Let's Get To Business: The UAE Ranks First On The Global Entrepreneurship Monitor's Global Entrepreneurship Index 2022 The UAE emerged as the winner beating 46 other economies to claim this much-deserved achievement.
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The UAE leaped to the number one position this year in the Global Entrepreneurship Monitor's (GEM) Global Entrepreneurship Index 2022 report. What this means is that the UAE is now the best place to do business globally- in fact, the survey adds that the nation is "the number one global destination for establishing and starting businesses, boasting the most encouraging environment for entrepreneurship."
The UAE emerged as the winner beating 46 other economies to claim this much-deserved achievement. The country gained a total high score of 6.8, showing improvement in 11 of the 13 framework conditions. The report rightfully applauded the government's "policy adjustments that have moved to increasingly promote business conditions for entrepreneurs." The framework included a range of relevant conditions such as the availability of both good opportunities to start a business and entrepreneurial finance, as well as experience to start a business, confidence in the ability to meet the challenges posed by the COVID-19 crisis, the ability of entrepreneurship projects in the country to generate new jobs, ease of access to entrepreneurial finance, and access to entrepreneurial education at schools.
Furthermore, the 2021 Sharjah Entrepreneurship Festival brought to light the fact that entrepreneurship was going to be the foundation of the region's post-oil economy, over the next 50 years. Experts highlighted some very valid points, and what best resonated with me was that entrepreneurship is a mindset- it absolutely is! It is essential to build a society where entrepreneurship is accessible and approachable by supporting the young minds from an early age and helping mould them to begin their own journeys of success. Experience maketh man, surely, but an occasional nudge forward can only help leverage the experience. It is essential to have a supportive ecosystem where entrepreneurs can work in a symbiotic manner, helping one another, and together build an economy that both can thrive in. This also resonates with one of the framework conditions mentioned in the GEM report.
Support doesn't end there. Last year, the government extended its support to encourage small and medium enterprises by announcing the Entrepreneurial Nation initiative. As part of this programme the UAE aims to set up 20 unicorns worth more than US$1 billion by the year 2023. The government aims to offer this support through various public-private partnerships, as well as assist in export and online sales. Over the next five years, an AED1 billion private equity fund will be released from early this year for lending to SMEs, as per an announcement from the UAE Ministry of Entrepreneurship and SMEs late last year. This is a giant leap of faith the government has taken to support SMEs, which have been claimed to be the backbone of the UAE. In fact, this sector contributes to 47% of Dubai's gross domestic product. Bearing this in mind, Dubai SME, an integrated division of the Department of Economic Development (DED) launched the Dubai SME 100 to identify SMEs based on financial and non-financial parametres and support their growth to match international practices.
There is thus a reason to the honours and recognition the UAE has received so far- a wise and valid reason. The UAE grew from its grassroots and arid landscape to a thriving economy due to its tolerance and hospitality towards the global community, and the visions of a leadership that was committed to ensure a harmony between its people and those they welcomed to their home. Fewer nations in the world have shown the support, solidarity, and opportunities available for the world to live and work in than the UAE has. Words may fall on deaf years, but seeing will ascertain that belief. Living here and experiencing the opportunities this nation provides can make anyone embrace this land like many generations have done, and so making the UAE their home, growing with the country, and sharing its lows and highs, like families do.