Speaking at the Sharjah Entrepreneurship Festival on Saturday on February 1, Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, highlighted the country's commitment to fostering businesses across all sectors.
She revealed that the UAE now has around 1.2 million trade licences, a proof of its thriving business environment.
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Looking ahead to the next decade, Al Mazrouei highlighted that entrepreneurship will be a key driver of the UAE's economy, supported by digitisation, new economic sectors, and stronger international partnerships.
Unifying the UAE's entrepreneurial landscape
To streamline business operations and support startups, the UAE launched several initiatives, including 'Riyada', a platform that means 'pioneering' in Arabic.
“Apart from Riyada, we are creating a unified platform connecting all emirates, making it easier for the public and private sectors to collaborate,” she said.“The initiative will help entrepreneurs overcome challenges by providing access to markets, financing opportunities, and key industry events,” said Al Mazrouei.
The UAE is also focusing on young entrepreneurs, encouraging them to explore business ownership rather than relying solely on employment.“We have launched a platform dedicated to guiding young people on how they can start their own businesses instead of depending on jobs,” Al Mazrouei added.
Global expansion
The UAE is not just enhancing its local business environment, but also expanding opportunities for its entrepreneurs on the global stage. Al Mazrouei said that 26 UAE entrepreneurs participated in South Korea recently, and three of them successfully signed partnership agreements with Korean companies.
“It's not just about strengthening business locally. We want UAE entrepreneurs to have access to global opportunities,” she said.
Additionally, the Comprehensive Economic Partnership Agreements (CEPA) with several countries are opening new doors for UAE businesses.
“If someone wants to expand into international markets, our policies will help them. I believe that if an entrepreneur wants to expand internationally, it's always better to have a local partner who understands the market landscape. This is a key recipe for success,” she said.
Role of universities
The UAE is set to relaunch the 'Future 100' initiative this year to further support and recognise innovative businesses, said the minister. Al Mazrouei also stressed the importance of instilling an entrepreneurial mindset at the university level.“We need to work closely with universities so that innovative ideas can turn into successful businesses,” she said.
For aspiring entrepreneurs, Al Mazrouei had a clear message:“Resilience and risk-taking are essential. Entrepreneurship is not easy. You will face ups and downs, but you must have the appetite for risk. If you fail, you fail - but learn from it and never give up,” she said.
With continued digitisation, supportive policies, and growing global partnerships, the UAE's entrepreneurial ecosystem is set to thrive over the next decade.“My goal is to see entrepreneurship flourish across all sectors that the UAE is focusing on,” said Al Mazrouei.