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UAE fuels SMEs and startups with new financing initiative

The UAE launches initiatives to address financial hurdles and intellectual property support for young businesses

UAE fuels SMEs and startups with new financing initiative
[Source photo: Anvita Gupta/Fast Company Middle East]

The UAE aims to solidify its position as a regional hub for entrepreneurship and innovation, strengthening its economy by supporting the growth of startups and SMEs through various initiatives. These small and medium-sized enterprises substantially contribute, accounting for 63.5% of the country’s non-oil GDP.

To advance its ambitious entrepreneurial vision, the UAE Ministry of Economy is taking decisive action by launching two key initiatives: the “Intangible Assets Finance Committee” and the “Patent Incubator.”

These initiatives are designed to tackle financial obstacles and provide intellectual property support, laying the foundation for a vibrant ecosystem for small and medium-sized enterprises (SMEs) and aspiring innovators.

The “Intangible Assets Finance Committee” seeks to secure funding for young businesses and startups based on their intellectual property or future potential.

“It will support their growth and address any financing challenges they may encounter, particularly during their initial years of operation,” said Abdulla bin Bin Touq, Minister of Economy.

The committee’s establishment aligns with the National Agenda for Entrepreneurship and SMEs, an ambitious roadmap to create 10 unicorn startups by 2031 and elevate the UAE to a top-three position in the Global Entrepreneurship Index.

The “Patent Incubator” project assists innovators in navigating the complex intellectual property landscape. By simplifying the patent registration process across all emirates and providing expert guidance, the project aims to ignite a culture of innovation.

With over 557,000 SMEs thriving in the UAE, the sector is expected to reach a million by 2030. These initiatives, coupled with existing programs, aim to fuel the growth of this crucial engine of economic diversification and job creation.

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