Abu Dhabi: 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, in order to improve the sustainable growth potential, said Abdullah bin Touq Al Marri, Minister of Economy.
“The UAE’s economic model is based on developing the national entrepreneurship system and strengthening the participation of Emirati entrepreneurs and startups, as they represent a major strategic partner in advancing the UAE’s development process and stimulating growth. into new economic sectors,” Al Marri told a session of the annual meetings of the government of the United Arab Emirates, held in Abu Dhabi on Tuesday (22 November).
The meeting brought together all government entities in the UAE at the federal and local levels to discuss challenges and strategies related to the country’s national development plan to achieve the “UAE 2071 Centenary” goals.
SMEs account for 94% of the total number of businesses and institutions operating in the UAE.
They contribute more than 52% to the country’s non-oil GDP, making them a key player in building a competitive knowledge-based economy and the UAE’s 50-year transition to a new economy.
Building a future business model based on a dynamic and developed business environment that embraces innovation in the process of stimulating the launch of start-ups and SMEs is a major objective in the UAE visions and directions that focus on the development of the local entrepreneurship system and transfer it to the world.
The session was attended by 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 SMEs in the country to expand internationally by identifying investment opportunities in relevant markets outside the country and connecting projects and businesses 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.