1st regionally and 4th globally in the Entrepreneurship Index for the year 2020

Al Falasi: The UAE provides a work system that motivates young people to become entrepreneurs

• Entrepreneurship in the UAE has transcended major countries and economies.

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The Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed bin Abdullah Humaid Belhoul Al Falasi, shed light on entrepreneurship and the changes in the new world, in a speech in which he addressed young people, during his participation in an interactive dialogue session, organized by the Ministry of Culture and Youth, as part of the 2021 summer camp activities. Title: "Entrepreneurship and the New World Changes".

In a statement yesterday, Al Falasi affirmed the UAE's wise leadership's interest in youth, its belief in their role in creating the future, and the efforts made to support entrepreneurship. He said: "Given the great importance of entrepreneurship, and the absolute belief of the wise leadership in young people and their active role in shaping the future, the UAE has laid the foundations for building work systems that motivate young people to become entrepreneurs and provide them with the capabilities and ingredients that enable them to achieve their ambitions and succeed in their businesses. Thus, the UAE ranked first regionally, and fourth globally, on the Global Entrepreneurship Index for 2020, surpassing many major global economies, within the overall ranking of the index, such as the United States of America, Canada, the United Kingdom, Australia, many European Union countries, China and Japan and South Korea.”

He added: "The UAE, with its forward-looking vision for the future, is racing against time, and setting procedures and steps to support the startups and entrepreneurship sector, to make the future of the UAE in the next fifty years, as it has been a pillar for making achievements in the past fifty years."

He explained that entrepreneurship is a concept rooted in the UAE, and our youth today should focus on looking to the future and seizing its important opportunities.

Al Falasi pointed to the major prevailing trends that encourage young people to enter innovation-based sectors and industries, explaining that among the solutions that were developed to confront the problems left by the “Covid-19” crisis, foremost of which is the problem of unemployment among youth, is to unleash entrepreneurship in sectors. Which depends on innovation, while focusing at the same time on highlighting the global trend towards adopting digital solutions and innovative technical ideas. He concluded his speech by presenting recommendations to young people that would enable them to be successful entrepreneurs, writing local and global success stories, including:Focusing on benefiting from the digital revolution, employing digital transformation, accurately reading reality, relying on accurate and reliable studies and research, showing will and determination, passionate pursuit, learning from experiences to achieve the desired goals, successful strategic planning, ability to adapt to developments, and thinking in creative ways. Dealing with challenges as business development opportunities, and developing risk management plans.For her part, Minister of State for Youth Affairs Shamma bint Suhail Al Mazrouei, in a speech at the beginning of the session, expressed the importance of youth participation in such activities, especially economic ones, related to entrepreneurship, and the opening of small and medium enterprises, which today represent a positive meeting point. Among the youth and economic institutions working in the entrepreneurship sector, noting that there has been a clear focus by many institutions during the past periods on entrepreneurship and the development of economic projects, which contributes to achieving economic growth leading to sustainable and comprehensive growth.She pointed to the great interest of the wise leadership in developing facilities and programs that enable young people to contribute to economic growth, promote small and medium enterprises, and achieve entrepreneurship, which is a goal of our wise leadership, through many means, including the inclusion in the curricula of specialized studies on entrepreneurship. Business, in order to motivate young people and young people to open entrepreneurial economic and commercial projects.

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The state provides young people with the capabilities and ingredients that enable them to realize their ambitions and succeed in their businesses.

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