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The UAE jumped to first place this year in Global Entrepreneurship Monitor’s (GEM) Global Entrepreneurship Index 2022 report.This means the United Arab Emirates yes It’s now the best place in the world to do business – in fact, the survey adds, the country is “the world’s number one startup destination with the most encouraging environment for entrepreneurship”.
The UAE beat 46 other economies to emerge as the winner and receive this well-deserved achievement. The country’s overall score is a high 6.8, showing improvements in 11 of 13 framework conditions. The report rightly praises the government’s “policy adjustments that have gradually improved business conditions for entrepreneurs”. The framework includes a series of relevant conditions, such as the availability of good entrepreneurial opportunities and entrepreneurial financing, as well as entrepreneurial experience, confidence in the capabilities of the challenges posed by the COVID-19 crisis, the ability of the country’s entrepreneurial programs to create new jobs, access to Access to entrepreneurial financing and access to entrepreneurial education in schools.
Furthermore, Sharjah Startup Festival 2021 sheds light on the fact that entrepreneurship will be the foundation of the region’s post-oil economy over the next 50 years. The experts highlighted some very valid points, the one that resonated with me the most was that entrepreneurship is a mindset – it absolutely is! An entrepreneurial and approachable society must be built by supporting young people from an early age and helping shape them to embark on their own journey to success. Of course, experience makes people, but an occasional nudge can only help harness experience. There must be a supportive ecosystem that allows entrepreneurs to work in a symbiotic manner, helping each other to build an economy where both parties can thrive. This also resonates with one of the framework conditions mentioned in the GEM report.
Related: If Middle Eastern entrepreneurs want to succeed, they need long-term support from the region’s policymakers
The support doesn’t stop there. Last year, the government announced the “Startup Nation” initiative to support and encourage small and medium-sized enterprises. As part of the plan, the UAE aims to establish 20 unicorn companies worth more than $1 billion by 2023. The government aims to provide this support through various public-private partnerships and assist with exports and online sales. According to an announcement late last year by the UAE Ministry of Entrepreneurship and Small and Medium Enterprises, a Dh1 billion private equity fund will be issued starting from the beginning of this year over the next five years to provide loans to small and medium-sized enterprises. This is a huge leap of faith from the government in supporting SMEs, which are considered the backbone of the UAE. In fact, the industry contributes 47% of Dubai’s gross domestic product. With this in mind, Dubai SMEs, the integrated arm of the Department of Economic Development (DED), has launched the Dubai SME Top 100 to identify SMEs based on financial and non-financial parameters and support their development in line with international practices.
Therefore, there is a reason for the accolades and recognition the UAE has received so far – a sensible and valid reason. The UAE has grown from grassroots and arid lands to a prosperous economy thanks to its tolerance and hospitality to the international community, and the vision of a leadership committed to ensuring harmony between its people and those they welcome. There are few countries in the world that offer the world as much support, solidarity and opportunities to live and work as the UAE does. Words may fail in the deaf years, but seeing them firsthand confirms the belief. Living here and experiencing the opportunities this country offers allows anyone to embrace this land as they have for many generations, making the UAE their home, growing with the country and sharing its lows and highs as a family.
Related: Here’s why entrepreneurship is a viable graduate career option in the UAE
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