The United Arab Emirates (UAE) has been named the top destination for entrepreneurship in the Global Entrepreneurship Monitor's Global Entrepreneurship Index 2022. The UAE was followed by Qatar (2), Saudi Arabia (3), Oman (5), Bahrain (6), and Kuwait (11) for providing the best business climate in the 14th annual Agility Emerging Markets Logistics Index. The country climbed three spots from the previous year to claim the top spot in the rankings, outperforming leading global economies with a score of 6.8 in the general ranking. The report analyzed various indicators, revealing that the UAE is the best location globally to establish and launch new businesses, providing an optimal environment for entrepreneurs.
The achievement is attributed to the country's visionary leadership, whose unwavering support has been critical in putting the nation at the forefront of the global economy. The entrepreneurship sector and small and medium-sized enterprises have particularly benefited from the supportive economic ecosystem, leading to high success rates and boosting the UAE's reputation as a hub for innovation and entrepreneurship.
The UAE's top ranking sends a clear signal to investors, business owners, and firms both domestically and internationally that the country boasts a robust economic climate and proactive policies that guarantee all the necessary incentives to attract and establish businesses and aid their operations. It emphasizes the SME model, allowing companies in the UAE to capitalize on the numerous opportunities and benefits offered by its business environment to expand, become profitable ventures, and succeed in regional and global markets.
Dr. Ahmad Belhoul Al Falasi, the Minister of State for Entrepreneurship and SMEs, credited the wise leadership's unwavering support in developing the entrepreneurship sector as a key driver for the diversified and knowledge-based economy of the future. The accomplishment validates the UAE's success in creating an integrated and world-class entrepreneurship system over the years, which has helped SMEs grow at an accelerated pace.
Among the significant accomplishments of the UAE's entrepreneurship model during the past year and the current year is its top regional ranking in attracting startup funding, with over USD 1 billion in venture capital secured for the first time in its history. The 'Projects of the 50' were also launched to support national entrepreneurship by creating partnerships between the public and private sectors.
The UAE has made progress in 11 out of the 13 axes covered by the index, distinguishing it as the sole country among the report's participants to have attained a sufficient score or higher in all axes. These axes comprise Entrepreneurial Finance, Ease of Access to Entrepreneurial Finance, Government Policy: Support & Relevance, Government Policy: Taxes and Bureaucracy, Government Entrepreneurial Programs, Entrepreneurial Education at School, Entrepreneurial Education Post-School, Research and Development Transfers, Commercial and Professional Infrastructure, Ease of Entry: Market Dynamics, Ease of Entry: Burdens and Regulation, Physical Infrastructure, and Social and Cultural Norms.
The UAE's remarkable achievements in various indicators that are evaluated within the methodology and questionnaires used to assess the performance of each country have earned high scores. These include the availability of favorable opportunities to start a business, accessibility of skills, knowledge, and experience to start a business, confidence in overcoming the challenges presented by COVID-19, plans to use digital technology to expand business, and the potential of entrepreneurship projects in generating new job prospects in the future.
In conclusion, the UAE has proven to be a leading global destination for entrepreneurship, with its supportive economic ecosystem, policies, and initiatives that provide all the necessary incentives to attract and establish businesses and aid their operations. The country's success in creating an integrated and world-class entrepreneurship system has positioned it as a hub for innovation and entrepreneurship, leading to high success rates and boosting its reputation. The country's top ranking sends a clear signal to investors, business owners, and firms both domestically and internationally, emphasizing the SME model and the numerous opportunities and benefits offered by its business environment to expand, become profitable ventures, and succeed in regional and global markets.