According to the most recent Global Entrepreneurship Index, the UAE outperforms other developed nations with significant economies, including the US, UK, Japan, Canada, South Korea, and some EU nations.
In the Global Entrepreneurship Monitor’s (GEI) annual rankings, which are compiled in London, the Emirates came in fourth place the previous year.
According to national expert estimates, of the 47 participating economies, Sudan has the least encouraging environment for entrepreneurship and the UAE has the most.
The UAE improved in 11 of the 13 framework conditions and outperformed all 47 economies in four of them, giving it by far the greatest overall score.
The UAE was rated as the best country in which to launch a new business, receiving a high score of 6.8, followed by the Netherlands (6.3), Finland (6.2), Saudi Arabia (6.1), Lithuania (6.1), and South Korea (5.7).
“The only economy to have received a score of adequate or higher for every framework criteria is the UAE. These modifications are a direct result of governmental changes that have shifted more and more in favor of boosting favorable business conditions for entrepreneurs, the research said.
The analysis assessed a number of framework circumstances, including the government policy, research and development transfers, ease of entry, social and cultural norms, and the availability and accessibility of entrepreneurial capital.
The countries with the greatest rates of new job expectations were Qatar, Chile, and the UAE, where at least one in ten persons expected to start or run a new firm and to employ six or more people within the next five years.
In the last year, more Emiratis (73.5%) than 2020 (62.1% in 2020) “saw good prospects to start a business where they lived.” In the UAE, more than 61% of respondents said they have the expertise, training, and experience necessary to launch a business, up from 54.7% in 2020.
According to the research, the UAE scored highly on the majority of its framework requirements, “which may help explain the improvement in entrepreneurial mindsets.”
To achieve the nation’s entrepreneurial ambitions of creating high-impact start-ups, which frequently require a lot of capital, the report stated, “this will need to be sustained, or perhaps improved.”
Indicators like the availability of good business opportunities, the availability of knowledge, expertise, and experience needed to start a business, confidence in one’s ability to meet challenges posed by COVID-19, plans to use digital technology to develop a business, and the capacity of entrepreneurship projects in the nation to create new jobs all showed high scores for the UAE.
According to Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, “This outstanding achievement can be ascribed to the unconditional support and the forward-looking vision of the wise leadership of the UAE.”
We take great pride in this achievement, which was made possible by our wise leadership’s long-term vision, which elevated the entrepreneurial industry to the fore.
Ahmad Al Falasi, the UAE’s Minister of State for Entrepreneurship and SMEs, told an online panel that the country, which serves as a hub for regional trade and commerce, is taking advantage of this interest in entrepreneurship and working to establish itself as one.