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The UAE ranks first in the world for the third consecutive year in the Global Entrepreneurship Monitor (GEM) 2023-2024 report.
This achievement is significant as the country’s ratio of 7.7 is a record in the report’s history. The UAE is recognized as the best place in the world to start a business and launch new businesses, surpassing many developed economies.
The report highlights that the UAE performs well in 12 out of 13 global indicators, including entrepreneurial project financing, financing channels, ease of market access, infrastructure, research and development, knowledge transfer, government programs, support policies, taxation, education and other fields and cultural standards.
The country also ranks third globally in terms of physical infrastructure indicators.
Minister of Economy Abdullah bin Touk Al Marri expressed pride in the UAE’s achievements and attributed them to the country’s emphasis on entrepreneurship and support for small and medium-sized enterprises to build economies based on innovation and new economic concepts a competitive knowledge economy.
He added: “Today’s results reflect the integration and strength of the policies introduced by the UAE to create an entrepreneurial nurturing environment and provide a conducive atmosphere to support and accelerate the growth of SMEs and new start-ups, especially those that Infrastructure-based SMEs and start-ups. Innovation, creativity and new technologies.”
He pointed out that given the importance of the entrepreneurial model in developing projects and activities in various sectors of the new economy, this result is in line with the objectives of the UAE Vision 2031 to become a global center for the new economy in the next decade. Technology, artificial intelligence, renewable energy, space, financial technology, etc.
Bin Touq highlighted the UAE’s efforts in changing the entrepreneurial environment through policies such as the “Entrepreneurship Center” and the Nafis program, providing incentives and support for small and medium-sized enterprises to enter the global market and promote innovation.
The report details that the UAE has made significant investments to make its entrepreneurial environment more competitive, doubling the level of early-stage entrepreneurial activity. In addition, it provides ideal support for female entrepreneurs, creates an entrepreneurial and stimulating environment for them, enhances their access to resources and capabilities, and ranks our country among the top five economies in the world that support female entrepreneurship.
The report further explains that the UAE has made significant progress in indicators of entrepreneurship education in schools, particularly in stimulating students’ skills such as creative thinking, problem solving, opportunity identification and risk assessment. The country ranks in the top 5 out of 49 countries in this regard.
In addition, the UAE also ranks first globally in the same report of the National Entrepreneurship Environment Index (NECI), which monitors each country’s entrepreneurial support environment based on scores based on the opinion of country experts. Entrepreneurship field. This will help the UAE achieve its vision of reaching 1 million small and medium-sized enterprises by 2031.
The report shows that India ranks second, Saudi Arabia third, Lithuania fourth, Qatar fifth, Estonia sixth, Netherlands seventh, South Korea eighth, Switzerland ninth, and China tenth.
The Global Entrepreneurship Monitor (GEM) is considered one of the most important global references on entrepreneurship for national and international organizations such as the World Bank, International Monetary Fund, Organization for Economic Cooperation and Development (OECD), and the World Intellectual Property Organization. WIPO and United Nations affiliated organizations.
The report’s methodology focuses on achieving three goals: measuring differences in entrepreneurial activity across the world’s economies, understanding the entrepreneurial ecosystem and revealing the factors that influence it, and proposing policies to increase and develop levels of entrepreneurial activity.
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