UAE tops Global Entrepreneurship Monitor report for third consecutive year
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The United Arab Emirates ranked first globally for the third consecutive year in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024.
This achievement is significant since the country registered a rate of 7.7, a record figure in the history of the report. The United Arab Emirates was recognized as the best place in the world to start and carry out new business ventures, surpassing many advanced economies.
The report highlighted that the UAE excelled in 12 out of 13 indicators globally, including areas such as financing for business projects, access to finance, ease of market entry, infrastructure, research and development, knowledge transfer, government programs, policies support, taxes and education. and cultural standards.
The country also ranked third worldwide in the physical infrastructure indicator.
Abdullah bin Touq Al Marri, Minister of Economy of the UAE, praises the nation’s achievements and attributes its emphasis on entrepreneurship and supporting small and medium-sized enterprises (SMEs) in shaping a competitive knowledge economy. He emphasized government policies that foster an enabling environment for startups, innovation and new technologies. Al-Marri highlighted the alignment of these efforts with UAE Vision 2031’s goal of becoming a global hub for the new economy. Notable initiatives include the Entrepreneurship Hub and the Nafis program, aimed at facilitating access for SMEs to global markets and promoting innovation.
The report highlights the UAE’s significant investments in boosting its entrepreneurial ecosystem, which has resulted in a doubling of early-stage entrepreneurial activity. In particular, it prioritizes support for women entrepreneurs, which places it among the top five in the world ranking in support of female entrepreneurship. UAE schools excel in fostering entrepreneurship education, ranking in the top five among 49 countries in stimulating skills such as creative thinking and problem solving.
The United Arab Emirates also leads the world in the National Entrepreneurship Context Index (NECI), reflecting its environment of support for entrepreneurship. The country aims to reach one million SMEs by 2031. India, Saudi Arabia, Lithuania and Qatar follow in the ranking.
He Global Entrepreneurship Monitor (GEM) It is a key reference for international organizations to understand and improve business activity around the world.
News source: Emirates News Agency
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