Abu Dhabi: Startups and entrepreneurs are at the heart of the UAE’s economic transformation, with the government setting ambitious targets to expand the private sector and strengthen its role in non-oil growth. Abdullah bin Touq Al Marri, Minister of Economy and Tourism, announced that the UAE aims to increase the number of registered companies to more than two million by 2031, alongside nurturing at least 10 unicorns, five of which have already emerged from the country.
The minister made the remarks to the Emirates News Agency (WAM) on the sidelines of the launch of the national campaign, “The Emirates: The Startup Capital of the World.” He explained that the initiative is designed to create an enabling environment for entrepreneurs, empowering young innovators to establish ventures that can achieve growth and global expansion.
Al Marri highlighted that the UAE has comprehensive strategies in place to support entrepreneurship, spanning economic clusters, food security, Comprehensive Economic Partnership Agreements (CEPAs), innovation policies, and intellectual property protection frameworks. He noted that the country’s robust infrastructure at both federal and local levels ensures strong backing for startups and small businesses.
Currently, the UAE hosts more than 1.2 million companies, with around one million owned by entrepreneurs, representing 94% of the total. This, the minister said, demonstrates the pivotal role of entrepreneurs in driving national progress. Small and medium-sized enterprises (SMEs) already contribute 63.5% of the non-oil GDP and account for 95% of all businesses operating in the UAE markets.
