Friday 28 January 2022

UAE tops region in global entrepreneurship index ranking

DUBAI, February 6, 2021

The UAE has been ranked first in the in the region, and fourth globally in the Global Entrepreneurship Index (GEI) 2020 by the Global Entrepreneurship Monitor (GEM – NECI), climbing up from its fifth ranking in the 2019 report. 
The country has outperformed many of the major global economies such as the US, Canada, the United Kingdom, Australia, European Union countries, China, Japan and South Korea in the overall rankings of the index.
The UAE achieved advanced rankings in many of the sub-indicators included in the general index structure in its 2020 version. 
Most notably, the country ranked second in the National Governments’ Response to the COVID-19 lockdown and its impact on the entrepreneurial sector.
It also ranked high on the General Physical Infrastructure and Services indicator access with 7.3 points out of 10, outperforming UK, the United States, Spain, Austria and Germany. The country also achieved the same score on the Cultural, Social Norms and Society Support.
Furthermore, the country also ranked high in the sub indicator R&D Level of Transference, along with Norway and Italy, ahead of Germany, the US, the United Kingdom, Sweden, South Korea.
Abdulla Bin Touq Al Marri, UAE Minister of Economy, said that the achievement is a matter of great pride, which confirms the soundness of the approach and the strength of the economic policies pursued by the UAE.
"Its fourth ranking globally in the Global Entrepreneurship Index indicates the success of national efforts made over the past decade to develop the country’s entrepreneurship sector and highlight the projects model of SMEs as a main driver of economic diversification and sustainability and raise its competitiveness at the global level," he noted.
Today, the UAE has experience in supporting and organizing the entrepreneurship sector, in building an integrated system to support and incubate entrepreneurial projects, accelerate their growth, and developing initiatives and programme that make it a growth engine and a major contributor to our non-oil GDP.
Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, said that the country's excellent global ranking in GEI reflects the success of its efforts and ambitious aspirations that stem from the insightful vision of its wise leadership."
"This indeed is a valuable addition to the country's record of outstanding economic achievements. These efforts will continue in cooperation with the Ministry’s partners inside and outside the country to make Emirati entrepreneurs the best and most successful in the world in the coming years, he added.


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