Through the eyes of its pioneers .. This is why the UAE took the throne of venture destinations

Dubai: Ahmed Al Bashir

The World Economic Forum singled out a report on the UAE’s position at the top of the Global Entrepreneurship Index for 2022, published by the Global Entrepreneurship Monitor, moving up from fourth globally in last year’s report, and thus surpassing all global economies covered by the classification.

The country took the highest point in the overall ranking in the index, which reached 6.8, and was ranked first in the world in the entrepreneurial surveys in the country, conducted by the Global Entrepreneurship Monitor, as the best body in the world for creating and starting businesses and the most supportive environment for entrepreneurship.

The UAE improved on 11 of the 13 axes included in the index structure and recorded the highest rate among all economies in four of them.

Activation Policies

Entrepreneurs, experts and CEOs stated that UAE-led strategies, policies enable, strong regulatory frameworks, as well as a local support ecosystem, have pushed investors and entrepreneurial capital to benefit as much as possible from a developing community and bloom in place.

These comments come in the background when the UAE has recently been ranked number one in the world as the best ecosystem for startups and entrepreneurs for 2022, according to the report released by the Global Entrepreneurship Monitor (GEM). Experts expected this growth to continue and that the UAE would maintain the overall lead in the respective reports for the coming years.

Majid Al Suwaidi, Managing Director of Dubai Media City, and on behalf of “in5”, the platform for empowering entrepreneurs in the fields of technology, design and media of TECOM Group, said: witnessed a campaign dedicated to developing a competitive global business environment that attracts entrepreneurs and investors, who are essential components in supporting economic diversification and innovation.

He added, “Government-led enabling strategies and policies have enriched the landscape of opportunities available here in a variety of industries, and support for business incubators like in5 has played a key role in enhancing the UAE’s leading position in the Global Report. of this year’s Entrepreneurship. “

no surprises

Commenting on the latest ranking, Moaz Sheikh, CEO and co-founder of Stars Play Arabia, said: “I’m not surprised, at Stars Play, we have told ourselves the local support ecosystem from which entrepreneurs can benefit. “This system has grown in strength over the years since our inception in 2015. I am proud to be part of the company and look forward to seeing the next generation of innovators in the region and the world.”

Sheikh stressed that factors such as the advanced communication infrastructure, business opportunities and the strong UAE regulatory framework helped it achieve high scores on all major axes and sub-indicators, not to mention the success of Expo 2020 Dubai.

Among other inspiring stories for local companies in the UAE, “Namshi.com”, “Anghami” and the platform “Noon” have also appeared to testify to the high heels of the UAE and its high position as a hub for global and local. startups.

On the other hand, Mohamed Ballout, CEO and co-founder of Kitopi, a company specializing in cloud kitchens, praised the ongoing efforts of the UAE government to promote entrepreneurship and innovation in the country, which has one of the most attractive ecosystems for startups today, with benefits ranging from access to multiple funding channels, favorable regulatory frameworks, diverse talent groups and beyond.

“I can confirm that Kitub has grown to a great extent thanks to the ecosystem in which we operate and the choice of the UAE as the home of the company, rather than anywhere else in the world, was one of the best strategic choices made. in favour. of business “, said Ballout.

Al Suwaidi concluded, “Investors and venture capitalists are taking advantage of the thriving business community in the UAE, which is why we have created a space dedicated to them to reach out to our startups and to re-emphasize our country as a major business destination “. Given that the continued focus on the future and adapting policies to changing demands will help the country maintain its global leadership ranking and improve Dubai’s competitive economy.

Global Observatory

Each year, the Global Entrepreneurship Monitor (GEM) presents its comparative assessment of national entrepreneurial conditions, the purpose of which is to rank countries in terms of their ability to encourage new businesses and is very important to policymakers as it provides knowledge of how to improve such a business environment. . This year’s report includes a comprehensive survey of national experts, which included the opinions of more than 2,000 experts in 50 countries and assessed the countries’ performance on 13 key axes, including ease of access to financing enterprise projects, government policies in relation to support and tax levels, in addition to leadership programs Businesses provided by governments, the level of entrepreneurship in the education sector, the availability of professional and business infrastructure, internal market dynamics, etc.

The report said that in 2016, the UAE launched a new strategy that emphasized the importance of entrepreneurship as a way to diversify its economy away from oil production. Since then, the entrepreneurship rate in the early stages has gradually increased to reach 16.5% in 2021.

Entrepreneurship improvement can be measured through opinions recorded by the Global Entrepreneurship Monitoring Index.In 2021, 73.5% of Emirates surveyed said they had seen an increase in opportunities to open new businesses, which is one of the highest rates high among the premium. 61% of respondents said they have the knowledge, skills and experience to start a business, compared to 54.7% in 2020. 59.9% of respondents indicated that they see new business opportunities as a result of the Covid-19 pandemic. , while 75.9% of them plan to use digital technology to grow their business over the next six months.

keep up the changes

Enabling policies reflect well on entrepreneurs in the country, who have a clear willingness to adapt their strategy and investments to keep pace with constant change. The UAE also has the highest rate of entrepreneurs expecting to hire six or more additional employees in the next five years, compared to its level 1 counterparts, and this confidence and investment will be required to further develop the entrepreneurial goals of the country.

In the subordination, the UAE’s governance performance was the most impressive among its results in the ranking of the year, as it reached 7 degrees in the standard of government support for entrepreneurship, 7.5 degrees in government policies related to taxes and bureaucracy and scored 6.5 degrees in government venture programs. The Netherlands came in second globally in the rankings, reaching 6.3 degrees in the overall index, followed by Finland in third place with 6.2 degrees, then Saudi Arabia fourth with 6.1 degrees and Lithuania in fifth place with 6.1 degrees.

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