UAE ranks first regionally in World Entrepreneurship Index 2020

0
261

A breathtaking view of the Dubai Marina.

The UAE was ranked first in the region by the Global Entrepreneurship Monitor (GEM – NECI) by the Global Entrepreneurship Index (GEI) 2020 and fourth worldwide in the Global Entrepreneurship Index (GEM – NECI) and has improved from its fifth place in the 2019 report .

The country has outperformed many of the major global economies such as the United States, Canada, the United Kingdom, Australia, the European Union countries, China, Japan and South Korea in the overall ranking of the index.

The UAE achieved an advanced ranking in many of the sub-indicators that were included in the 2020 version in the general index structure. Most notably, the country ranked second in national governments’ response to the COVID-19 lockdown and its impact on the corporate sector.

The United Arab Emirates ranked 7.3 out of 10 on the indicator for access to general physical infrastructure and services, outperforming the UK, USA, Spain, Austria and Germany.

The country also scored the same on cultural, social norms and support for society.

In addition, alongside the Kingdom of Norway and Italy, the country was ahead of Germany, the USA, the United Kingdom, Sweden and South Korea in the sub-indicator R&D transmittance.

Economy Minister Abdullah bin Touq Al Marri said the achievement was a matter of great pride which confirms the soundness of the approach and strength of the economic policies pursued by the UAE with the support and guidance of its wise leadership. The UAE’s fourth position worldwide in the Global Entrepreneurship Index shows the success of the national efforts of the past decade to develop the country’s entrepreneurial sector, highlight the project model of SMEs as the main driver of economic diversification and sustainability, and increase its competitiveness on a global level.

He added: “Today the UAE has a world-class experience in supporting and organizing the entrepreneurship sector, building an integrated system to support and incubate entrepreneurial projects, accelerate their growth, and develop initiatives and programs that make it one Growth engine make a significant contribution to our non-oil GDP. Under the direction of our instructions, the Ministry of Economic Affairs, in cooperation with various government agencies in the country, will continue its efforts to support and empower Emirati entrepreneurs in the development of SMEs and start-ups in the country, especially the local ones, via innovative ideas as a priority in the plans of the UAE for the next fifty years. “

“We will ensure the integration of new business models into the activities of entrepreneurs in order to improve their performance, make them globally competitive and enable them to keep pace with global developments and ultimately actively participate in the country’s economic transformation.”

Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, said the country’s excellent global ranking on GEI reflects the success of its efforts and ambitious aspirations stemming from the insightful vision of its wise leadership. It is indeed a valuable addition to the country’s pre-eminent economic achievements. These efforts will continue in collaboration with the ministry’s partners inside and outside the country to help make Emirati entrepreneurs the best and most successful in the world in the years to come, he said.

Al Falasi stated that the ministry is working with the concerned authorities to develop an integrated strategy to promote entrepreneurship in the next phase. The aim is to develop an integrated framework to support national entrepreneurship, to promote the development of the SME sector in the various emirates of the country and to create an environment in which entrepreneurs in the country can receive comprehensive and sustainable support. These efforts focus on making business easier, access to finance, growing demand, supporting businesses, innovation, and digital transformation.

He went on to explain that the entrepreneurial and SME sector has now become a major engine of economic growth, in addition to its central role in creating jobs and increasing the country’s competitiveness at the regional and global levels.

He added, “The economic challenges posed by the COVID-19 pandemic in 2020 have negatively impacted the corporate sector in most countries, leading to the decline of most of the world’s economies. Countries’ progress on this indicator during the pandemic is a multiplier and reflects the UAE’s unprecedented efforts to ensure support for this sector. This ensured the continuity of the companies and put them on a sustainable growth path, which is reflected in the country’s secondary position worldwide in the sub-indicator of the speed of government response to the impact of the pandemic on the entrepreneurship sector. “

GEI is one of the indicators of the national agenda of the UAE Vision 2021 under the axis “Competitive knowledge-based economy”, which is monitored by the Ministry of Economic Affairs with the participation of a national team and with the participation of many stakeholders in the country.

YOU