UAE Dominates Global Entrepreneurship: Insights from GEM Report 2023-2024
The United Arab Emirates (UAE) has once again clinched the top spot in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024, solidifying its position as a beacon of entrepreneurial excellence on the global stage. Let’s delve into the details of this remarkable achievement and explore the factors that have propelled the UAE to the forefront of the global entrepreneurship landscape.
For the third consecutive year, the UAE has emerged as the undisputed leader in fostering entrepreneurial growth and innovation, outpacing even the most advanced economies worldwide. Garnering a staggering score of 7.7, the UAE has been hailed as the ultimate destination for aspiring entrepreneurs looking to kickstart their ventures and thrive in a supportive ecosystem.
Impressive Key Indicators
The GEM report underscores the UAE’s dominance across 12 out of 13 key indicators analyzed, ranging from access to financing and market entry ease to government support programs and innovation infrastructure. Notably, the UAE has excelled in fostering an environment conducive to entrepreneurial success, boasting flexible legislation, robust research and development initiatives, and a thriving ecosystem for knowledge transfer.
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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.”
Great Leadership of the UAE
H.E. Abdulla bin Touq Al Marri, Minister of Economy, praised the UAE’s exceptional performance, crediting it to the steadfast dedication of visionary leadership in fostering entrepreneurship. The UAE’s success is built on a strategic vision that emphasizes the importance of empowering SMEs. This recognition of their crucial role in driving economic growth and fostering innovation has been instrumental.
Transformational Policies
The UAE’s success in the entrepreneurial realm can be attributed to its progressive policies and initiatives that promote the growth of startups and encourage innovation. Programs like the Entrepreneurial Nation program and the Nafis Programme provide a range of incentives and support to help entrepreneurs succeed and grow on a global scale from the UAE.
Empowering Women Entrepreneurs
The UAE has become a prominent advocate for gender equality and inclusivity, showcasing its dedication to supporting women entrepreneurs on a global scale. The UAE has created a supportive environment for women-led ventures to thrive, which has greatly contributed to the nation’s entrepreneurial spirit and economic success
The UAE’s forward-thinking approach to incorporating entrepreneurship education into schools has produced impressive outcomes, cultivating a mindset of creativity and preparing upcoming generations with vital entrepreneurial abilities. The UAE is fostering a generation of entrepreneurial talent that is well-equipped to fuel future innovation and economic growth. This is being achieved through a focus on creative thinking, problem-solving, and risk evaluation.
Global Recognition and Future Prospects
The UAE’s remarkable achievements in fostering entrepreneurship have earned it worldwide recognition and established it as a symbol of innovation and opportunity. With its sights set on the future, the UAE is on a mission to become a global hub for the new economy. Through its ‘We the UAE 2031’ vision, the country is determined to maintain its position as an entrepreneurial leader, fostering innovation and prosperity for the years ahead.
The UAE’s top ranking in the Global Entrepreneurship Monitor report is a testament to its unwavering commitment to fostering a thriving entrepreneurial ecosystem. With visionary leadership, transformational policies, and a culture of innovation, the UAE is setting new benchmarks for entrepreneurial excellence on the global stage.
