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The UAE has ranked first in the world for the second consecutive time in the Global Entrepreneurship Index 2022-2023, proving its unwavering commitment to supporting small and medium-sized enterprises (SMEs). Furthermore, according to respected sources, the UAE has emerged as the ultimate destination for establishing and starting a business, providing an unparalleled environment that promotes entrepreneurial success. At the helm of this thriving ecosystem, Abu Dhabi has spearheaded a series of compelling initiatives to propel SMEs to unparalleled heights.
Key roles of SMEs:
As of mid-2020, businesses in the UAE accounted for more than 94% of the country’s businesses, employed approximately 86% of the private sector workforce, and accounted for more than 60% of GDP. The reasons have always been simple: private innovation and government commitment.
Impactful initiatives driving entrepreneurial success in Abu Dhabi:
Launched in 2019, this ambitious economic development plan accelerates Abu Dhabi’s economic diversification and fosters entrepreneurship. Ghadan 21 covers a range of initiatives designed to support new start-ups and SMEs, ensuring their growth and success. Notable initiatives under Ghadan 21 include the New Startup Matching Fund (which provides matching capital to attract private investment in new start-ups) and the New Managers Fund (which supports emerging fund managers).
Ghadan 21’s initiative aims to transform Abu Dhabi through improved infrastructure, education and job creation, while positioning the city as a global innovation hub and preparing its economy and workforce to face the challenges of the Fourth Industrial Revolution. challenge.
Dr. Tariq Bin Hendi, Director General of ADIO, said: “Making Abu Dhabi one of the best places in the world to invest and innovate is at the heart of Ghadan 21’s mission and at the heart of ADIO’s mission.” “Ghadan’s initiatives are helping ADIO support a variety of Businesses of scale build, innovate and grow in Abu Dhabi.”
It is a non-profit organization established in 2016 that embodies social cohesion and follows the directives of the UAE leadership to provide Emirati people with the opportunity to live a successful life by empowering them to actively participate in economic and social activities. development of the country.
The fund invests in promising new companies and provides them with significant financial support. In addition, Sandooq Al Watan offers comprehensive support programs, mentorship opportunities and valuable networks to help entrepreneurs navigate the challenges of growing their business and achieve their goals.
As Abu Dhabi’s vibrant technology hub, Hub71 provides new startups with access to critical resources to fuel their growth. The center provides financing opportunities through partnerships with venture capital firms, a network of mentors and industry experts, and state-of-the-art workspace facilities. By attracting the world’s leading technology companies to set up offices in Abu Dhabi, Hub71 promotes collaboration, innovation and knowledge sharing between startups and established enterprises, further strengthening the entrepreneurial ecosystem.
Hub71 releases its 2022 Impact Report. The report shows that in 2022, the community of Hub71, Abu Dhabi’s global technology ecosystem, grew by 102%, with more than 200 new startups joining its ranks, and 51 of them early-stage companies moved to the UAE capital to expand their scale. Their business grew rapidly. Since their inception, these startups have collectively raised nearly AED 4.5 billion (USD 1.2 billion) in venture capital and created more than 900 jobs.
The Abu Dhabi SME Center is a government-run organization that plays a key role in supporting start-ups and SMEs. It offers a range of valuable services such as business advisory support, mentoring programmes, training and capacity building programs and networking opportunities. By providing these resources, the Abu Dhabi SME Center has successfully mentored thousands of businesses, improving their chances of survival and growth.
It has helped more than 17,000 businesses in Abu Dhabi, created more than 10,000 jobs, and helped companies obtain more than $1 billion in funding. This has a positive impact on Abu Dhabi’s economy, as SMEs make up a large part of the private sector.
For example, the center played a key role in facilitating the development of robust business plans and securing vital funding. As a result, the new startup successfully introduced its revolutionary green cleaning products to the world, leaving an indelible mark on the industry.
The Khalifa Fund for Enterprise Development (KFED) was established in 2007 to support entrepreneurs in Abu Dhabi and fill a gap in the market for SME services. As an independent non-profit organization, KFED aims to foster entrepreneurship, promote innovation and strengthen the SME ecosystem in the UAE. KFED provides diverse support to its beneficiaries through seminars, trainings, initiatives and funding programmes. The fund’s initial capitalization was AED 300 million, which grew to AED 2 billion in 2011 and expanded its coverage across the UAE through a network of branches.
In addition, KFED has expanded its business scope to the entire UAE by establishing a branch network. This strategic expansion ensures that entrepreneurs across the country can benefit from the support and resources provided by the fund, no matter where they are located.
