UAE shines in global entrepreneurship rankings

Business Bureau, Gulf Today

Reports from 5 specialised global institutions revealed that the UAE is among the 20 leading countries in 13 global competitiveness indexes related to entrepreneurship in 2020, a testament to the UAE’s forward-looking policies on entrepreneurship.

According to the Federal Competitiveness and Statistics Centre (FCSC), the UAE’s international successes included top rankings in the IMD World Competitiveness Yearbook, the Travel and Tourism Competitiveness Report, the Global Competitiveness Report 4.0, the IMD World Digital Competitiveness Ranking and the Doing Business 2020 Report.

The reports show the UAE’s success in providing the best legislative and procedural frameworks to drive entrepreneurship in the country, be it in business agility, the availability of investment capital or the conducive climate for establishing SMEs, surpassing several leading global economies, including the US, Canada, UK, China, Japan and many others.

The IMD World Competitiveness Yearbook, issued by the International Institute for Administrative Development, ranked the UAE second in entrepreneurship, while it came in fourth in the venture capital availability index and fifth in the growth of innovative companies index of the World Economic Forum’s Global Competitiveness Report.

The UAE ranked sixth globally in indexes related to business agility, venture capital and investment capital, according to the IMD World Digital Competitiveness Ranking.

The UAE also claimed sixth place in the attitudes towards entrepreneurial risk index and eighth place in the time required to start a business index of the Travel and Tourism Competitiveness Report, while ranking ninth in the SMEs and the capital cost indexes, tenth in the corporate debt index, and eleventh in the total early-stage entrepreneurial activity index.

The UAE’s incredible track record in entrepreneurship over the past year has helped make it among the world’s most pioneering countries in the sector, empowered by an attractive and integrated legislative system and innovative initiatives and programmes that encourage entrepreneurial projects and accelerate their growth, making them a major contributor to the UAE’s non-oil GDP.

UAE can act as gateway:  Osmar Chohfi, President of the Arab-Brazilian Chamber of Commerce (ABCC) has commended the UAE’s accomplishments in developing logistic infrastructure and smart cities.

In an interview with Emirates News Agency (WAM), Chohfi noted that the sophisticated and attractive business and investment environments, especially through implementing trade license application systems, such as the “Invest in Dubai” platform, prohibiting double taxation on investments, and building high-level free zone infrastructure have further strengthened the positive context of the country’s relations with Brazil.

He explained that these initiatives have also “established robust structures for a more vibrant future alliance between Brazil and the UAE”.

“Thanks to its world-class logistics infrastructure, free zones, strategic geographic location and diverse international trade agreements, the UAE can also act as a gateway for Brazil to have access to other major Arab markets and key European, Asian and even North American countries. Furthermore, Brazil, through its trade ties with the UAE, is given a chance to capitalise on the growing global demand for halal products,” Chohfi stated.

He continued, “We know that Dubai and the UAE are recognised as a hub for investments in the region due to several factors. Choosing to bring their business to the country, global investors are drawn to various aspects such as quality of life, strong commitment to technology and sustainable development, modern urban centers, and efforts to build a more prosperous future. It also helps that the UAE Government is continuously looking for innovative ways to build a more favorable business environment to generate new value and consistently attract a higher number of investors and best international talents.”

“Brazil, especially its large cities, has much to learn from Dubai, the UAE, and the rest of the Arab region regarding smart city development and the improvement of other priority sectors. As such, part of our mission at the Arab-Brazilian Chamber of Commerce is to facilitate cooperation between the Arab world and Brazil, whether in the sharing of experiences; in the joint development of solutions, including agriculture and food production technologies; in the exchange of products and services; and in the promotion of culture and leisure, among others,” he added.

Chohfi noted that ABCC seeks to establish new pathways to strengthen its technical cooperation and trade agreements, promote smart cities and increase investment activities.