For the third consecutive year, the United Arab Emirates has clinched the top spot globally in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024. This remarkable achievement comes as the country achieved a record-breaking rate of 7.7, the highest in the history of the report, solidifying its position as the premier destination for starting and conducting new business ventures. The GEM report underscored the UAE‘s excellence across 12 out of 13 indicators globally, including 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. Additionally, the UAE ranked third globally in physical infrastructure, further highlighting its commitment to fostering a conducive environment for entrepreneurship. This momentous achievement reflects the UAE’s unwavering dedication to entrepreneurship and support for small and medium-sized enterprises (SMEs) in building a competitive knowledge economy rooted in innovation and new economy concepts. It aligns seamlessly with the UAE Vision 2031, which aims to position the country as the global hub for the new economy by the next decade. The report also commended the UAE’s efforts in transforming the entrepreneurship landscape through initiatives like the “Entrepreneurship Hub” and the Nafis programme, which provide incentives and support for SMEs to access global markets and drive innovation. Furthermore, the UAE’s investments in enhancing the competitiveness of its entrepreneurship environment have doubled the levels of entrepreneurial activity in the early stages. Notably, the country has provided substantial support for women entrepreneurs, propelling it to be among the top 5 economies globally in supporting female entrepreneurship. Moreover, the UAE’s strides in entrepreneurship education, particularly in stimulating skills such as creative thinking and problem-solving among students, have earned it a top 5 ranking out of 49 countries. In a significant milestone, the UAE also secured the top rank globally in the “National Entrepreneurship Context Index” (NECI), reflecting the supportive environment for entrepreneurship in the country. These achievements further underscore the UAE’s vision of reaching one million SMEs by 2031. Congratulations to the different teams across UAE who worked to make such achievements possible, which reaffirms its status as a global leader in entrepreneurship and innovation!

SOURCE & CREDITS: Linkedin Mohamed Alzaabi