In alignment with the goals of the national campaign for entrepreneurship—declaring the UAE as the global capital of entrepreneurs, initiated by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai—the UAE aims to solidify its status as an international hub for entrepreneurship. The objective is to support young Emiratis in capitalizing on the unique economic environment provided by the nation through a comprehensive array of initiatives and specialized programs. To this end, the Ministry of Finance has signed a Memorandum of Understanding (MoU) with the Sharjah Entrepreneurship Foundation, known as “Ruwwad,” which operates under the Sharjah Department of Economic Development. This agreement is intended to strengthen joint efforts in promoting national projects and empowering entrepreneurs, as well as small and medium enterprises (SMEs).
The MoU was signed in Dubai by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, and Hamad Ali Abdullah Al Mahmoud, Head of the Sharjah Department of Economic Development. They were joined by Mariam Al Amiri, Assistant Undersecretary for the Government Financial Management Sector, Nadia Sultan Al Ali, Director of the Government Procurement Platform Management at the Ministry of Finance, and Fatima Hassan Al Ali, Acting Director of the Sharjah Entrepreneurship Foundation.
Younis Al Khoori commented, “The MoU is a tangible representation of the initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum to foster entrepreneurship. The Ministry is focused on leveraging strategic partnerships to empower youth and transform their ambitions into competitive and successful projects at both regional and global levels. We believe that investing in entrepreneurs is an investment in the future of our country, which enhances economic diversification and creates sustainable job opportunities.”
He also emphasized that the Ministry of Finance has concentrated significant efforts on empowering SMEs and entrepreneurs through various programs and initiatives. This includes formulating policies and incentives aimed at creating opportunities that attract and encourage small businesses and entrepreneurs to engage in procurement opportunities. These efforts align with government directives in the bureaucracy reduction program, which has streamlined registration processes on the procurement platform, resulting in the registration of 600 suppliers from small and medium enterprises since the platform’s launch.
Hamad Al Mahmoud affirmed that the signing of the MoU marks an important and innovative step that reflects the commitment of “Ruwwad” to empower its citizen members who own SMEs and to expand their business presence across the country in line with the guiding leadership’s ambitious economic visions at both the federal and local levels.
Furthermore, he noted, “The foundation, through its diverse strategic partnerships with various governmental and federal entities, collaborates with the Ministry of Economy and Tourism in the national entrepreneurship campaign launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, under the slogan ‘The UAE: Capital of Entrepreneurs in the World.’ This initiative represents a new chapter aimed at enhancing the UAE’s standing as a preferred global destination for entrepreneurial ventures. We all share the belief that integration and coordination are vital for building a balanced economy capable of addressing challenges, seizing opportunities, and diversifying services and products that benefit society and improve the quality of life for all its members.”