UAE Council for Entrepreneurship highlights plans to support SMEs

The UAE Council for Entrepreneurship held its second meeting of the year, chaired by Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship.

It was attended by council members representing federal and local government entities, economic development departments, and various councils and funds promoting entrepreneurship in the country.

The meeting forms part of continuing efforts to enhance the national entrepreneurial landscape and strengthen its enablers in line with the goals of the “We the UAE 2031” vision.

The Council reviewed the recommendations of its inaugural meeting and the progress in their implementation. Moreover, it reviewed the Federal Law No. 2 of 2014 on Small and Medium Enterprises (SMEs); the development of a unified database for entrepreneurs; and the coordination among local entities to better streamline efforts in supporting the country’s entrepreneurship ecosystem.

Alia Al Mazrouei stated that the Council continues to develop effective frameworks and future strategies to support and empower entrepreneurs by fostering integration among relevant entities and advancing national programs and initiatives that enhance the competitiveness of the business environment.

These efforts also seek to expand the base of entrepreneurial ventures in the country in order to strengthen entrepreneurs’ future readiness, encourage the growth of startups, and unlock new opportunities for partnerships and investment.

This plays a vital role in advancing the national vision to build a knowledge-based, entrepreneurship and innovation-driven competitive economy and increase the contribution of SMEs to the national GDP.

Furthermore, the meeting explored the means to better support entrepreneurs and enable them to grow and expand both locally and globally. Additionally, it discussed various approaches to enhancing coordination among relevant entities and foster partnerships with both public and private sectors.

The latest Council meeting also reviewed the Youth Entrepreneurship Council Strategy, which aims to empower youth to lead innovative projects that reinforce the UAE’s global leadership in this vital sector. Besides, the participants discussed entrepreneurs’ participation in various international expos, as well as proposed engagements for 2025, and coordination to ensure an effective representation of the UAE in key global entrepreneurship-related events.

The meeting also highlighted preparations for the National Forum for Government Procurement, which aims to enhance UAE entrepreneurs’ access to government tenders by providing federal entities with an opportunity to present their projected contracts for the current year.

It enables SME-owners to prepare for bids and serves as a platform for direct communication with contracting authorities to address shared challenges. Furthermore, the Forum will review the latest developments in the procurement ecosystem and facilitate the exchange of experiences with funding entities, contributing to the sector’s development.

The meeting concluded with participants reviewing the progress in achieving the goals of the National Agenda for Entrepreneurship and SMEs, which aims to strengthen the UAE’s position as a global destination for entrepreneurship.

WAM