Source: WAM, Amjad Saleh, Binsal AbdulKader
Reports from 5 specialized global institutions revealed that the UAE is among the 20 leading countries in 13 global competitiveness indexes related to entrepreneurship in 2020, a testament to the UAE's forward-looking policies on entrepreneurship.
According to the Federal Competitiveness and Statistics Centre (FCSC), the UAE's international successes included top rankings in the IMD World Competitiveness Yearbook, the Travel and Tourism Competitiveness Report, the Global Competitiveness Report 4.0, the IMD World Digital Competitiveness Ranking and the Doing Business 2020 Report.
The reports show the UAE’s success in providing the best legislative and procedural frameworks to drive entrepreneurship in the country, be it in business agility, the availability of investment capital or the conducive climate for establishing SMEs, surpassing several leading global economies, including the US, Canada, UK, China, Japan and many others.
The IMD World Competitiveness Yearbook, issued by the International Institute for Administrative Development, ranked the UAE second in entrepreneurship, while it came in fourth in the venture capital availability index and fifth in the growth of innovative companies index of the World Economic Forum’s Global Competitiveness Report.
The UAE ranked sixth globally in indexes related to business agility, venture capital and investment capital, according to the IMD World Digital Competitiveness Ranking.
The UAE also claimed sixth place in the attitudes towards entrepreneurial risk index and eighth place in the time required to start a business index of the Travel and Tourism Competitiveness Report, while ranking ninth in the SMEs and the capital cost indexes, tenth in the corporate debt index, and eleventh in the total early-stage entrepreneurial activity index.
The UAE's incredible track record in entrepreneurship over the past year has helped make it among the world's most pioneering countries in the sector, empowered by an attractive and integrated legislative system and innovative initiatives and programs that encourage entrepreneurial projects and accelerate their growth, making them a major contributor to the UAE's non-oil GDP.