In light of the vision and directives of sane leadership to maximise the potential of sustainable economic growth, Abdullah bin Touq Al-Marri, minister of economy, confirmed that small and medium-sized businesses account for more than 95% of all companies operating in the nation. Additionally, they offer employment opportunities to more than 85% of the total workforce in the private sector.
The Minister of Education, His Excellency Dr. Ahmed bin Abdullah Hamid in Al-Hall Al Falasi, and His Excellency Dr. Ahmed bin Abdullah Hamid, Minister of Economy, made the announcements to the Emirates News Agency (WAM) on the sidelines of the opening of the Ministry of Economy and the second phase of the “House of Entrepreneurship” at the “GITEX Global 2022” exhibition at the Dubai World Trade Center.
His Excellency Shamma Bint Suhail bin Faris Al Mazrouei, Minister of State for Youth Affairs, and Thani bin Ahmed Al-Zyoudi, Minister of State for Foreign Trade.
He declared: “The home of entrepreneurship in its second stage focuses on supporting the growth and expansion of startups, from the United Arab Emirates to the rest of the world. We have an ambitious target in turning 20 startups into billion-dollar businesses and developing and supporting more than 8,000 startups as well as a ground-breaking project in the nation.
The programme, His Excellency said, “aims to transfer small and medium-sized firms to the globe and travel outside the country, establish new channels for entrepreneurs, and promote the growth and expansion of their business in global markets.
His Excellency emphasised that the United Arab Emirates has partnerships and cooperation programmes with the Kingdom of Saudi Arabia, India, South Korea, and Latvia to support and develop small and medium-sized businesses. These programmes give SME’s access to these markets, allow them to expand their projects there, and draw businesses from these nations to the UAE.
In order to strengthen the UAE’s position as a global hub for entrepreneurship, creativity, and innovation, His Excellency stated: “Our goal is to attract successful entrepreneurial projects and promising companies to take the country as its headquarters. Small and medium-sized startups are the backbone of the economy for any national economy because of their major role in enhancing the policies of economic diversity and localization of advanced tech.”
His Excellency emphasised that the second phase of the house of entrepreneurship’s inauguration today at the Gayx 2022 conference is a significant opportunity and provides more ways to connect with new and creative businesses and projects based on cutting-edge technology.
His Excellency added: “During the first stage, the home of entrepreneurship has succeeded in providing support for 20 million dirhams for entrepreneurs by the project partners from the private sector, and the number of beneficiaries has reached more than 1,000 projects, and we have programs within the second stage to complete the goals of the program and develop 8 thousand projects Small and typical.
In the United Arab Emirates, small businesses account for more than 95% of all active businesses.
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