Tue 22-11-2022 21:55 PM
ABU DHABI, 22nd November, 2022 (WAM) — The Government of the United Arab Emirates seeks to open new avenues for entrepreneurs and support the growth and expansion of their businesses in global markets, by strengthening global strategic economic partnerships and cooperation, which enhance the potential for sustainable growth, said Abdullah bin Touq Al Marri, Minister of Economy,
”The UAE’s economic model is based on developing the national entrepreneurship system and enhancing the participation of Emirati entrepreneurs and startups, as they represent a major strategic partner in advancing the UAE’s development process and stimulating a sustainable growth in new economic sectors”
Al Marri said during a session of the UAE Government Annual Meetings, held in Abu Dhabi today, which brought together all UAE government entities at federal and local levels to discuss challenges and strategies. linked to the country’s national development plan to achieve the goals of the ‘UAE Centenary 2071’.
Building a future economic model based on a dynamic and developed business environment that embraces innovation primarily in the process of stimulating the launch of start-ups and small and medium enterprises, is a major objective in the visions and orientations of the UAE which are focus on developing the local entrepreneurship system and its transfer to the world.
The session took place in the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court.
The session focused on the need to enable startups and small and medium-sized enterprises (SMEs) in the country to expand internationally by identifying investment opportunities in relevant markets outside the country and connecting projects and companies with foreign investors from all over the world.
The participants discussed the most important challenges facing SMEs and future opportunities that can be exploited to facilitate financing and increase their productivity compared to large companies in the country, so as to ensure their access to regional and global markets.
SMEs represent 94% of the total number of companies and institutions operating in the country and contribute over 52% of the country’s non-oil GDP, making them a key player in building a competitive economy based on knowledge and in the UAE’s 50-year transition to a new economy.
Tariq Al Fahaam / Hazem Hussein