UAE ranks first globally in the Global Entrepreneurship Monitor report 2024

Abu Dhabi: For the third year in a row, the UAE has been ranked number one globally by the Global Entrepreneurship Monitor (GEM) report for 2023-2024, beating out many advanced economies. It was also hailed as the best place worldwide to start and run new businesses, earning a score of 7.7, the highest ever in the report’s history.

The UAE excelled in 12 out of 13 indicators studied by the report, including financing for entrepreneurial projects, access to funds, ease of market entry, infrastructure, research and development, knowledge transfer, and government support programs. It was also recognized for its policies on taxes and bureaucracy, entrepreneurship education, and cultural standards. Additionally, the country ranked third in terms of physical infrastructure.

H.E. Abdulla bin Touq Al Marri, Minister of Economy, expressed pride in the UAE’s top position and its support for entrepreneurship. He credited this success to the leadership’s vision, which prioritizes entrepreneurship and aids small and medium-sized enterprises (SMEs) in building a competitive knowledge-based economy.

The Minister highlighted the alignment of these achievements with the ‘We the UAE 2031’ vision, aiming to position the country as a global hub for the new economy. Efforts are focused on various sectors including technology, artificial intelligence, renewable energy, and financial technology.

The Ministry of Economy emphasized ongoing efforts to transform the entrepreneurial environment, citing initiatives like the Entrepreneurial Nation program and the Nafis Program, which offer incentives and support for startups and SMEs.

The report praised the UAE for doubling entrepreneurial activity, particularly supporting women entrepreneurs and incorporating entrepreneurship education in schools. Despite weak scores in other countries, the UAE ranked among the top five in these areas.

Also read: UAE’s GDP to grow: 3.9% in 2024, 4.1% in 2025, as per World Bank

Moreover, the UAE topped the National Entrepreneurship Context Index, reflecting its supportive environment for entrepreneurship, aligned with the goal of fostering one million SMEs by 2031.

India ranked second, followed by the Kingdom of Saudi Arabia, Lithuania, Qatar, Estonia, the Netherlands, South Korea, Switzerland, and China.

GEM’s annual report, referenced by global organizations like the World Bank and the OECD, is renowned for its comprehensive analysis of entrepreneurship worldwide. It aims to measure entrepreneurial activity across economies, understand the ecosystem, and propose policies to enhance entrepreneurship.

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