Abdullah bin Touq Al Marri, the Minister of Economy and Tourism, emphasized that startups and entrepreneurs are a crucial pillar in the economic growth of the United Arab Emirates. He mentioned that the nation aims to increase the number of companies to over two million by 2031.
In a statement to the Emirates News Agency (WAM) during the press conference announcing the national campaign “Capital of Entrepreneurs in the World,” he indicated that the government also seeks to launch 10 unicorn companies within the same timeframe, with five already established in the UAE.
He noted that the campaign supports these national goals by providing an encouraging environment that enables youth to launch their entrepreneurial ventures and achieve growth and expansion.
Al Marri clarified that the UAE has comprehensive strategies that include economic clusters, food security, and economic openness through comprehensive economic partnership agreements, along with strategies for innovation and intellectual property protection. He affirmed that the national infrastructure is prepared to support the growth of startups at both federal and local levels.
The Emirates currently boasts over 1.2 million companies, with around one million of them being owned by entrepreneurs, representing approximately 94% of all businesses. This statistic highlights the pivotal role that entrepreneurs play in strengthening the national economy.
It is noteworthy that small and medium-sized enterprises contributed 63.5% to the non-oil GDP of the national economy by mid-2022, and they make up 95% of the total companies operating in the UAE markets.