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UAE maintains global lead in entrepreneurship for third consecutive year

The UAE excelled in 12 out of 13 key indicators, including access to funding, ease of market entry and infrastructure.

UAE maintains global lead in entrepreneurship for third consecutive year
[Source photo: Krishna Prasad/Fast Company Middle East]

The UAE provides a fertile environment for fostering innovation and new ventures, with streamlined business setup processes, robust infrastructure, and government support programs.

The UAE has further solidified its position as a global leader in fostering entrepreneurship by securing the number one ranking for the third consecutive year, according to the latest Global Entrepreneurship Monitor (GEM) report (2023-2024).

This achievement is highlighted by the UAE’s record-breaking score of 7.7, the highest ever recorded in the report’s history. The report acknowledges the UAE as the world’s most favorable environment for starting and operating new businesses, surpassing many established economies.

The UAE demonstrated excellence in 12 out of 13 key indicators, encompassing access to funding, ease of market entry, infrastructure, research and development, and government support programs. The country’s remarkable performance extends to areas such as taxation, education, and cultural acceptance of entrepreneurship. Remarkably, the UAE ranked third globally in physical infrastructure.

In response to the news, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, credited the country’s success to its steadfast commitment to nurturing entrepreneurs and empowering small and medium-sized enterprises (SMEs). He explained that this focus is aligned with the UAE’s Vision 2031, which aims to position the nation as a global hub for the new economy by the next decade.

Bin Touq highlighted specific initiatives like the “Entrepreneurship Hub” and the Nafis program to provide incentives and support for SMEs, particularly those in innovation-driven sectors like technology, renewable energy, and financial technology.

The GEM report also emphasizes the UAE’s significant investments in boosting early-stage entrepreneurial activity, doubling such ventures. Additionally, the report applauds the UAE’s commitment to supporting women entrepreneurs, ranking it among the top 5 global economies.

Moreover, the report acknowledges the UAE’s advancements in entrepreneurship education within schools, nurturing students’ creative thinking and problem-solving skills. This focus has propelled the UAE into the top 5 globally for entrepreneurship education.

Also, the UAE secured the top position in the “National Entrepreneurship Context Index” (NECI) in the same report. Based on expert opinions, this index measures the overall supportiveness of a nation’s environment for entrepreneurs. This achievement aligns with the UAE’s ambitious goal of fostering one million SMEs by 2031.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.

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