MoE launches 2nd phase of ‘The Entrepreneurial Nation’ for SMEs

Gulf Today, Staff Reporter

The Ministry of Economy launched the second phase of The Entrepreneurial Nation, the comprehensive and one of a kind national project for the development of the UAE’s Small and Medium Enterprises (SMEs) and the overall national entrepreneurial landscape.

Phase II of the project, which is based on the largest public-private sector partnerships of their kind, is aimed at developing the tools to foster the culture and practices of entrepreneurship in the UAE. It will also open up new channels for entrepreneurs to access more opportunities, enabling the growth of startups and SMEs and their business expansion from the UAE to various other global markets.

More partnerships and collaboration with a wide range of public and private sector partners will be forged, including business incubators and funds, commerce chambers, and prestigious local and global companies and organizations, to achieve the goals of the second phase.

The launch took place at  Gitex Global 2022, which is being held at the Dubai World Trade Center, in the presence of  Abdulla Bin Touq Al Marri, Minister of Economy; Dr Ahmad Belhoul Al Falasi, Minister of Education; Dr Thani Al Zeyoudi, Minister of State for Foreign Trade; Shama Al Mazrui, Minister of State for Youth Affairs; and the program’s strategic partners.

Bin Touq said: “Today, we begin a new chapter in supporting the development of the UAE’s entrepreneurial ecosystem through the launch of the second phase of The Entrepreneurial Nation project. This project has become an important asset in the government’s efforts to support, develop, and empower startups in the country and provide them with necessary growth tools in accordance with global best practices, in addition to increasing their contribution to the national GDP growth. The project also plays a vital role in attracting leading global businesses and promising companies to set up their headquarters in the UAE, thus consolidating the country’s position as a global hub for entrepreneurship, creativity and innovation.”

He added: “Phase I of The Entrepreneurial Nation was able to achieve remarkable accomplishments, including Dhs 20 million worth of support provided to entrepreneurs and startups from the project’s private sector partners, and 1,000 projects, out of more than 5,000 SMEs and business ventures that signed up through The Entrepreneurial Nation portal, were given support. Moreover, 10 programs were specially designed and launched for the participating entrepreneurs, and partnerships were formed with 50 universities and 90 schools in order to raise younger generations that are equipped with entrepreneurial skills and capable of entering the market with strong and sustainable qualifications.”

He continued: “Phase II builds on the distinguished success of the first phase, in line with the ongoing development of the UAE’s new economic model according to the vision of its wise leadership, to be more sustainable, flexible and innovative, and in line with the objectives of the 50 and the determinants of the UAE Centennial 2071.”

In addition, he stated that The Entrepreneurial Nation has ambitious and long-term objectives, the most notable of which is providing support to over 8,000 startups and SMEs in the UAE and transforming over 20 startups into unicorns by the year 2031. H.E. also explained that in cooperation with its partners, the Ministry of Economy is providing all the necessary tools and expertise to fuel the growth of SMEs, empower entrepreneurs in the UAE, and remove all obstacles hindering their further expansion and global reach.

The phase II of The Entrepreneurial Nation will witness the further expansion of the existing network of partnerships to include new alliances and MoUs with authorities at the federal, local and global levels to meet the initiative’s ambitious strategic objectives, including refining of the skills and practices of entrepreneurship in the country.

The phase II will feature the launch of 12 new programs that provide entrepreneurs and owners of SMEs with the best expertise, digital tools, and financing solutions needed to grow their businesses in line with international best practices. They will also help the initiative’s members to set up affiliates and offices in the target countries and foreign markets and provide them with competitive prices to access services and business development.  Phase II will also host the 16th edition of the Arab Startup Competition organized by the MIT Enterprise, in addition to providing direct funding through the program’s virtual platform in collaboration with e& group, and the launch of the specialized television program for entrepreneurship in cooperation with Biban.

Over nearly a year since the launch of its first phase, The Entrepreneurial Nation has succeeded in forging a series of more than 35 partnerships, which are the largest of their kind between the government, the national private sector, and prestigious international institutions and companies concerned with entrepreneurship. These partners include the MIT Enterprise Pan Arab region, Microsoft, Google, Huawei, Cisco, UPS, Linkedin, Meta, e& Group, Amazon, Bizworld, Emirates Foundation for School Education, Hub71, the In5 platform for enabling entrepreneurs and startups, Khalifa Fund for Enterprise Development, Flat6Labs accelerator, Department of Education and Knowledge in Abu Dhabi, Mohammed bin Rashid Establishment for SME Development among other leading companies concerned with the development of entrepreneurs and SMEs.