Entrepreneurship Support Entities
Entities Supporting Projects of Emirati Entrepreneurs
Dozens of agencies, accelerators and programmes have been launched over the past two decades in the UAE aimed at stimulating entrepreneurship in the country and supporting and empowering the small and medium enterprises (SMEs) sector. These initiatives culminated in many achievements that contributed to supporting the sector and provided a wide range of services that helped entrepreneurs in establishing and developing their projects and services. They included advisory and financing solutions, capacity building, rehabilitation, and encouraging the culture of leadership, in addition to incentives, tax exemptions, and opportunities to obtain government contracts and build relationships. These entities create an incubating work environment to support and enhance the performance of small and medium-sized companies, and encourage the establishment of innovative projects and start-ups. The UAE government aims to enhance the role of the small and medium-sized enterprises sector in the development and diversification of the national economy and increase its contribution to the gross domestic product.
Real Partnerships...
Greater Opportunities for Emirati Entrepreneurs
Emirati entrepreneurs have proven themselves over the past decades and have been able to own successful companies and establish competitive national enterprises. The government agencies back Emirati entrepreneurs through special support programmes, which include more than 10 national programmes, and provide a stimulating environment for national small and medium enterprises to continue their growth. The UAE law pertaining to SMEs allocates small and medium-sized companies owned by citizens with thoughtful support through several programmes and initiatives. The UAE is also looking for Emirati entrepreneurs to build real and direct partnerships with emerging technology companies. The amendments to the Commercial Companies Law that abolished the mandatory partnership of Emiratis in companies set up by foreign investors is aimed at promoting entrepreneurship among Emiratis, and encourage them to invest directly in the local market and take 100% ownership of companies.
