The UAE has once again proven its status as a global leader in entrepreneurship, ranking first for the fourth year in a row in the latest Global Entrepreneurship Monitor (GEM) report. The country outperformed 55 other economies, excelling in 11 out of 13 key indicators that assess the supportive environment for startups and small and medium-sized enterprises (SMEs). The UAE’s success can be attributed to its business-friendly policies, government initiatives, and competitive investment climate.
Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, emphasized the country’s commitment to building an integrated ecosystem for entrepreneurship and SMEs, which has been crucial in establishing the UAE as a global startup hub. The report highlighted the UAE’s investment of $8.7 billion under the ‘Projects of the 50’ initiative, aimed at boosting innovation and the growth of SMEs. Additionally, the country’s decision to allow 100 percent foreign ownership of companies has further enhanced its appeal to entrepreneurs worldwide.
UAE excels in entrepreneurship ecosystem
The UAE also ranked first in the GEM’s National Entrepreneurship Context Index, which evaluates each country’s supportive environment for entrepreneurship based on scores derived from national experts’ assessments. This achievement aligns with the UAE’s vision to reach one million SMEs by 2031.
The country’s forward-thinking leadership and dynamic, supportive environment have been instrumental in its consistent top ranking. The UAE’s success serves as a testament to its commitment to fostering entrepreneurship and attracting innovative startups from around the globe. As the UAE continues to prioritize the growth of its startup ecosystem, it is well-positioned to maintain its status as the best place for entrepreneurs and SMEs in the years to come.
The country’s achievements in the GEM report underscore its dedication to creating a thriving business environment that encourages innovation and supports the success of startups and SMEs.
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