UAE aims to have 2M start-ups by 2031
What's the story
The United Arab Emirates (UAE) is on a mission to become a global start-up hub. Abdullah bin Touq Al Marri, the UAE's Minister of Economy and Tourism, has announced plans to increase the number of start-ups in the country to over two million by 2031. The announcement was made during a press conference for 'The Emirates: The Start-up Capital of the World' campaign.
Ambitious targets
Targeting unicorns
Along with the target of two million companies, Al Marri also revealed that the UAE aims to have 10 unicorns (start-ups valued at over $1 billion) by 2031. He noted that about five such companies have already been established in the country. The minister stressed that these ambitious goals are part of a broader strategy to boost entrepreneurship and economic growth in the UAE.
Supportive environment
Infrastructure for startup growth
Al Marri emphasized that the UAE has a strong national infrastructure to support start-up growth at both federal and local levels. He said this includes comprehensive strategies for economic clusters, food security, and economic openness through Comprehensive Economic Partnership Agreements. The minister also highlighted strategies for innovation and intellectual property protection as part of the country's commitment to fostering entrepreneurship.
Economic contribution
Current status of UAE's start-up ecosystem
The UAE currently has over 1.2 million companies, with around one million owned by entrepreneurs. This makes up nearly 94% of the total. Al Marri stressed this shows how important entrepreneurs are in strengthening the national economy. Small and medium-sized enterprises (SMEs) contributed 63.5% to the non-oil GDP of the national economy by mid-2022 and account for 95% of all companies operating in UAE markets.