Founded in 2008 and named after Abu Dhabi’s geographical coordinates, twofour54 is a key force in the sustainable development of the city’s booming media and entertainment industry. Notably, twofour54 operates under ADQ, a prominent holding company in the region with a diversified portfolio of major businesses covering key sectors of Abu Dhabi’s non-oil economy.
By nurturing a new generation of creative leaders, it strengthens Abu Dhabi’s position as a key hub for content creation, media, entertainment and gaming in the region. Its diverse community consists of over 600 media companies, over 6,000 individuals and a host of talented freelancers and aspiring professionals, including Sky News UAE, Image Nation Abu Dhabi, Unity Technologies, CNN, Fox, Flash Well-known brands such as Saatchi Entertainment and M&C.
Given the importance of SMEs as catalysts for creativity, job creation and innovation in the media industry, twofour54 is committed to providing vital support to hundreds of SME partners to launch and scale their businesses. This support is especially evident during challenging times, such as at the start of the global pandemic when twofour54 reached out and suspended rent for SMEs for up to six months.
ADIO’s financial incentives, such as the Innovation Programme, empower SMEs by providing necessary growth capital. Through its international network, ADIO facilitates valuable connections between SMEs and potential customers and partners around the world. By implementing talent attraction programs, ADIO ensures that SMEs are able to attract and retain the best talent in Abu Dhabi. In addition, ADIO’s knowledge and consulting services can significantly improve the business practices and operations of SMEs.
These measures bring many benefits to SMEs in Abu Dhabi. Notably, they have experienced accelerated growth, expanded market access, enhanced innovation, and enhanced talent acquisition capabilities.
In addition to direct support, ADIO also takes the lead in creating a more conducive business environment for SMEs. ADIO, in partnership with the government, has successfully streamlined regulatory processes and streamlined the establishment and operation of small and medium-sized enterprises in the emirate. In addition, ADIO also strives to promote the importance of small and medium-sized enterprises in Abu Dhabi’s economy and cultivate an entrepreneurial mindset among young people.
The Government of Abu Dhabi recognizes the importance of nurturing future entrepreneurs and offers a range of scholarships to students interested in studying entrepreneurship or innovation. These scholarships provide aspiring entrepreneurs with the opportunity to acquire professional knowledge, skills and expertise through world-class educational programmes. By investing in the education of future entrepreneurial leaders, the Abu Dhabi government develops a pool of innovative thinkers, equipped with the necessary tools to drive entrepreneurial success and contribute to the continued growth and prosperity of Abu Dhabi’s entrepreneurial environment.
Abu Dhabi Sustainability Week (ADSW) is a major annual event that brings together government, business and civil society leaders to showcase and discuss the latest sustainability innovations. It offers a variety of events such as conferences, exhibitions, seminars and social events.
ADSW is committed to supporting SMEs through various measures tailored to their needs. These initiatives include:
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SME Sustainability Center: This provides a dedicated space for SMEs to learn about sustainability, network with other businesses and access valuable resources. It offers a range of programmes, services and support, including training, mentoring and funding opportunities.
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SME Sustainability Award: The SME Sustainability Award recognizes outstanding contributions to sustainable development and highlights the achievements of SMEs. The awards provide a platform for SMEs to showcase their sustainability efforts, gain recognition and reach a wider audience.
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SME Sustainability Market: The SME Sustainability Market is a dynamic platform for SMEs to showcase their sustainable products and services. It facilitates connections between SMEs and potential customers and partners, promoting collaboration and business opportunities.
startAD is a leading accelerator based in Abu Dhabi, driving startups to scale and succeed in the UAE and globally. Based at NYU Abu Dhabi and powered by Tamkeen LLC, startAD represents a new innovative model for nurturing entrepreneurship and driving the growth of a knowledge-based economy in the UAE.
As a catalyst for innovation, startAD works with a variety of stakeholders, including government entities, businesses, investors, and more, to design and implement customized programs with tangible and meaningful impact. Through its comprehensive programs, state-of-the-art facilities and extensive global network, startAD provides participants with the tools, resources and connections they need to thrive in today’s competitive landscape.
Abu Dhabi’s meteoric rise as a global entrepreneurship and innovation powerhouse can be attributed to its strong commitment to supporting new startups and SMEs. It creates an unparalleled ecosystem that allows entrepreneurs to thrive. With a strong support framework, access to resources and a collaborative mindset, Abu Dhabi continues to position itself at the forefront of global entrepreneurship, fostering a culture of innovation and driving economic growth for years to come.
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