UAE Ministry of Economy’s second phase of The Entrepreneurial Nation to transform over 20 startups into unicorns by 2031
The Ministry of Economy launched the second phase of The Entrepreneurial Nation at Gitex. This phase will witness the expansion of its network of partnerships to include new alliances and MoUs with authorities at the federal, local and global levels to meet the initiative’s strategic objectives, including refining of the skills and practices of entrepreneurship in the UAE.
The Entrepreneurial Nation is a comprehensive national project for the development of the UAE’s SMEs and the overall national entrepreneurial landscape. The second phase of the project based on the largest public-private sector partnerships of its kind is aimed at developing the tools to foster the culture and practices of entrepreneurship in the UAE.
It will feature the launch of 12 new programs that provide entrepreneurs and owners of SMEs with the best expertise, digital tools, and financing solutions needed to grow their businesses in line with international best practices. The program will also help the initiative’s members to set up affiliates and offices in the target countries and foreign markets and provide them with competitive prices to access services and business development.
UAE’s MoE will also host the 16th edition of the Arab Startup Competition organized by the MIT Enterprise, in addition to providing direct funding through the program’s virtual platform in collaboration with e& group, and the launch of the specialized television program for entrepreneurship in cooperation with Biban.
It will also opens up new channels for entrepreneurs to access more opportunities, enabling the growth of startups and SMEs and their business expansion from the UAE to various other global markets. More partnerships and collaboration with a wide range of public and private sector partners will be forged, including business incubators and funds, commerce chambers, and prestigious local and global companies and organizations, to achieve the goals of the second phase.
H.E. Abdulla Bin Touq Al Marri, Minister of Economy said, “We begin a new chapter in supporting the development of the UAE’s entrepreneurial ecosystem. This project has become an important asset in the government’s efforts to support, develop, and empower startups in the country and provide them with necessary growth tools in accordance with global best practices, in addition to increasing their contribution to the national GDP growth. The project also plays a vital role in attracting leading global businesses and promising companies to set up their headquarters in the UAE, thus consolidating the country’s position as a global hub for entrepreneurship, creativity and innovation.”
According to the Minister, phase one of The Entrepreneurial Nation was able to achieve remarkable accomplishments, including AED 20 million worth of support provided to entrepreneurs and startups from the project’s private sector partners, and 1,000 projects, out of more than 5,000 SMEs and business ventures that signed up through The Entrepreneurial Nation portal, were given support. Moreover, 10 programs were specially designed and launched for the participating entrepreneurs, and partnerships were formed with 50 universities and 90 schools in order to raise younger generations that are equipped with entrepreneurial skills and capable of entering the market with strong and sustainable qualifications.
In addition, he added that The Entrepreneurial Nation has ambitious and long-term objectives, the most notable of which is providing support to over 8,000 startups and SMEs in the UAE and transforming over 20 startups into unicorns by 2031.