The UAE is amongst the 20 powering nations within the 13th global competitiveness indexes related with the entrepreneurship within the preceding year in 2020, as stated from the report compiled by five expert global institutions.
This remarkable outcome specifically came at a point, when all the core economies are still fighting the biggest menace ever the deadly Covid-19 Pandemic. The UAE’s forward-viewed policies upon the entrepreneurship has generated out best outcomes as the Emirate has joined up and entrusted as the top 20 nations for generating competitive environment for nurturing entrepreneurs in the nation.
As per the Federal Competitiveness and Statistics Centre’s data; “The UAE’s international successes included top rankings 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.”
Emirate stays in advance than even developed states
The reports stated that the UAE’s accomplishment in offering the best legislative and bureaucratic frameworks to power entrepreneurship in the nation, be it in business dexterity, the availability of investment capital or the encouraging climate for beginning SMEs, outstanding numerous foremost global economies, counting the US, Canada, UK, China, Japan and many others.
The government have tossed many initiatives to support entrepreneurs by encompassing competitive establishment licensing offers, business golden visas, office spaces as well as organizing relevant events. It also enables access to government activities and investors in the UAE and the varied territory.
The IMD World Competitiveness Yearbook, distributed by the International Institute for Administrative Development, graded the UAE second in entrepreneurship, while it came in fourth in the venture capital accessibility index and fifth in the progress of innovative company’s index of the World Economic Forum’s Global Competitiveness Report.
“The UAE ranked sixth globally in indexes related to business agility, venture capital and investment capital,” according to the IMD World Digital Competitiveness Ranking. The emirate also appealed sixth place in the defiance towards entrepreneurial risk index and eighth place in the time obligatory to commence a business index of the Travel and Tourism Competitiveness Report, while ranking ninth in the SMEs and the capital cost indexes, 10th in the corporate debt index, and 11th in the entire early-stage entrepreneurial activity index.
Unbelievable track record
The UAE’s unbelievable track record in entrepreneurship over the preceding year has facilitated make it among the global most pioneering nations in the sector, authorized by a beautiful as well as an integrated legislative system and innovative enterprises and programmes that boost entrepreneurial projects and fast-track their progress, making them a major sponsor to the UAE’s non-oil GDP.
Atik Munshi, managing partner at Enterprise House stated that “Being recognised among the top 20 entrepreneurship indexes globally is a tall feat for UAE. Such has not come about without the incessant efforts of the UAE government and the forward-looking attitude of the government bodies.”
Despite of the tough times in 2020, he stated out that the UAE is among the very few nations who have tackled hurdles of Covid 19 very efficiently and in addition brought about optimal output from the business community with the support of positives fluctuations in the legislature and other policies.
“I am of the view that such conducive environment of minimum tax level, security and safety, world class infrastructure coupled with the ease of doing business will catapult UAE in the near future as one of the most desired.”