UAE scores excessive in international entrepreneurship rankings

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(MENAFN – Khaleej Times)

The UAE’s forward-looking entrepreneurship policy yielded positive results as the emirate joined the top 20 nations to create a competitive environment for entrepreneurship advancement in the country.

Reports from five specialized global institutions found the UAE among the top 20 countries in 13 global competition indices related to entrepreneurship in 2020.

“The UAE’s international successes included top placements in the IMD World Competitiveness Yearbook, the Travel and Tourism Competitiveness Report, the Global Competitiveness Report 4.0, the IMD World Digital Competitiveness Ranking and the Doing Business 2020 Report,” said the Federal Competitiveness and Statistics Center.

Stay ahead of the industrialized nations

The reports show the UAE’s success in providing the best legal and procedural framework for promoting entrepreneurship in the country, whether in terms of business agility, the availability of investment capital or the favorable climate for starting SMEs, the leading global leader Economies, including the US, outperformed. Canada, UK, China, Japan and many others.

The government has launched numerous initiatives to assist entrepreneurs by expanding competitive business license offerings, golden business visas, office space, and organizing relevant events. It also makes it easier to access government agencies and investors in the UAE and across the region.

Global recognition

The IMD World Competitiveness Yearbook, published by the International Institute for Administrative Development, was ranked second in the UAE for entrepreneurship, fourth in the Venture Capital Availability Index and fifth in the Innovative Business Growth Index of the World Economic Forum’s Global Competitiveness Report.

“The UAE ranked sixth worldwide for indices related to business agility, venture capital and investment capital,” according to the IMD World Digital Competitiveness Ranking. The emirate was also ranked sixth in attitude to the index of entrepreneurial risk and eighth in the time required to compile a corporate index of the report on the competitiveness of travel and tourism, while it was in the SME and cost of capital indices Index ranks ninth and tenth in corporate debt and 11th overall index for early-stage entrepreneurship.

Incredible track record

The UAE’s incredible track record in entrepreneurship over the past year has helped make it one of the world’s pioneer countries in this sector. It has been strengthened by an attractive and integrated legislative system, as well as innovative initiatives and programs that encourage entrepreneurial projects and accelerate their growth, making them a major contributor to the UAE’s non-oil GDP.

” It is a great achievement for the UAE to be recognized in the top 20 business indexes worldwide. It has not happened without the relentless efforts of the United Arab Emirates government and the forward-looking attitude of government agencies, ”said Atik Munshi, managing partner at Enterprise House.

Despite the difficult times in 2020, he said, the UAE is one of the few countries that has addressed the challenges of Covid 19 very effectively and has also achieved optimal business output through positive changes in legislation and other policies.

“I believe that such a favorable environment of minimum tax levels, security and protection, first-class infrastructure and easy business conduct will catapult the UAE into one of the most desirable destinations for businesses and homes not only in this region but globally in the near future,” said Munshi.

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