Dubai boasts globally competitive business ecosystem, experts say
The UAE recently took the top spot in the Global Entrepreneurship Index 2022
The UAE has emerged as the number one global destination for establishing and starting businesses - KT file
Over the past twenty years, Dubai has strived to cultivate a globally competitive business ecosystem which is a magnet for entrepreneurs and investors from around the world, said Majed Al Suwaidi, Managing Director of Dubai Media City.
“Strategic initiatives and business incubators like in5 enrich the landscape of opportunities for start-ups in Dubai and provide the necessary regulatory framework and infrastructure to scale up,” he said. “Even global investors and VCs are tapping into the incredible scope of opportunities available here.”
“We see the incredible speed and force with which start-ups are emerging in our own incubator,” he added. “Since 2013, in5 has welcomed and supported more than 500 start-ups which have attracted more than Dh1.4 billion in funding, and we are certain the emirate’s flexible, business-friendly policies and enabling environment will continue to boost start-up success and reinforce why our country is the best place to start a new business.”
Al Suwaidi also highlighted how the Global Entrepreneurship Monitor (GEM) had ranked the UAE first globally in its Global Entrepreneurship Index 2022. The country climbed three spots from its fourth position global ranking in last year’s report to take the top spot this year, outperforming other leading global economies listed in the report.
“The UAE has earned its top ranking in this year’s Global Entrepreneurship Monitor report through the foresight and focused drive of our leadership,” Al Suwaidi said.
Abdullah bin Touq Al Marri, UAE Minister of Economy, had said that the country’s number one ranking is a clear message to investors, business owners and companies both inside and outside the country that the UAE has a strong economic environment, and flexible and proactive policies that ensure all the facilities and incentives necessary to attract and establish businesses.
The distinction also highlights the country's SME model where companies operating in the UAE can take advantage of the promising opportunities and the advantages provided by its business environment to grow and become large and profitable ventures and achieve success in both the regional and global markets.
Last month, the Ministry of Economy launched a new vision for the National Programme for Small and Medium Enterprises, aimed at providing entrepreneurs and SME-owners in the UAE with several new and integrated initiatives and services. The new set of services are designed to provide national businesses with more growth possibilities and improved market access.
Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, noted that the National Programme for SMEs has so far formed more than 25 partnerships with leading institutions in the public and private sectors, which have been contributing to the development of initiatives and services under the three programmes.
He urged various entities and companies to continue supporting the country’s entrepreneurship programs and participate in the National Programme for SMEs to contribute to providing incentives and unique services to entrepreneurs to further boost their contribution to the country’s global competitiveness and promote growth of the national economy.