MoE, EWA initiative to empower women-led startups in the UAE
Officials of Ministry of Economy (MoE) and EWA during the launch of the ‘Investment Readiness Acceleration’ programme.
The programme was launched at a ceremony at the Dubai Multi Commodities Centre, and attended by Abdullah Ahmed Al Saleh, the Ministry of Economy’s Undersecretary, along with representatives and leaders from government and private sectors supporting the UAE’s entrepreneurship ecosystem.
The programme is a component of the Entrepreneurial Nation project initiated by the Ministry in 2021, aligning with the UAE’s endeavours to advance gender equality and encourage women’s involvement in diverse economic sectors. The initiative aims to inspire women to establish entrepreneurial ventures that enhance the country’s economic progress.
Abdullah Ahmed Al Saleh highlighted the UAE’s progress in promoting gender equality and empowering women in the economy under the leadership’s directives. “The new programme with EWA is another step to further these efforts.”
Yulia Stark, President of the EWA European Women’s Association, emphasised the importance of empowering women in economic activities to promote sustainable development. “The programme aims to provide opportunities for women to create projects that contribute to sustainable economic growth in and outside the UAE.”
Meanwhile the UAE economy is expected to grow by 5 per cent this year, driven by a robust expansion in the country’s non-oil sector and increase in foreign direct investment.
The non-oil economy currently accounts for 73 per cent of the UAE’s gross domestic product, which is a “historic first for the country”, Minister of Economy (MoE) Abdulla Bin Touq told state news agency Wam.
That almost three quarters of the country’s economy, the Arab world’s second largest, is now driven by activities other than the hydrocarbons sector, is an achievement, which “reflects the confidence of the private sector and investors around the world in the UAE’s investment environment”, Bin Touq said.
The emirates’ economy rebounded strongly from the slowdown caused by Covid-19, growing by 7.9 per cent in 2022, the most in 11 years, to Dhs1.62 trillion ($441 billion) at constant prices. It has maintained a robust growth momentum since.
It expanded by 3.7 per cent annually in the first half of 2023, as the country continued to pursue its diversification goals, Bin Touq said in October.
While the first-half rate of economic growth “may seem modest” compared with last year, it was still “robust” given the global and regional uncertainties, driven by “staggering” 5.9 per cent growth in the country’s non-oil sector, he said at the time.
The Federal Centre for Competitiveness and Statistics has yet to release full-year GDP growth figures. Bin Touq in August said he expected the UAE’s GDP to expand by 3.6 per cent in 2023.
“The private sector is a key pillar in the new economic and investment landscape,” he said. “It is at the heart of global changes and challenges.”
The momentum is expected to continue this year, on the back of measures adopted by the government to improve the country’s economic resilience, amid persistently high global inflation, monetary policy uncertainty and slowing global economic growth.
The UAE is pursuing its strategy, Operation 300bn, to position the country as an industrial centre by 2031, increasing the industrial sector’s contribution to GDP to Dh300bn by 2031, from Dh133 billion in 2021.
Last year, the UAE achieved 30 per cent of the strategy’s target, as the industrial sector’s contribution to GDP hit Dh197 billion.
The government is keen to boost FDI inflows, particularly in areas such as health care and life sciences, advanced manufacturing, artificial intelligence and robotics.
“The UAE has identified the most sustainable and flexible economic sectors [for growth] including health technology, agriculture, education, financial services, artificial intelligence,” the Minister told Wam.
The growth momentum in these sectors was contributing to sustainability and enhancing the “strength of the national economy”, he said.
Meanwhile the UAE Ministry of Economy (MoE), in collaboration with Crescent Enterprises, hosted a roundtable discussion under the theme of ‘Fostering Resilience and Inclusivity: The Role of Strategic Philanthropy in Global Trade’ that took place on Feb.27, at The World Trade Organisation’s 13th Ministerial Conference, in Abu Dhabi, UAE.
