The United Arab Emirates has once again clinched the top spot globally in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024, marking its third consecutive year at the pinnacle of entrepreneurship excellence.
In a remarkable achievement, the UAE attained a record-breaking score of 7.7, setting a new benchmark in the history of the report. This recognition solidifies the UAE’s position as the premier destination worldwide for initiating and nurturing new business ventures, surpassing numerous advanced economies.
The report underscores the UAE’s exceptional performance across 12 out of 13 global indicators, including areas such as funding accessibility, market entry facilitation, infrastructure development, research and development, government support programs, educational initiatives, and cultural standards.
Furthermore, the UAE secured the third position globally in the indicator of physical infrastructure, further enhancing its attractiveness as a conducive environment for entrepreneurship.
Abdullah bin Touq Al Marri, Minister of Economy, expressed profound pride in the UAE’s remarkable feat, attributing it to the nation’s unwavering commitment to fostering entrepreneurship and empowering small and medium-sized enterprises (SMEs) to drive a competitive knowledge-based economy grounded in innovation and modern economic paradigms.
Bin Touq remarked, “Today’s achievement underscores the efficacy of the UAE’s policies aimed at cultivating an entrepreneurial ecosystem and fostering an enabling environment to propel the growth of SMEs and startups, particularly those leveraging innovation, creativity, and cutting-edge technologies.”
He emphasized that this accomplishment aligns seamlessly with the objectives outlined in the UAE Vision 2031, aimed at positioning the nation as the global epicenter for the new economy within the next decade. Recognizing the pivotal role of the entrepreneurial model in spurring projects and activities across various sectors of the new economy, such as technology, artificial intelligence, renewable energy, and financial technology, among others, Bin Touq reiterated the UAE’s unwavering commitment to nurturing entrepreneurship as a driver of economic growth and innovation.
The report further highlighted the UAE’s significant strides in bolstering the competitiveness of its entrepreneurial landscape, witnessing a doubling in the levels of entrepreneurial activity in the nascent stages. Notably, the UAE has championed support for women entrepreneurs, fostering an environment conducive to their success and positioning the nation among the top five economies globally in supporting female entrepreneurship.
Moreover, the UAE has made remarkable progress in integrating entrepreneurship education into school curricula, with a particular focus on instilling skills such as critical thinking, problem-solving, and risk assessment among students. This effort has propelled the UAE to secure a position among the top five countries globally in fostering entrepreneurship education.
Additionally, the UAE secured the top rank globally in the “National Entrepreneurship Context Index” (NECI), underscoring the nation’s robust supportive framework for entrepreneurship, as evaluated by national experts in the field. This milestone aligns with the UAE’s vision of fostering the growth of one million SMEs by 2031.
Among other countries, India secured the second position, followed by Saudi Arabia, Lithuania, Qatar, Estonia, Netherlands, South Korea, Switzerland, and China, respectively.
The Global Entrepreneurship Monitor (GEM) report stands as a pivotal reference for countries and international organizations, including the World Bank, the International Monetary Fund, and the Organisation for Economic Co-operation and Development (OECD), in assessing entrepreneurship ecosystems and formulating policies to bolster entrepreneurial activity.
Through its comprehensive methodology, the GEM report aims to measure disparities in entrepreneurial activity worldwide, comprehend the entrepreneurial ecosystem, and advocate for policies conducive to fostering entrepreneurial growth and development.
