They attributed the success of their companies to state support, flexible legislation, partnership with the private sector, and strong relations with countries

Emirati businessmen started from scratch and their investments flourished under the union

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Emirati heads of companies and businessmen said that they started from scratch and were able to establish large groups and companies, noting that their businesses flourished under the union thanks to the state's supportive policies for the private sector and citizens.

They told Emirates Today that the state has supported the private sector and local companies since the inception of the union, and has provided national companies with opportunities for growth and progress in all fields until they have reached the competition of international companies, pointing to the state's assistance to local companies to expand globally.

They explained that the great progress and development witnessed by the private sector is the result of several reasons, the most prominent of which is the state's keenness since its establishment to support the partnership between it and the private sector and work to develop this partnership, in addition to developing legislation and its flexibility, in addition to developing infrastructure and caring for small investors, and the success of the UAE In establishing strong relations with various countries.

They affirmed their confidence in the continued growth of economic activity and the business of commercial companies in the future, especially in light of the presence of a government that is flexible and quick in making decisions and facing the various challenges facing businessmen and investors.

first tender

In detail, the head of Al-Shumookh Group, Dr. Ali Saeed Al-Amiri, said that he established the group in 1989 without a fixed headquarters, as it used to conduct business and meetings from a table in an Abu Dhabi cafe.

He added that with effort and thanks to the country's leadership and the help of Emirati entrepreneurs, he was able to obtain the first tender of 2,000 dirhams from the UAE government, after which the group set out to expand.

Al-Amiri explained that the group currently includes more than 25 companies specialized in various fields, including oil and gas, real estate, investment, industry, manpower recruitment and businessmen services, in addition to owning five factories in the Musaffah area, with more than 500 employees of different nationalities.

to support

Al-Amiri stressed that the state has supported the private sector and local companies since the establishment of the federation, as the provision of an appropriate and free economic climate provided by the state and specialized government agencies provided opportunities for national companies to grow and advance in all fields, until they reached the level of competition with international companies in terms of quality, product efficiency and price. And the speed of completion and speed of delivery of the final product.

facilities

Al-Amiri pointed out that the UAE is unique in its regional environment and at the global level with regard to facilities and legislation that attract investments and support the practice of business, in addition to the continuous modernization of infrastructure, strengthening channels of openness to the outside world and adopting best practices, which created great opportunities for Emirati companies that enjoy With great support from the UAE government.

He said, "We see the positive repercussions of the vision of the wise leadership of the state evident in terms of the benefits that Emirati companies reap, not only at the current stage, but also over the decades, as many Emirati companies are expanding and have investments, global reputation and expertise that many emerging and developed economies seek to benefit from." .

expansion

For his part, the Emirati businessman, Hamad Al-Awadi, said that Al-Awadi Group started as a small shop in Abu Dhabi, in the early sixties, to sell basic needs and needs of the population, including foodstuffs, clothes and fabrics, similar to many family businesses, and after that, a gold shop was opened in the early eighties.

Al-Awadi added that after the number of employees was three people, their number has increased to 500 employees now with the expansion of the group as a result of the great development of the country's economy.

additional sectors

He pointed out that the company has entered into additional sectors, such as industry, real estate, stocks, jewelry, pharmacy and clothing, and has also expanded outside the Emirate of Abu Dhabi in Dubai and Sharjah, in addition to its expansion outside the country to the Sultanate of Oman.

Al-Awadhi stressed that this development is mainly due to the economic legislative structure that facilitated the expansion of the investor, especially according to the multilateral agreements that the UAE signed with the countries of the world and bilateral agreements, such as the prevention of double taxation, in addition to the attractive facilities in the country, which facilitated the presence of representative offices for many From countries and representatives of the largest international companies in the country.

Factors

Al-Awadi said that the great progress and development witnessed by the private sector is due to the state's keenness, since its establishment, to support the partnership between it and the private sector, especially family businesses, and work to develop this partnership to match the huge development in all sectors of the economy.

He added that the development of the legislative and infrastructure, and attention to the young generation of small investors and owners of medium and small companies, especially the citizenship ones, are all factors that contributed to the development of the business environment in the country.

Relations

Al-Awadi pointed out that the strong international relations that the UAE has succeeded in establishing with various countries have helped businessmen develop their markets and enter new markets for export and import through a dense network of transport lines, ports, airlines, storage facilities and re-export markets.

He pointed out that all these factors contributed to building a trillion-dollar economy, and the emergence of Emirati companies as global companies opened the way for them to invest in developing vital sectors, such as education, health, real estate and city construction.

Emirati experience

Al-Awadi said that the Emirati experience in the global financial crisis, and then the Corona pandemic, showed the extent of the state's commitment to supporting the financial sector, banks and family businesses, and guaranteeing loans and funds in banks and repayments, which contributed to minimizing damage.

ingredients

In turn, the Emirati businessman, Ibrahim bin Shaheen, said that the ingredients and facilities for the success of commercial and investment projects have existed in the country since the early years of the establishment of the federation, but they have been greatly strengthened during the past years, which helped the prosperity and growth of many projects that started small, then grew and developed. Significantly.

On his personal experience of investing in the country, Bin Shaheen explained that the company he founded in the field of export, import and distribution of foodstuffs in 2003, started small consisting of only three employees, but it has grown and developed and now includes 110 employees.

He added that the company started operating in Dubai, then expanded to operate in various emirates of the country, then expanded abroad in the Gulf, and established a company in Saudi Arabia.

Perfect environment

Bin Shaheen indicated that this development and prosperity is due to the ideal environment for doing business in the country, the great support provided by the government to small and medium enterprises, and the implementation of the local content program that supports local industries and gives them priority over imported products, and gives small and medium enterprises priority in government procurement.

He referred to supporting the practice of commercial activity and the implementation of incentives for Emiratisation, which link between raising the level of Emiratisation in companies and paying less administrative fees for committed companies.

the future

Bin Shaheen stressed that the government had taken the lead in taking many decisions to support business communities, as other countries followed suit due to their success in the UAE.

Bin Shaheen also affirmed his confidence in the continued growth of economic activity and the business of commercial companies in the future, especially in light of the presence of a government that is flexible and quick in decision-making and facing the various challenges facing businessmen, in addition to the confidence of investors in the government's readiness to move to support investors and the business community permanently, as well as the environment. Motivational safe in which they work.

• The state has supported the private sector since the establishment of the federation.

• Local companies have become competitive with major international companies.

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Economic dimension

The Emirati businessman, Hamad Al-Awadi, said that the economic dimension in the formation of the state has been present since the establishment of the federation, as the state set its sights on the UAE economy being a global economy in which the citizen component contributes significantly.

He pointed out that the business sector and commercial companies, especially the national family companies, are almost as old as the state.

Next is better

Emirati businessmen and investors in the country confirmed that the value of their companies' revenues increased during the previous years, despite the challenges and changes that the global economy is going through, and they expect the profitability of their companies to grow in the coming years.

They said that the future is better thanks to the state's continued support for the private sector and national companies.

They pointed out that the emergence of Emirati companies as global companies opened the way for them to invest in developing vital sectors, such as education, health, real estate and city construction.

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