The UAE is targeting a major expansion of its business landscape, with a goal of reaching more than two million registered companies by 2031, according to Abdullah bin Touq Al Marri, Minister of Economy and Tourism.
Support for startups
Speaking at the launch of the national campaign “The Emirates: The Startup Capital of the World,” Al Marri said the country views startups and entrepreneurs as central to its long-term economic strategy.
He noted that the UAE also aims to produce 10 unicorns — startups valued at over $1 billion—by 2031, with five already emerging from the country.
Enabling business environment
Al Marri highlighted that the campaign aims to create a supportive ecosystem that helps young entrepreneurs launch and grow their businesses. He said the UAE has implemented integrated strategies covering economic clusters, food security, innovation, intellectual property protection, and global trade partnerships through Comprehensive Economic Partnership Agreements.
“The UAE today hosts more than 1.2 million companies, of which around one million are owned by entrepreneurs, representing nearly 94% of the total,” he said, adding that this reflects the key role entrepreneurs play in driving the national economy.
SMEs drive GDP growth
Small and medium-sized enterprises (SMEs) are also a major part of the economy, contributing 63.5% to the UAE’s non-oil GDP as of mid-2022. SMEs make up about 95% of all businesses currently operating in the UAE.
Al Marri said the country’s infrastructure is well prepared to support startup growth across both federal and local levels, underlining its ambition to become a global hub for entrepreneurship and innovation.
tanvir@dubainewsweek.com
