The United Arab Emirates has been ranked first globally for the third consecutive year in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024.
This achievement is significant as the country recorded a rate of 7.7, a record number in the history of the report. The UAE was recognised as the best place worldwide to start and conduct new business ventures, surpassing many advanced economies.
The report highlighted that the UAE excelled in 12 out of 13 indicators globally, including areas such as funding for entrepreneurial projects, access to financing, market entry ease, infrastructure, research and development, knowledge transfer, government programmes, supportive policies, taxation, education, and cultural standards.
The country also ranked third globally in the indicator of physical infrastructure.
Abdullah bin Touq Al Marri, UAE's Minister of Economy, lauds the nation's achievement, crediting its emphasis on entrepreneurship and support for small and medium-sized enterprises (SMEs) in shaping a competitive knowledge economy. He emphasized the government's policies fostering a conducive environment for startups, innovation, and new technologies. Al Marri stressed the alignment of these efforts with UAE Vision 2031's goal to become a global hub for the new economy. Notable initiatives include the "Entrepreneurship Hub" and the Nafis program, aimed at facilitating SMEs' access to global markets and nurturing innovation.
The report highlights the UAE's significant investments in boosting its entrepreneurial ecosystem, resulting in a doubling of early-stage entrepreneurial activity. Notably, it prioritizes support for women entrepreneurs, leading to a top 5 global ranking for female entrepreneurship support. UAE schools excel in fostering entrepreneurship education, ranking in the top 5 among 49 countries for stimulating skills like creative thinking and problem-solving.
The UAE also leads globally in the National Entrepreneurship Context Index (NECI), reflecting its supportive environment for entrepreneurship. The country aims to reach one million SMEs by 2031. India, Saudi Arabia, Lithuania, and Qatar follow in the rankings.
The Global Entrepreneurship Monitor (GEM) is a key reference for international organizations to understand and enhance entrepreneurial activity worldwide.
News Source: Emirates News Agency
