The Global Entrepreneurship Monitor (GEM) has ranked the UAE first globally in its Global Entrepreneurship Index 2022, which was unveiled this week. The UAE climbed three spots from its 4th global ranking in last year’s report to accomplish this feat, outperforming other leading global economies studied by the report.
The UAE achieved the highest score in the general ranking of the index with a score of 6.8. The UAE also emerged as the number one global destination for establishing and starting businesses, boasting the most encouraging environment for entrepreneurship, in a survey carried out by the report.
Abdullah bin Touq Al Marri, Minister of Economy, said: “This prestigious achievement can be attributed to the unconditional support and the forward-looking vision of the UAE’s wise leadership. The UAE is entering the next 50 with the accomplishment of this achievement, by being at the forefront of global economies through the development of an exemplary entrepreneurship system and a highly enabling environment for companies. Today, the country serves as an ideal incubator for entrepreneurs and attracts leading projects, especially those operating in new economic sectors, innovation and emerging technologies.”
He added: “We are proud of this feat, which is a result of our wise leadership’s long-term vision that has put the entrepreneurship sector at the forefront of the development priorities and economic vision of the UAE. The global leadership that the country has achieved today confirms the soundness of this approach, the strength of government economic policies, and the efficiency of the private sector, especially the success rates enjoyed by the entrepreneurship sector and SMEs in the UAE.”
He added that this achievement is a result of the joint and continuous efforts exerted by the Ministry of Economy along with its partners from all federal and local authorities, other global partners, funds and local programs concerned with SMEs in the country and academic bodies.
Bin Touq added that the country’s number one ranking is a clear message to investors, business owners and companies inside and outside the country that the UAE has a strong economic environment and flexible and proactive policies that ensure all the facilities and incentives necessary to attract and establish businesses and support their operations. It highlights the SMEs model where companies operating in the UAE can take advantage of the promising opportunities and the advantages provided by its business environment to grow and become large and profitable ventures and achieve success in regional and global markets.
Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, explained that the UAE’s number one ranking globally in entrepreneurship, which recognizes its highly encouraging environment for entrepreneurship, is a new achievement to be added to the UAE’s track record. He pointed out that this achievement would not have been possible without the continuous support of the UAE’s wise leadership, especially in developing the entrepreneurship sector as one of the drivers of the future diversified, knowledge-based economy.
He added: “The achievement confirms the efficiency of the experience that the UAE has gained over the past years in developing an integrated and world-class entrepreneurship system, accelerating the growth of SMEs. This also encompasses the launch of initiatives and programs that make the activities of SMEs a major contributor to increasing the UAE’s non-oil GDP and promoting the transition towards technology, innovation and a knowledge economy at a faster pace, in line with the Principles of the 50 and the UAE Centennial 2071.” He noted that this result will benefit all sectors and economic activities, entrepreneurs and investors across the country and will further enhance confidence in the UAE markets as the most preferred destination for doing business and establishing ventures.