UAE Ranks First Globally in Entrepreneurship Environment, Reveals Minister Alia Al Mazrouei at Expand North Star

DUBAI: Alia bint Abdullah Al Mazrouei, the UAE's Minister of State for Entrepreneurship, highlighted the country's leading global position in fostering an entrepreneurship ecosystem during her participation at Expand North Star 2024. The event, a significant gathering for startups and investors worldwide, was held at Dubai Harbour and organized by the Dubai World Trade Centre in collaboration with the Dubai Chamber of Digital Economy. According to Emirates News Agency, Al Mazrouei detailed the UAE's strategic advancements in enhancing the national entrepreneurship landscape at the session titled "The UAE's Vision for Entrepreneurship - Future Growth Opportunities for Local and Global Investors". She credited the UAE's leadership for developing a robust framework that includes over 60 revised laws to bolster SMEs, positioning the UAE first globally for the third consecutive year in the Global Entrepreneurship Monitor (GEM) report 2023/2024. She noted that the UAE is now home to more than 50 business incubator s and accelerators, fostering a dynamic environment for startups and entrepreneurs. The Minister outlined several key initiatives aimed at boosting the entrepreneurship sector, such as the National Programme for Small and Medium Enterprises, The Entrepreneurial Nation, and the Future 100 initiative. Other significant efforts include the creation of free economic zones and industrial complexes, competitive corporate tax rates, and incentives such as the National Value Added Certificate and the issuance of golden visas for up to 10 years to attract talented entrepreneurs. Al Mazrouei emphasized the UAE's commitment to becoming a prime hub for entrepreneurship by 2031, in alignment with the National Agenda for Entrepreneurship and SMEs. She stressed the importance of innovation and creativity in enhancing the SMEs sector, which is pivotal for economic growth. The minister also pointed out the strategic role of events like Expand North Star in propelling investment in digital entrepreneurship and startups, faci litating the exchange of best practices, and localizing innovative ideas across diverse economic sectors. Furthermore, Al Mazrouei underscored the critical role of entrepreneurship in achieving the UAE's ambitious goal to lead the new global economy by 2031. She highlighted sectors such as FinTech, sustainable manufacturing, smart mobility, and AI as key areas for entrepreneurial ventures. She also shared positive indicators of growth, noting that SMEs make up 95 percent of all businesses in the UAE and contribute 63.5 percent to the national GDP, with Emirati-owned SMEs growing by 10.4 percent in 2022.