AE Tops Global Entrepreneurship Rankings for Third Year Running

The United Arab Emirates (UAE) has secured the top spot globally in the Global Entrepreneurship Monitor (GEM) report for the third consecutive year, according to findings released for the 2023-2024 period.

This achievement is remarkable as the UAE achieved a record-breaking score of 7.7, marking the highest score in the report's history. The country's stellar performance underscores its status as the premier destination worldwide for initiating and nurturing new business ventures, surpassing numerous advanced economies.

The report highlighted the UAE's exceptional performance across 12 out of 13 global indicators, including crucial areas such as funding availability, ease of market entry, infrastructure quality, research and development, knowledge transfer, government support programs, favorable policies, taxation policies, educational opportunities, and cultural standards.

Moreover, the UAE secured the third position globally in the indicator of physical infrastructure, further enhancing its attractiveness as a hub for entrepreneurial activities.

Abdullah bin Touq Al Marri, the Minister of Economy, expressed pride in the UAE's achievement, attributing it to the country's steadfast focus on fostering entrepreneurship and supporting small and medium-sized enterprises (SMEs) to cultivate a competitive knowledge-based economy rooted in innovation and new economy concepts.

Bin Touq emphasized, "Today's achievement underscores the effectiveness and coherence of the policies implemented by the UAE to create an enabling environment for entrepreneurship and to facilitate the growth of SMEs and startups, particularly those leveraging innovation, creativity, and emerging technologies."

He underscored the alignment of this achievement with the objectives outlined in the UAE Vision 2031, aimed at positioning the country as the global hub for the new economy within the next decade. The Minister highlighted the pivotal role of the entrepreneurship model in driving projects and initiatives across various sectors, including technology, artificial intelligence, renewable energy, space exploration, financial technology, among others.

The report shed light on the UAE's comprehensive efforts in transforming the entrepreneurship landscape through initiatives such as the "Entrepreneurship Hub" and the Nafis program, designed to provide incentives and support for SMEs to access global markets and foster innovation.

Furthermore, the report recognized the UAE's significant investments in enhancing the competitiveness of its entrepreneurship ecosystem, particularly in doubling the levels of entrepreneurial activity in the early stages. Notably, the UAE has prioritized support for women entrepreneurs, leading to its recognition among the top 5 economies globally for supporting female entrepreneurship.

The UAE's strides in entrepreneurship education were also acknowledged, with the country ranking among the top 5 out of 49 nations for fostering skills such as creative thinking, problem-solving, opportunity recognition, and risk assessment among students.

Additionally, the UAE clinched the top spot globally in the "National Entrepreneurship Context Index" (NECI), reflecting the supportive environment for entrepreneurship as perceived by national experts in the field. These achievements align with the UAE's vision of nurturing one million SMEs by 2031.

The GEM report's methodology focuses on measuring variations in entrepreneurial activity worldwide, understanding the entrepreneurial ecosystem and its influencing factors, and proposing policies to enhance and elevate entrepreneurial endeavors. The report serves as a vital reference for countries and international organizations seeking insights into global entrepreneurship trends and strategies for fostering entrepreneurial growth and development.