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null UAE ranks first globally in the Global Entrepreneurship Monitor report 2024

28 Apr 2024

UAE ranks first globally in the Global Entrepreneurship Monitor report 2024

 

H.E. Bin Touq: The latest results confirm the UAE's status as a leading global hub for SMEs, in line with the wise leadership’s directives

 

 

The UAE has been ranked number one globally for the third consecutive year by the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024, surpassing many advanced economies. The UAE was also recognized as the best global destination for starting and operating new business ventures with a score of 7.7, which is the highest ever recorded in the history of the report.

 

The UAE came out on the top in 12 out of 13 indicators studied by the report. These include financing for entrepreneurial projects, access to financing, ease of market entry, commercial and professional infrastructure, research and development, knowledge transfer, flexible systems and legislation, government entrepreneurship programs as well as supportive government programs and policies. The UAE also received recognition for its government policy of taxes and bureaucracy, entrepreneurship education at schools, and cultural and social standards. Furthermore, the country was ranked third in the ‘physical infrastructure’ indicator.

 

H.E. Abdulla bin Touq Al Marri, Minister of Economy, said: “We take pride in the UAE's top global position in the development of the entrepreneurial landscape and as the most supportive destination for entrepreneurship. Additionally, The UAE has been recognized as a top destination for setting up new businesses and conducting diverse commercial activities.” H.E. highlighted that this achievement signifies another milestone in the impressive track record of the UAE in this domain. This success can be attributed to the vision and directives of its wise leadership, which have prioritized entrepreneurship development and provide support to small and medium-sized enterprises (SMEs), acknowledging their key role in fostering a competitive knowledge-based economy.

 

H.E. added: “These results reflect the successful integration and effectiveness of the UAE's policies in establishing an environment conducive to entrepreneurship and ensuring a favorable atmosphere to support and accelerate the growth of SMEs and startups, particularly those driven by innovation, creativity, and new technology.” H.E. noted that this achievement aligns with the goals outlined by the ‘We the UAE 2031’ vision to position the country as a global hub for the new economy by the next decade. These efforts place significant emphasis on projects and activities across various sectors of the new economy, including technology, artificial intelligence, renewable energy, space, financial technology, and more.

 

The Ministry of Economy highlighted that these results once again highlight the effectiveness of the ongoing efforts by the UAE to fundamentally transform the national entrepreneurial environment. To this end, several strategic policies and initiatives such as the Entrepreneurial Nation program were implemented. The program aims to foster a nurturing environment for innovative entrepreneurship by offering comprehensive incentives for establishing new ventures, supporting the growth enablers of SMEs, and facilitating their global expansion from the UAE. Additionally, the Nafis Program provides an integrated incentive package to national entrepreneurial projects, adhering to the highest global standards.

 

In more detail, the report notes that the UAE has made substantial investments in improving the competitiveness of its entrepreneurial landscape, doubling entrepreneurial activity in early stage. Furthermore, it provides ideal support for women entrepreneurs, creating an entrepreneurial and stimulating environment that enhances their access to resources and capabilities. As a result, the UAE has emerged to be among the top five economies globally in supporting women in entrepreneurship.

 

The report further explains that the UAE has made notable advancements in incorporating entrepreneurship education in schools. Specifically, there has been a focus on fostering skills such as creative thinking, problem-solving, identifying opportunities, and evaluating risks among students. In this regard, the country ranked among the top five out of 49 nations, despite this particular factor being relatively weak in other economies.

 

The UAE also holds the top position globally in the National Entrepreneurship Context Index in the same report. This index evaluates the supportive environment for entrepreneurship in each country, giving points based on the opinions of national experts in the field of entrepreneurship. This achievement aligns with the UAE's vision to foster the growth of one million SMEs by 2031.

 

According to the report, India secured the second position, while the Kingdom of Saudi Arabia bagged the third spot. Lithuania was ranked fourth, followed by Qatar in fifth place. Estonia claimed the sixth position, with the Netherlands coming in at seventh. South Korea was placed eighth, Switzerland ninth, and China tenth.

 

The Global Entrepreneurship Monitor (GEM) is widely recognized as one of the most influential sources of information on entrepreneurship referenced by countries and international organizations such as the World Bank, the International Monetary Fund, the Organization for Economic Cooperation and Development (OECD), the World Intellectual Property Organization (WIPO), and various United Nations organizations. GEM's annual report is considered the largest study on entrepreneurship and its activities worldwide. It presents a concise analysis of global economies by GEM, assessing the development of their entrepreneurship landscapes. The report's methodology focuses on three main objectives: measuring variations in entrepreneurial activity across world’s economies, understanding entrepreneurial ecosystem and the impacting factors, and proposing policies to foster and enhance entrepreneurial endeavors.  

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