Prime Highlights
- The UAE has launched the campaign “The Emirates: The Start-up Capital of the World”, targeting over two million start-ups by 2031.
- The country also aims to create 10 unicorns by 2031, building on its current base of five.
Key Facts
- The UAE currently has 1.2 million companies, with entrepreneurs owning about 94% of them.
- SMEs contribute 63.5% to the UAE’s non-oil GDP and represent 95% of all companies in the country.
Background
The United Arab Emirates (UAE) has announced a bold plan to strengthen its position as a global start-up hub. By 2031, the country aims to have more than two million start-ups, said Abdullah bin Touq Al Marri, Minister of Economy and Tourism.
The target was shared during a press conference for the campaign “The Emirates: The Start-up Capital of the World.” Al Marri revealed that the UAE wants to see 10 unicorns, start-ups valued at over $1 billion by 2031. At present, five unicorns already operate in the country.
The minister explained that the plan is part of a wider effort to strengthen entrepreneurship and economic growth. He emphasized that the UAE has good infrastructure and policies to enable start-ups at the federal and local levels. These include strategies for economic clusters, food security, and trade openness through Comprehensive Economic Partnership Agreements.
Al Marri also emphasized that the country is dedicated to innovation and the protection of intellectual property, which guarantees new enterprises safe and favorable conditions.
At present, the UAE boasts more than 1.2 million companies, and of these, about one million are owned by entrepreneurs, comprising approximately 94% of the total. Small and medium-sized enterprises (SMEs) remain at the center of attention with 63.5% contribution to non-oil GDP of the UAE by mid-2022, and 95% of all companies represented by the market.
These measures will make the UAE an innovation and start-up hub on a global scale.
