The UAE is the first globally in the Global Entrepreneurship Index 2022

The UAE ranked first globally in the Global Entrepreneurship Index 2022, according to the report issued by the Global Entrepreneurship Monitor /GEM/, advancing from the fourth rank globally in last year's report, and thus outperforming all global economies participating in the report.

The country achieved the highest rate on the overall ranking of the index by 6.8 degrees, and ranked first globally in the surveys of entrepreneurs in the country carried out by the Global Entrepreneurship Monitor, as the best body in the world for establishing and starting businesses and the most supportive environment for entrepreneurship.

Minister of Economy Abdullah bin Touq Al Marri said: "A distinguished result and a pioneering global achievement achieved by the United Arab Emirates thanks to the support and vision of its wise leadership to inaugurate the new fifty years of the country's life and place it at the forefront of global economies in developing the entrepreneurship system and providing an enabling environment for companies and an incubator for entrepreneurs. Attractive to entrepreneurial projects, especially those based on new ideas, innovation and emerging technologies.

He added: "We are proud of this result, which comes as a result of the long-term vision of the wise leadership, which placed the entrepreneurship sector at the forefront of the development priorities and economic plans of the country. The entrepreneurship sector and small and medium-sized companies in the UAE.

He stressed that this result is the culmination of the concerted and continuous efforts made by the Ministry of Economy and its partners from all federal and local authorities, institutions, funds and local programs concerned with small and medium enterprises in the country, academic bodies and international partners.

He continued, "The result represents a clear message to investors, business owners and companies inside and outside the country that the UAE has a strong economic climate and flexible and proactive policies that are capable of providing all the ingredients and incentives necessary to attract and establish businesses and engage in economic activities, especially through the small and medium enterprise model, where companies that start from the UAE can To take advantage of the promising opportunities and the supporting advantages provided by the business environment to grow and transform into large and successful companies, and to reach regional and global markets from the UAE.

For his part, Dr. Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, said that the UAE’s position as the first globally in entrepreneurship and being the leader in all countries of the world in being the most supportive environment for entrepreneurship and starting commercial activities is a new pivotal station to be added to the record of achievements it has achieved. The UAE, thanks to the wise vision and the continuous support of its wise leadership, especially in the development of the entrepreneurship sector as one of the engines of the future knowledge economy and the locomotive of the national economy towards diversity, competitiveness and sustainable growth.

He added: "The result confirms the efficiency of the experience that the UAE has made over the past years to develop an integrated and world-class entrepreneurship system, accelerate the growth of small and medium-sized companies, and launch initiatives and programs that make the activities of small and medium-sized companies a major contributor to increasing the country's non-oil GDP and promoting the transformation towards Technology, innovation and the knowledge economy at a faster pace and in line with the principles of the 50 and UAE Vision 2071.”

He explained that this result will benefit all sectors and economic activities, entrepreneurs and investors in all emirates of the country and will enhance confidence in the UAE markets as the preferred economic destination for doing business and establishing pioneering projects.

He reviewed the most prominent successive exceptional achievements of the entrepreneurship model in the country during the past year and this year, as the country ranked first regionally in financing emerging projects and entrepreneurship, and for the first time in its history, attracted more than one billion dollars in venture capital to finance small and medium companies and emerging projects. And the 50 projects were launched to develop incentives for national entrepreneurship, and the largest series of partnerships between the public and private sectors was implemented to launch the entrepreneurship home to represent a gateway to developing entrepreneurial practices and projects to new levels and supporting the establishment and attraction of more than 20 billion companies in the country’s markets during the ten years coming.

He continued: "The UAE has succeeded today in consolidating its position as the first home for entrepreneurship in the world, and the preferred destination for talents and owners of entrepreneurial ideas that are commercially viable, as it provides the entrepreneur and the owners of new projects with all the possibilities to be among the best and most successful globally, and we will continue our efforts in cooperation between the government and the private sector to ensure continued growth and momentum in entrepreneurial activities in the country during the next stage.”

According to the report, the UAE has improved on 11 out of the 13 axes included in the index structure, and it was the only country in the world participating in the report.

Including: Entrepreneurship financing, supporting government policies and programmes, integrating an entrepreneurial culture into education, business infrastructure and level of professional competencies, easy access to markets, physical infrastructure, level of research and development and knowledge transfer, entrepreneurial culture in society, and others.

The report focused on the outstanding positive results achieved by the country in a number of criteria that are taken into account within the methodology and questionnaires that are implemented to reach the result for each country. The country also achieved high rates in other criteria such as: good opportunities to start a business, availability of skills And knowledge to start a business, confidence in the ability to meet the challenges caused by COVID-19, planning to use more digital technology to grow business, and the ability of entrepreneurship projects in the country to generate new job opportunities in the coming years.

The Global Entrepreneurship Index is one of the indicators of the national agenda for the UAE Vision 2021, under the axis "a competitive knowledge economy based on innovation", and is 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 Competitiveness Center Statistics and concerned federal and local authorities.

The index is issued by the Global Entrepreneurship Monitor (GEM), which is the number one global reference in entrepreneurship for countries and international organizations such as the World Bank, International Monetary Fund, Organization for Economic Cooperation and Development (OECD), World Intellectual Property Organization (WIPO) and United Nations organizations.

The observatory’s annual report is the largest study on entrepreneurship and its activities in the world, as it includes a summary of the research conducted by the observatory on global economies to measure the extent of their “entrepreneurship.” The report’s methodology focuses on achieving three goals: measuring the differences in entrepreneurial activity across the world’s economies, and understanding the ecosystem For entrepreneurship, revealing the factors affecting it, and proposing policies to enhance and develop the level of entrepreneurial activity.

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