Small and medium-sized enterprises (SMEs) are the backbone of any thriving economy, fueling employment opportunities, spurring innovation, and shaping the future of various sectors. Recognising their essential role in economic growth, the United Arab Emirates (UAE) has positioned itself as a global leader in empowering these enterprises by not only nurturing domestic growth but also facilitating their expansion into international markets.
At the heart of the UAE's support for SMEs is a well-developed ecosystem designed to nurture their growth. Through a range of government initiatives, entrepreneurs gain access to crucial financial support, cutting-edge technologies, and specialised consulting and training programs aimed at building sustainable businesses. These initiatives are complemented by business events and exhibitions organised by the government to facilitate entrepreneurs connect with potential investors and develop extensive business networks.
A significant example of the UAE's commitment to SMEs is its recent participation, led by Her Excellency Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, at the ComeUp 2024 startup festival held in the Korean capital. The UAE's participation in the event highlighted the nation's dedication to advancing entrepreneurship and strengthening its ties with South Korea in areas like advanced technology, innovation, and exchange experiences and policy frameworks in these fields.
The UAE delegation included 28 SMEs, who showcased their cutting-edge products and services powered by advanced technology and artificial intelligence solutions. Additionally, the event provided a significant platform for these enterprises to gain valuable opportunities to attract investments that support business growth.
H.E. Alia Al Mazrouei emphasised the UAE's strategic commitment to fostering entrepreneurship and elevating it to new heights of dynamism and competitiveness. H.E. underscored the critical importance of expanding market access for local SMEs, pointing to the fact that SMEs comprise 94 per cent of the total companies operating in the UAE and contribute 63.5 per cent to the nation's non-oil GDP.
H.E. Alia Al Mazrouei further highlighted the Ministry of Economy's unwavering support to Emirati entrepreneurs by creating a supportive environment for the growth of their businesses, enabling them to attract investments and promote their products and services in foreign markets. This is in line with the objectives of the National Agenda for Entrepreneurship and SMEs, which aims to make the country a true entrepreneurial nation by 2031.
H.E. reviewed the UAE's innovative entrepreneurship ecosystem initiatives, highlighting two major programs. The first initiative is the 'Riyada Fund,' which has allocated incentives totaling AED 300 million to encourage university graduates to pursue entrepreneurial ventures while fostering an entrepreneurial mindset and culture across all segments of society. Additionally, she emphasised the role of the 'Youth Entrepreneurship Council,' which serves as a platform for empowering young entrepreneurs to keep pace with the latest industry trends and cultivate the culture of self-employment among them.
The UAE's participation in the ComeUp 2024 was not just a showcase of its innovative SMEs, it was a clear demonstration of the nation's long-term vision to become a leader in technological advancement and entrepreneurship. Its presence was distinguished by showcasing a collection of innovative projects that demonstrate the nation's capability to invest in technology and modern innovations.
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