Once again crowned the world’s best entrepreneurship nation in the Global Entrepreneurship Monitor (GEM) Report, the UAE has claimed the number-one position for four successive years now. This further consolidates the image of a country where business is favorable because of its environment, supported by the government, and booming with startup culture.
The Startups’ Conducive Environment
In 56 economies, the UAE emerged on top in 11 out of 13 areas, proving strong on the institutional environment axis for business. Some of them would include:
- Access to funding for entrepreneurship with ease
- An adequate governing machine that is business-friendly
- Simple tax and bureaucratic rules
- Strong government support for start-ups
- Quality education in entrepreneurship
- An adequate business infrastructure
- Supportive socio-cultural environment
These areas have been so well handled by the UAE that if a small business or startup can dream, it shall find a way to be established in the UAE.
https://x.com/UAE_Forsan/status/1907410186374893840
Entrepreneurship lies in the culture of the UAE:
- 67% of citizens have personally known someone setting up their business or believe they have the skills to do so.
- 70% of Emiratis believe that despite the challenges, strong business opportunities exist in the UAE.
- 78% of new-age entrepreneurs believe that social and environmental impact is more important than profitability.
- 75% of start-ups plan to grow six-plus employees within five years.
- 80% of start-ups are digitizing their operations.
With such an ethos, UAE is not only establishing an environment for business but also an ecosystem for innovation and global competitiveness.
Heavy Outlays for Innovations
The UAE has made massive cash commitments toward nurturing this startup ecosystem. Under the “Projects of the 50,” the UAE has infused $8.7 billion into innovation, SMEs, and new ventures.
Key projects included:
- 100% foreign ownership of businesses, easing international entrepreneurs to set up in the UAE.
- A major boost in foreign investments (strongly FDI increasing) has thus established the stronghold of the economy.
- Out of those, 55% of UAE entrepreneurs are exporting from the UAE, thus expanding the UAE footprint on global business.
A Bold Vision for the Future
The “We the UAE 2031” will focus on supporting one million SMEs within ten years. This sets the pathway for the UAE to become a leading global entrepreneurship and innovation hub.
By attracting funding, state-of-the-art infrastructure, and a world-class business environment, the UAE is the world builder for entrepreneurship, region and beyond.
A Global Recognition
Further to its accomplishments, the UAE was also ranked #1 in the GEM’s National Entrepreneurship Context Index (NECI), which measures the extent to which a country supports the growth of startups. This recognition is yet another testimony to why the UAE is regarded as one of the best destinations for entrepreneurs and investors alike.
