The UAE is seeking to boost the number of companies operating in the country by nearly 67 per cent to 2 million by 2031, with a focus on developing the small-and-medium enterprises critical to its economy.
The Arab world's second-largest economy is increasing its target from the current 1.2 million companies, up from 600,000 five years ago, Abdullah bin Touq, Minister of Economy and Tourism, said in a press conference in Abu Dhabi. Of these, SMEs comprise 94 per cent currently.
The UAE on Sunday launched a national campaign titled The Emirates: The Start-up Capital of the World aimed at attracting and training Emiratis to set up their own businesses in sectors of strategic importance to the economy.
“The campaign brings together more than 50 entities from both the public and private sectors, with the aim of training and nurturing 10,000 Emirati entrepreneurs, creating thousands of economic opportunities, and raising community awareness on the importance of leveraging the economic momentum the country is witnessing,” Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, said in a Media Office statement.
“A series of initiatives will be introduced, with a call for all institutions to actively participate in this campaign and support its objectives.”
SMEs form the backbone of the national economy, contributing more than 63 per cent of the non-oil gross domestic product. The importance of the sector is underpinned by the fact that the UAE is currently home to 50 business incubators spread across the country, Sheikh Mohammed said.
“The UAE also leads among 56 global economies in supporting SMEs and in providing the best possible environment for their growth and success,” he added.
The government is looking to attract Emirati SMEs to five main sectors including food and food processing to bolster its food security strategy, tourism and hospitality that comprise 13 per cent of its GDP, financial services with a focus on FinTech, the space economy and data analytics, the minister said.
The campaign aims to attract and train entrepreneurs, make the UAE an attractive destination for talent and SMEs and promote the success stories of Emiratis who have contributed to raising awareness about the importance of entrepreneurship.
“We believe that the future is forged by our young entrepreneurs, therefore we are seeking to empower nationals to create new economic opportunities and start their own businesses, instead of just searching for a job,” the minister said during the press conference.
SMEs are a key pillar for economic growth in the UAE, representing about 94 per cent of all businesses and employ about 86 per cent of the private sector workforce, according to the Khalifa Fund for Enterprise Development.
The SMEs sector contributes 63.5 per cent to the non-oil GDP of the UAE, making it a vital growth engine for the economy.
The UAE government has rolled out numerous initiatives to support the growth of SMEs. These include programmes to bridge gaps in access to finance, procurement and developing skills by connecting smaller enterprises with opportunities and resources, some of which are available through government platforms such as Tamm.
With the UAE signing comprehensive economic partnership agreement (Cepa) deals with key trading partners around the world, it is forging a pathway for SMEs to export their goods and services to markets beyond the country's borders.
“SMEs today are part of our delegations and international exhibitions. We're looking always to bring SME's as a part of that, we even cover sometimes part of their travel [expenses], we support them as well with exhibiting by taking a booth on the ministry level but also allowing them space to exhibit their services or products,” Mr Bin Touq said.
The UAE is rolling out several programmes to meet its SME sector goals including launching the StartupEmirates.ae Digital Platform in partnership with the New Economy Academy. It will provide free mentorship programmes and connecting youth with start-ups.
The platform aims to attract 10,000 entrepreneurs and create 30,000 new jobs by 2030, offering shared workspaces, business networking events, training programmes and cross-border partnerships to position the UAE as a gateway for global start-ups.
Other programmes includes an entrepreneurship programme, a specialised content creator programme in economics and entrepreneurship, project management experts programme, UAE tax agent programme. It will also hold young entrepreneurs and graduate business expo and will help lunch 250 Emirati real estate companies, according to the Media Office statement.
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The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)
MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
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Company%20profile
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ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Fifa Club World Cup:
When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine
RACECARD
6pm Emaar Dubai Sprint – Conditions (TB) $60,000 (Turf) 1,200m
6.35pm Graduate Stakes – Conditions (TB) $100,000 (Dirt) 1,600m
7.10pm Al Khail Trophy – Listed (TB) $100,000 (T) 2,810m
7.45pm UAE 1000 Guineas – Listed (TB) $150,000 (D) 1,600m
8.20pm Zabeel Turf – Listed (TB) $100,000 (T) 2,000m
8.55pm Downtown Dubai Cup – Rated Conditions (TB) $80,000 (D) 1,400m
9.30pm Zabeel Mile – Group 2 (TB) $180,000 (T) 1,600m
10.05pm Dubai Sprint – Listed (TB) $100,000 (T) 1,200m
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
Squads
Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz
Sri Lanka: Lahiru Thirimanne (c), Danushka Gunathilaka, Sadeera Samarawickrama, Avishka Fernando, Oshada Fernando, Shehan Jayasuriya, Dasun Shanaka, Minod Bhanuka, Angelo Perera, Wanindu Hasaranga, Lakshan Sandakan, Nuwan Pradeep, Isuru Udana, Kasun Rajitha, Lahiru Kumara
UAE currency: the story behind the money in your pockets
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
Palestine and Israel - live updates
