The UAE has secured the top position globally in the 2023-2024 Global Entrepreneurship Monitor (GEM) report for the third consecutive year, outperforming numerous advanced economies. Notably, it has been acclaimed as the premier global destination for initiating and managing new business ventures, achieving a historic high score of 7.7.
In the assessment of 13 key indicators, the UAE emerged as the leader in 12 categories, encompassing aspects such as financing accessibility, market entry facilitation, commercial infrastructure quality, research and development investment, knowledge transfer facilitation, legislative flexibility, and governmental support programs. The nation's initiatives in taxation and bureaucracy management, entrepreneurship education integration in schools, and cultural and social norms were also commended. Additionally, the UAE garnered third place in the 'physical infrastructure' category.
The Ministry of Economy underscores that these findings reaffirm the success of the UAE's ongoing endeavors to profoundly reshape the national entrepreneurial ecosystem. Central to this effort are strategic policies and initiatives like the Entrepreneurial Nation program, which seeks to cultivate a supportive environment for innovative entrepreneurship. Through comprehensive incentives, the program encourages the establishment of new ventures, bolsters the growth prospects of SMEs, and facilitates their global expansion from the UAE. Additionally, the Nafis Program delivers an integrated incentive package tailored to national entrepreneurial projects, adhering to the highest global standards.
Delving deeper, the report highlights significant investments made by the UAE to enhance the competitiveness of its entrepreneurial landscape, resulting in a doubling of early-stage entrepreneurial activity. Notably, the UAE offers substantial support for women entrepreneurs, fostering an environment conducive to their success by enhancing their access to resources and opportunities. Consequently, the UAE has risen to rank among the top five economies worldwide in supporting women in entrepreneurship.
The report highlights the UAE's significant strides in integrating entrepreneurship education into its school curriculum. Emphasis has been placed on nurturing skills such as creative thinking, problem-solving, opportunity recognition, and risk assessment among students. Remarkably, despite this aspect being relatively weak in other economies, the UAE ranks among the top five out of 49 nations in this regard.
Furthermore, the UAE secures the leading position globally in the National Entrepreneurship Context Index within the same report. This index evaluates each country's supportive environment for entrepreneurship, drawing on insights from national experts in the field. This achievement is in line with the UAE's vision to cultivate the growth of one million SMEs by 2031.
According to the report, India claims the second position, followed by the Kingdom of Saudi Arabia in third place. Lithuania secures the fourth spot, with Qatar ranking fifth. Estonia occupies the sixth position, trailed by the Netherlands in seventh. South Korea is positioned eighth, Switzerland ninth, and China tenth.
The Global Entrepreneurship Monitor (GEM) is widely regarded as one of the most influential sources of entrepreneurship-related information, frequently referenced by countries and international organizations such as the World Bank, the International Monetary Fund, the Organization for Economic Cooperation and Development (OECD), the World Intellectual Property Organization (WIPO), and various United Nations agencies. GEM's annual report stands as the largest study on entrepreneurship and its activities worldwide, offering a comprehensive analysis of global economies. Its methodology is centered on three primary objectives: assessing variations in entrepreneurial activity across economies, comprehending the entrepreneurial ecosystem and its influencing factors, and recommending policies to foster and bolster entrepreneurial initiatives.
