UAE Tops Global Entrepreneurship Monitor Rankings for Third Consecutive Year

UAE, 29 March, 2024 : The United Arab Emirates secures the top position globally for the third consecutive year in the 2023-2024 Global Entrepreneurship Monitor (GEM) report. With a record-breaking score of 7.7, the UAE stands out as the premier destination for initiating and conducting new business ventures, surpassing many advanced economies.

The report highlights the UAE's excellence across 12 out of 13 indicators globally, including areas such as funding, market entry ease, infrastructure, research, and government programs. Notably, the country ranks third globally in physical infrastructure.

Abdullah bin Touq Al Marri, Minister of Economy, attributes this achievement to the UAE's focus on entrepreneurship and support for small and medium-sized enterprises (SMEs) to foster a competitive knowledge economy based on innovation.

Aligned with the UAE Vision 2031, which aims to become a global hub for the new economy, the country's policies emphasize creating a nurturing environment for entrepreneurship and accelerating SME growth, especially in innovation-driven sectors.

Efforts like the "Entrepreneurship Hub" and the Nafis program provide incentives and support for SMEs to access global markets and promote innovation. The UAE's investment in enhancing competitiveness and supporting women entrepreneurs has led to its top 5 global ranking in supporting female entrepreneurship.

Significant progress has been made in entrepreneurship education in schools, stimulating skills such as creative thinking and problem-solving among students. The UAE aims to reach one million SMEs by 2031, in line with its vision.

The report ranks India second, Saudi Arabia third, Lithuania fourth, and Qatar fifth, showcasing the global landscape of entrepreneurship. GEM serves as a vital global reference for countries and international organizations, aiming to understand, enhance, and develop entrepreneurial activity worldwide.

Source : www.wam.ae