UAE has been no doubt remained an undisputed leader when it comes to its vast surplus of hydrocarbon, oil fields, and resources. The oil rigs and refineries still contribute a significant portion of UAE’s economic turf.
However, as the depleting oil and energy reserves are the talk of the hour globally, UAE’s economic vision 2030 has projected a new, yet an old warhorse. Any guesses? Yes, indeed it ought to be the SME’s (Small Medium Enterprises) and start-up firms. Slowly, but steadily, the SME’s are emerging as the second lifeline of its economic progression.
Such has been its broadening curve that SME’s powered with advanced and innovative techno concepts like Cloud Computing, Blockchain Networking Module, etc share overall Sixty (60) percentage of its GDP contribution and equally combining stealth force of being employability source for 42 percent of its population.
According to the Agency of Department of Economic Development (DED), “Fifty percent (50 %) of total companies comprises of the start-up firms as well being a major resource of employability for its workforce.”
UAE has topped as the Tech innovative leader of the Arab world, piping Saudi Arabia-largest economy of the Arab world. It was also a piece of excellent news for the region as it stands 38Th overall globally in the Global Innovation Index (GII).
Based on Government reformed economic policies, improvised online services, increased local competitive cutting-edge technology, it is striving hard to be one among the top ten innovative leaders globally within 2023.
Key Achievements of the region during 2018
- The region has witnessed a lot of transformation based upon various accelerators, programme funding, entrepreneurship centres, global markets like Abu Dhabi Global Market (ADGM), etc providing mentorships, workshops, Granting and seed programmes, etc that has put the Emirates on the global map for creativity, entrepreneurship, and innovative leadership.
- Various hit and favourite events like Dubai Auto Expo, Sharjah Entrepreneurship festival carnival, SME’s global summit, Global Entrepreneurship and STEP UP Conferences and Forum is helping burgeoning start-up firms, rising Entrepreneurs to raise their voices, showcase their USP of businesses, chat with global investors and raise funds.
- Abu-Dhabi has also exempted taxes on the SME’s and new start-ups to half then being paid thus enhancing the ease of setting up and performing a business, along with increasing the number of entrepreneurs around the region. They also have exempted newly licensed businesses from local service fees for almost two years besides cancellation of 75 essential services covered under Abu Dhabi Municipality.
- Over viewing the sheer tight, hard work, effective collaborated efforts of all officials-government, public and private, has paved way a perfect platform and placed UAE amongst 111th position amongst global economies in ease of making business list.
- The region is in-house to a few of the global famous multinational powerhouses, expensive brands, financial service providers, new age era banking and business barons.
1) Souq.com-UAE’s first successful E-commerce platform set up in early 2005, is now a part of global e-commerce giant Amazon in 2017.
2) Dubai’s Re-urban studio- Founded in 2005 by Emiratis Fatima Al Mazrouei and Masha’el Al Ali, located in Dubai’s Design District offers a lot to students, fashion professionals, specific fashion design-based programmes for budding talented entrepreneurs, etc.
United Arab Emirates (UAE) are striving very hard in years to come to be also known as ‘The Innovative and Entrepreneur hub of the world’ and is well supported by its broadened economic vision 2021 and 2030.