Abdullah bin Touq Al Marri, Minister of Economy and Tourism, has confirmed that startups and entrepreneurs are central to the UAE’s future growth strategy. He announced that the country aims to increase the number of registered companies to more than two million by 2031.
Ambitious National Goals
Speaking at the launch of the national campaign “The Emirates: The Startup Capital of the World”, Al Marri explained that the UAE also seeks to generate 10 unicorns within the same timeframe. With five unicorns already emerging from the country, he emphasised that this momentum highlights the UAE’s ability to support high-growth ventures.
He stated that the campaign is designed to provide an enabling environment that empowers youth to establish and expand their businesses. By doing so, it will advance the UAE’s position as a global hub for entrepreneurship.
Strong Infrastructure and Support
Al Marri noted that the UAE has implemented comprehensive strategies to drive this vision, including economic clusters, food security policies, openness through Comprehensive Economic Partnership Agreements, and frameworks for innovation and intellectual property protection. Together, these strategies reflect the readiness of national infrastructure at both federal and local levels to sustain rapid startup growth.
Currently, the UAE hosts more than 1.2 million companies, with around one million owned by entrepreneurs. This accounts for nearly 94% of the total, underscoring the critical role entrepreneurs play in strengthening the economy.
SME Contribution to Non-Oil Growth
The Minister highlighted that small and medium-sized enterprises (SMEs) have already become a driving force within the national economy. By mid-2022, SMEs contributed 63.5% to non-oil GDP and represented 95% of all companies operating in the UAE market. These figures demonstrate the sector’s significance in diversifying the economy and building sustainable growth.
