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.
As per 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 reveal the success of UAE in offering the best legislative and procedural frameworks to drive entrepreneurship in the emirate in business agility, the availability of investment capital or the conducive climate for establishing small and medium-sized enterprises (SMEs), surpassing several leading global economies, including the US, Canada, UK, China, Japan and many others.
The International Institute for Administrative Development’s IMD World Competitiveness Yearbook placed the UAE second in the position in entrepreneurship, while it came 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 emirate 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.
Incredible track record
The incredible track record of the UAE in entrepreneurship has helped the emirate to position itself among the world’s most pioneering countries in the sector, empowered by an 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.
“Being recognized among the top 20 entrepreneurship indexes globally is a tall feat for UAE. Such has not come about without the incessant efforts of the UAE government and the forward-looking attitude of the government bodies,” said Atik Munshi, managing partner at Enterprise House.
The UAE is among the very few countries that have tackled challenges of COVID-19 effectively and in addition brought about optimum output from the business community with the help of positive changes in the legislature and other policies, Mr. Munshi added.