It surpassed major economies like America, Canada, Britain, Australia and most of Europe

The UAE is first regionally and fourth globally in the Global Entrepreneurship Index 2020

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According to the report issued by the Global Entrepreneurship Monitor (GEM - NECI), the United Arab Emirates ranked first regionally and fourth globally in the Global Entrepreneurship Monitor (GEM) report, ahead of the fifth place in the 2019 report classification, surpassing many economies. The major global players within the overall ranking of the index, such as the United States of America, Canada, the United Kingdom, Australia, and many European Union countries, China, Japan and South Korea.

The UAE has achieved advanced ranks in many of the sub-indicators included in the general index structure in its version for 2020, the most important of which is the country’s ranking second in the world in the government’s response index to the closure caused by the spread of the Covid-19 pandemic globally, and its impact on the entrepreneurship sector.

Advanced ranking

The UAE also ranked high on the physical infrastructure and access to public services sub-index, with a rate of 7.3 points out of 10, ahead of the United Kingdom, the United States of America, Spain, Austria and Germany, respectively.

The country also achieved the same score on the culture and societal outlook in support of entrepreneurship.

In the sub-index on the level of research, development and knowledge transfer, the country ranked high with each of the Kingdom of Norway and Italy, ahead of Germany, the United States of America, the United Kingdom, Sweden and South Korea.

Economic policies

The Minister of Economy, Abdullah bin Touq Al-Marri said: “We are proud of this result, which confirms the soundness of the approach and the strength of the economic policies pursued by the UAE, with the support and guidance of its wise leadership, as the UAE’s ranking is fourth in the world in the Global Entrepreneurship Index, the culmination of the national efforts made over The past decade for the development of the entrepreneurship sector in the country, highlighting the small and medium enterprises model, as it is a driver towards increasing the diversification and sustainability of the economy and raising its competitiveness at the global level.

He added: “The UAE enjoys, today, a global pioneering experience in supporting and organizing the entrepreneurship sector, building an integrated system to support and incubate entrepreneurial projects, accelerate their growth, and develop initiatives and programs that make it a vehicle for growth and a major contributor to increasing the country's non-oil GDP.

The Ministry of Economy, in cooperation with various government agencies in the country, will continue its efforts to support and empower citizen entrepreneurs, and the development of small and medium enterprises and emerging companies in the country, especially those based on entrepreneurial and innovative thinking, as a priority within the UAE's plans for the next 50 years.

We will be keen to integrate new business models in the activities of entrepreneurs to improve the performance of the leading companies in the UAE to be globally competitive. ”

Fourth place

For his part, Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed Belhoul Al Falasi, said, “The country's success in ranking fourth in the world in the Global Entrepreneurship Index reflects the country's efforts and ambitious aspirations emanating from the vision of wise leadership, which is a qualitative addition to the record The country's economic achievements », stressing the continuation of the efforts made with partners inside and outside the country, so that the Emirati entrepreneur would be among the best and most successful globally in the coming years.

Al Falasi indicated that the Ministry of Economy is developing an integrated strategy to stimulate entrepreneurship during the next stage, in cooperation with the concerned authorities, with the aim of setting an integrated framework to support national entrepreneurship and the development of the small and medium enterprises sector in the various emirates of the country, and to create an environment capable of providing comprehensive and sustainable support for entrepreneurs Business in the country, by focusing on ease of doing business, access to finance, increasing demand, supporting business, innovation and digital transformation, explaining that the entrepreneurship and small and medium enterprises sector has become today a major engine for economic growth, as well as its pivotal role in creating opportunities. Work and increase the country's competitiveness at the regional and global levels.

Competitive economy

The Global Entrepreneurship Index is one of the indicators of the national agenda for the UAE Vision 2021, under the axis of "a competitive knowledge-based economy based on innovation", supervised by the Ministry of Economy, and a national team contributes to it with the participation of many entities concerned with entrepreneurship in the country, including the Prime Minister's Office, And the Federal Center for Competitiveness and Statistics, the Khalifa Fund for Enterprise Development, the Mohammed bin Rashid Foundation for the Development of Small and Medium Enterprises, and the Departments of Economic Development.

Indonesia ranked first, followed by the Netherlands, and Taiwan.

The index is issued annually by the Global Entrepreneurship Monitor (GEM), and it is the first global reference in entrepreneurship for states and international organizations.

Sub-indicators

The index is based on measuring the rank of the participating countries on many sub-indicators within a flexible structure that includes axes such as finance, government policies, government programs directed to entrepreneurs, research and development and knowledge transfer, teaching entrepreneurship skills in school and university education, and the dynamics of the labor market.

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