- The National Agenda for Entrepreneurship and Small and Medium Enterprises (SMEs) is a visionary roadmap that aims to support UAE Entrepreneurs to strategize and satisfy their needs, as well as grow and sustain their business in collaboration with all stakeholders by the year 2031. The Federal Law No. 2 of 2014 established the National Program for Small and Medium Enterprises and Projects under the Ministry of Economy.
The National Agenda includes 29 initiatives aimed at
- Improving the UAE’s commercial environment and entrepreneurial spirit.
- Offer a comprehensive package of incentives that will allow the nation to establish unicorn startups and grow the number of startups to one million.
- Establishing a solid alliance between the public and commercial sectors.
“The small and medium enterprises sector represents one of the important priorities in the sustainable economic development strategies adopted by the United Arab Emirates.”
The National Agenda for Entrepreneurship and SMEs has 4 major directives that include
- Encouraging SMEs and the entrepreneurship sector to innovate and increase productivity.
- Strengthening the UAE’s status as a destination for entrepreneurship and global business.
- Enhancing the culture of entrepreneurship amongst different sectors of the society.
Enabling SME & entrepreneurial projects to achieve accelerated growth.
The agenda presents a complete strategy with seven core factors
- Ease of Doing Business: In the endeavor to promote an atmosphere beneficial for entrepreneurship, the UAE acknowledges the necessity of optimizing regulatory obstacles and reducing bureaucratic procedures. The country’s efforts to facilitate business aim to draw in and support various initiatives, from start-ups to well-established businesses.
- Innovation: Innovation is a key component of the UAE’s agenda for economic growth since it powers the engine of progress. The country aims to unleash the limitless potential of its entrepreneurial community by promoting creative and innovative thinking through numerous initiatives and seeks to unleash the boundless potential of its entrepreneurial community.
- Business Support: Since mentoring and advice play such a crucial role in fostering innovative ideas, the UAE’s agenda aims to provide comprehensive support and promote the growth trajectory of emerging companies by making mentorship programs, incubators, accelerators, and other support mechanisms accessible.
- Digital Transformation: In the current era of rapid technological advancement, SMEs that aim to prosper in a competitive market must embrace digital transformation as a strategic necessity. Businesses can increase market reach, create new growth opportunities, and improve operational efficiency by utilizing state-of-the-art digital tools, platforms, and solutions.
- Funding: The UAE is committed to fostering a robust funding ecosystem that empowers SMEs to realize their full potential. The nation aims to bridge the funding gap and stimulate the expansion of innovative enterprises.
- Human Capital: To cultivate a thriving entrepreneurial ecosystem, The UAE places a high priority on investments in human capital development to foster a healthy entrepreneurial environment. These investments equip aspiring entrepreneurs with the necessary knowledge, skills, and resources needed to navigate the complexities of business ownership and management.
- Increasing Demand: The foundation of entrepreneurial viability is sustained market demand, which fuels revenue growth and sustainability. The UAE seeks to increase demand for the goods and services provided by SMEs by promoting a culture of innovation, customer involvement, and market diversity. This creates a positive feedback loop that leads to economic growth and prosperity.
As the UAE marches steadfastly towards its goal of becoming an entrepreneurial powerhouse by 2031, the National Agenda for Entrepreneurship and SMEs stands as a beacon of hope and opportunity, guiding the nation towards a future defined by innovation, inclusivity, and sustainable growth.
