The UAE has maintained its position as a global leader in entrepreneurship, ranking first for the fourth consecutive year in the latest Global Entrepreneurship Monitor (GEM) report. The country outperformed 55 other economies, excelling in 11 out of 13 indicators assessing the supportive environment for startups and small and medium-sized enterprises (SMEs). Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, attributed the UAE’s success to its forward-thinking leadership and commitment to building an integrated ecosystem for entrepreneurship and SMEs.
She emphasized that the country’s dynamic and supportive environment 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, which aims to boost innovation and the growth of SMEs. The country’s decision to allow 100 percent foreign ownership of companies has also enhanced its appeal to entrepreneurs worldwide.
UAE’s global entrepreneurial excellence
The UAE 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 business-friendly policies, government initiatives, and competitive investment climate have contributed to its consistent top ranking. The UAE’s success is a testament to its dedication 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 commitment to creating a thriving business environment that encourages innovation and supports the success of startups and SMEs.
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