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]]>The UAE ranked first among high-income countries in 11 of 13 key indicators, evaluating the institutional frameworks supporting entrepreneurship based on expert assessments. The country outperformed globally in areas including financing for entrepreneurial projects, ease of fund access, government policies supporting entrepreneurship, government-related tax and bureaucracy policies, government entrepreneurship programs, integration of entrepreneurship in school and high education, research and development transfer, commercial and professional infrastructure, ease of market entry in terms of burdens and regulatory frameworks, as well as social and cultural standards towards entrepreneurship.
A Comprehensive Entrepreneurship Ecosystem
On this occasion,H.E. Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, said, “Thanks to the support and directives of the UAE’s wise leadership, our country has built a comprehensive and forward-thinking entrepreneurial ecosystem, driving its advancement as a global leader in entrepreneurship. This is reflected in the UAE’s top global ranking for the fourth consecutive year as the world’s best environment for entrepreneurship and the preferred destination for start-ups.”
H.E. added, “This accomplishment highlights the UAE’s dedication to creating a dynamic and attractive environment for entrepreneurship, aligned with global best practices. By empowering start-ups to expand into digital and advanced economic sectors and providing innovative financing solutions, the UAE is solidifying its position as a global hub for the new economy by the next decade, in line with the objectives of the ‘We the UAE 2031’ vision.”
Leading National Initiatives
H.E. Al Mazrouei continued, “Our national efforts continue to focus on enhancing the UAE’s position in global entrepreneurship competitiveness indicators and increasing the success rate of entrepreneurs from 30 per cent to 50 per cent within the next decade. Aligned with the new entrepreneurship framework, these efforts foster a culture of innovative entrepreneurship, offer comprehensive incentives for establishing business, support growth enablers of promising SMEs, and strengthen their access to global markets from the UAE.”
$8.7 billion investment to enhance the competitiveness of the entrepreneurship ecosystem
According to the report, the entrepreneurship ecosystem in the UAE continues to thrive and make progress globally, driven by supportive business and economic policies, strategic government initiatives, and a competitive investment climate. A key factor in this success is the country’s investment of $8.7 billion under the “Project of the 50” initiative, aimed at fostering innovation and the growth of SMEs. This initiative, along with the country allowing 100 per cent foreign ownership of businesses and record-breaking foreign direct investment inflows in 2023, continues to enhance the UAE’s position as a global hub for entrepreneurs.
High-Level Entrepreneurship Culture
The report highlighted that the entrepreneurship culture in the UAE is marked by a high level of awareness and ambition among its people. Around 67 per cent of adults either know an entrepreneur or believe they have the necessary skills to start a business. Additionally, 70 per cent of the UAE population sees strong opportunities for launching a business locally, while 78 per cent of new entrepreneurs prioritise social and environmental impact over profitability. Meanwhile, 75 per cent of early-stage entrepreneurs plan to expand their teams, intending to hire at least six employees in the next five years. The report also revealed that 80 per cent of entrepreneurs plan to integrate technology into their business operations, and 78 per cent of new entrepreneurs are eager to build significant wealth or earn a high income. Moreover, 55 per cent of UAE entrepreneurs cater to clients outside the UAE market, reinforcing the country’s position as a global business and investment hub.
UAE ranks first globally in the “National Entrepreneurship Context Index”
The UAE also secured top spot globally in GEM’s National Entrepreneurship Context Index (NECI), reflecting the strength of the country’s entrepreneurial environment, which was evaluated based on a points system derived from the opinions of entrepreneurship experts. This reinforces the UAE’s vision of reaching one million SMEs by 2031.
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]]>Eight Years of Data Reflects Growth in Women’s Entrepreneurial Intentions
The 2023-2024 GEM KSA Women’s Report, encompassing eight years of data, reveals that nearly half of Saudi women express intentions to start a business within the next three years—a 30% increase over previous years. This rise reflects the success of Saudi Arabia’s efforts to nurture an inclusive environment where women thrive at all phases of business development, contributing positively to society across all age groups, education levels, and income brackets.
Societal Impact and Innovation on the Forefront
Highlighting the influence of women entrepreneurs in the consumer sector and beyond, the report shows a strong commitment to societal value, with over 75% of women entrepreneurs implementing strategies to maximize social impact and reduce environmental impact. As the report was unveiled at Biban 24, it highlighted the importance of the event in fostering global connections and encouraging new ventures, in alignment with Saudi Vision 2030.
Building a Network of Opportunity
Saudi women entrepreneurs benefit from strong personal and professional networks, with 86% of women knowing another entrepreneur personally. Additionally, a significant proportion of women investors support close family and friends in launching new ventures. This trend is driving not only economic growth but also community resilience and self-reliance, as women investors support other women to strengthen the Kingdom’s business landscape.
“Saudi Arabia’s entrepreneurial landscape is enriched by the contributions of women, whose role continues to expand across all areas of business,” stated Dr. Zeger Degraeve, Dean of MBSC. “The GEM KSA Women’s Report demonstrates Saudi Arabia’s commitment to fostering innovation and inclusivity, and we are proud to contribute to this vital progress.”
Launched as part of a strategic partnership with Monsha’at, the Babson Global Center for Entrepreneurial Leadership, and MBSC, the 2023-2024 GEM Women’s Report emphasizes the role of Biban 24 as a global platform for showcasing Saudi Arabia’s vibrant entrepreneurial ecosystem and reinforcing the Kingdom’s role as a gateway to opportunities for entrepreneurs worldwide.
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]]>Biban held its first edition in 2017, and is organized by Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia. This year, international audiences will benefit from more highlights than ever before, with the forum strongly positioned to foster tangible opportunities.
Biban 2023 will host the Global Finals of the Entrepreneurship World Cup (EWC), one of the biggest and most diverse startup pitch competitions and support programs of its kind. Since its inception, over 400,000 entrepreneurs from 200 countries have registered. This year, the finalists will compete for up to $1 million in cash prizes.
At Biban 2023, international guests can network and collaborate with government authorities, entrepreneurs, and investors – from the Kingdom and beyond. Additionally, the forum provides access to growing markets, including E-Commerce, FinTech, F&B, and others.
Attendees can also learn about the support – financial and other kinds – that are available to foreigners starting a business in Saudi Arabia.
Making up the engaging themed areas at the forum are nine “Doors”, which include:
Biban 2023 also welcomes a roster of over 350 speakers from the Kingdom and across the world, which include:
Saudi Arabia is emerging as a key player in the global startup scene. The Global Entrepreneurship Monitor’s (GEM) 2022 National Entrepreneurship Context Index reported that the Kingdom is now the second-best economy in the world to start a business, reflecting a rapidly advancing startup ecosystem, and a wealth of business opportunities for local and international entrepreneurs.
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]]>“The Global Entrepreneurship Monitor Global Report shows that the global economy nourishes entrepreneurs of all kinds. There is a lot of media attention for innovative startups, however entrepreneurial employees, family business entrepreneurs, and small-scale established entrepreneurs also play a key role in national and local economies,” said coauthor and Utrecht University Entrepreneurship Associate Professor Niels Bosma. “This year, GEM results also confirmed that entrepreneurial activity in the gig and sharing economy is substantial in all parts of the world.”
“It might not be a surprise that many businesses are family owned, particularly when we see them every day in our communities and read about large family-owned corporations in the news. Nevertheless, to our knowledge, this is the first global study of family involvement in the startup phase. The results illustrate the extent entrepreneurs rely on family members to get their businesses off the ground,” said coauthor and Babson College Entrepreneurship Professor Donna Kelley.
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