The United Arab Emirates’ Economy Minister, Abdullah bin Touq al-Marri, said the SMEs account for 95 percent of the overall operating companies in the country.
They offer job opportunities to more than 85 percent of the total labor force in the private sector, he stressed, adding that they are a pillar for economic growth amid the leadership vision and guidelines in favor of sustainable economic growth.
Al-Marri made his statements on the sidelines of launching the Entrepreneurial Nation 2.0 initiative at GITEX Global 2022, reported the state news agency WAM.
The minister noted that the goal is to transfer 20 emerging firms into billion-dollar firms and to develop more than 8,000 small and medium enterprises and start-ups.
Al-Marri spoke about the programs to develop SMEs with four countries: Saudi Arabia, India, South Korea, and Latvia.
“Our aim is to polarize successful leading projects and promising companies to take the state as their headquarters,” said the minister, adding that “this boosts the UAE status as a global hub for innovation and entrepreneurship.”
Launching the second phase of the Entrepreneurial Nation at GITEX is a momentous opportunity and it allows greater access for emerging and innovative companies and projects that are based on advanced technology, the minister added.
He highlighted that the first phase of the Entrepreneurial Nation provided 20 million dirhams ($5.4 million) to entrepreneurs from project partners in the private sector.
