As of the end of 2023, there are more
than 788,000 active economic licences in the UAE. Furthermore, he noted that the country has attained the

highest global ranking for the number of new business ventures launched, according to the Global
Entrepreneurship Monitor (GEM) 2023-2024 report.

The UAE and Estonian sides discussed the significance of enhancing joint efforts in the tourism and aviation
industries.
They explored innovative strategies to boost air connectivity and facilitate the exchange of tourism flows.

These efforts will foster new prospects for cooperation and investment in these pivotal sectors.
The UAE and Estonia experienced a significant increase in non-oil trade exchange in 2023, with a growth
rate of 76.2 percent compared to 2022. Additionally, the UAE’s re-exports to Estonia saw a notable rise of

66.3 percent in 2023.

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