UAE has the most active and sought-after startup ecosystem in the Middle East and efforts are continually underway to attract the brightest talent from around the globe, promote advanced technology, and create a truly knowledge-based economy. Recently, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai launched a plethora of new initiatives in a bid to fuel economic prosperity and help family-owned businesses, start-ups, and small and medium enterprises grow.
Touting the economy to be accelerating and moving in the right direction, His Highness took to Twitter to announce the innovative initiatives he launched at the ministry of economy Abu Dhabi to make sure young talent plays a part in UAE’s thriving economy.
During my visit to the Ministry of Economy where we launched projects to help our national companies access new markets,an economic research institute in collaboration with world leading univeristies and an international conference to be held on March to explore new opportunities pic.twitter.com/Kg3aaIwBLQ
— HH Sheikh Mohammed (@HHShkMohd) June 28, 2021
The new economic initiatives include an accelerator platform for family-owned businesses, geared towards helping startups in UAE tap into global markets, improve performance and build their brands, as well as enhancing their ability to attract investment opportunities, and speed up growth. Among the new initiatives is an economic research institute established in collaboration with leading universities (UAE Growth Lab), namely UAE University, Zayed University, American University of Sharjah, and New York University Abu Dhabi, as well as an entrepreneurial academy (Skill-Up Academy) that seeks to hone the entrepreneurial skills of citizens and residents through educational initiatives. The UAE will also have a scale-Up platform for start-ups looking to grow, and a web portal (Grow in UAE) to provide comprehensive information about policies and investment opportunities in the UAE and create new jobs in UAE. His majesty has also announced an upcoming global investment conference (Investopedia) to be held in March 2022, dedicated to focusing on new economic opportunities in the country.
These initiatives have cemented UAE’s position as the best place for young businesses to set up shop and are a testament to the sincere efforts made by the Government of the UAE to create a supportive ecosystem for the incubation of Gulf talent UAE in the country. This is also evident from the fact that 88 percent are highly optimistic about UAE’s economic growth for the next 50 years.
According to Sheikh Mohammad, “The post-COVID-19 world has brought several new shifts and a changing environment. Our economic work continues rapidly and is in the right direction. Our government team was reformed last summer so that all ministries and institutions work together with a focus on one clear goal, which is the UAE’s economic growth for the next 50 years.”
