The UAE plans to increase its entrepreneurial panorama to greater than two million firms and create not less than 10 unicorns by 2031, stated Abdullah bin Touq Al Marri, Minister of Economic system and Tourism.
Talking on the sidelines of the launch of the nationwide marketing campaign “The Emirates: The Startup Capital of the World,” Al Marri stated startups and entrepreneurs signify a elementary pillar of the UAE’s financial development technique.
The Minister famous that round 5 unicorns have already originated from the UAE, and the brand new marketing campaign will assist speed up the emergence of extra.
UAE unicorns and startups
He stated the marketing campaign helps nationwide targets by offering an enabling atmosphere that empowers youth to launch their entrepreneurial ventures and obtain development and enlargement.
Al Marri defined that the UAE has complete methods to assist innovation and entrepreneurship, protecting financial clusters, meals safety, Complete Financial Partnership Agreements, and mental property safety.
He harassed that each federal and native infrastructure are ready to maintain startup development.
The UAE at the moment hosts greater than 1.2m firms, with round a million owned by entrepreneurs — representing almost 94 per cent of the full.
This, the Minister stated, underscores the pivotal position of entrepreneurs in strengthening the nationwide financial system.
Small and medium-sized enterprises are already a cornerstone of nationwide development. By mid-2022, SMEs contributed 63.5 per cent to the UAE’s non-oil GDP and accounted for 95 per cent of the businesses working within the native market.
Key targets to 2031
- 2m firms to function within the United Arab Emirates by 2031
- 10 unicorns focused, with 5 already originating within the United Arab Emirates
- 1.2m firms at the moment energetic nationwide
- 1m entrepreneur-owned corporations, making up 94 per cent of complete
- 63.5 per cent share of non-oil GDP contributed by SMEs (mid-2022)
- 95 per cent of United Arab Emirates firms are SMEs
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