Abdullah Bin Touq: A future model that depends primarily on innovation in launching companies

Abdullah Bin Touq: A future model that depends primarily on innovation in launching companies
Abdullah Bin Touq: A future model that depends primarily on innovation in launching companies
  • Identifying investment opportunities in relevant markets outside the country
  • The percentage of small and medium enterprises is 94% of the total in the country
  • Small businesses contribute to employing 3.4 million of the workforce

In the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, Abdullah bin Touq Al Marri, Minister of Economy, affirmed that building a future economic model based on a dynamic and developed business environment that adopts innovation mainly in the process of stimulating the launch of start-ups and small and medium enterprises, is a goal A key player in the visions and directions of the UAE that focus on developing the local entrepreneurship system and transferring it to the world.

This came during a governmental session within the annual meetings of the UAE government 2022, which focused on enabling international economic growth for businesses, enterprises and small and medium-sized companies.

Abdullah bin Touq Al Marri said that the UAE economic model is based on developing the national entrepreneurship system, and enhancing the participation of Emirati entrepreneurs and new companies, as they represent a major strategic partner in advancing the UAE development process and leading sustainable growth in new economic sectors.

He added that the UAE government seeks to open new channels for entrepreneurs and support the growth and expansion of their businesses in global markets, by strengthening global strategic economic partnerships and cooperation, which enhance the potential for sustainable growth.

The session focused on the need to enable businesses, enterprises and small and medium enterprises in the country to expand internationally by identifying investment opportunities in relevant markets outside the country and linking projects and companies with foreign investors from around the world.

Participants reviewed the most important contributions of the entrepreneurship sector and small and medium enterprises, and its impact on the national economy, as the percentage of small and medium enterprises constitutes 94% of the total enterprises in the country, while contributing 52% to the country’s non-oil GDP, and contributes to the employment of 3.4 million of the workforce in the country.

They discussed the most important challenges facing small and medium-sized companies, and the most prominent future opportunities that can be employed in facilitating financial financing, and raising the level of their productivity compared to large companies in the country, in a way that guarantees enhancing their access to regional and global markets.

Government officials and leaders from a number of government agencies at the federal and local levels participated in the meeting, including: the Ministry of Economy, local economic development departments, and executive councils in each emirate, in addition to local institutions that support entrepreneurship.

The article is in Arabic

Emirates

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