The UAE has solidified its position as the number one global destination for entrepreneurs, topping the Global Entrepreneurship Monitor's (GEM) Global Entrepreneurship Index 2022. Beating 46 other economies, the UAE achieved an impressive score of 6.8, underscoring its pro-business policies and entrepreneurial ecosystem.
A Nation Built for Entrepreneurs
The UAE leads by excelling in 11 of the 13 key framework conditions for entrepreneurship. UAE Ranks First in Global Entrepreneurship Index
These include:
Access to entrepreneurial finance
Support for startups and SMEs
Job creation potential
Entrepreneurial education
Crisis resilience post-COVID-19
As the GEM report highlights, the UAE government has made significant policy adjustments, fostering an environment where entrepreneurship thrives.
Building the Foundation for a Post-Oil Economy
Events like the Sharjah Entrepreneurship Festival 2021 have emphasized the region’s shift towards entrepreneurship as the foundation for its post-oil economy. The belief that entrepreneurship is a mindset resonates across initiatives, aiming to inspire young talents and provide them with resources to innovate and succeed.
The Entrepreneurial Nation Initiative
The UAE government has taken bold steps, introducing the Entrepreneurial Nation Initiative to establish 20 unicorns worth over $1 billion by 2023. With public-private partnerships and a dedicated AED1 billion private equity fund, the UAE is setting the stage for SMEs to flourish. SMEs, which contribute 47% to Dubai's GDP, are essential to the country’s economy. Initiatives like Dubai SME 100 further empower businesses, ensuring they align with international best practices.
Why the UAE is a Global Leader
The UAE's success stems from its visionary leadership and commitment to creating a thriving ecosystem for businesses and expatriates. It has transformed its desert roots into a global hub of opportunities, welcoming talent worldwide. With robust support systems, diverse communities, and innovation-driven policies, the UAE continues to be a beacon for global entrepreneurship.
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