Phase 2 Of The Entrepreneurial Nation Was Established To Aid Startups

In an initiative that is expected to provide a major fillip to the startups in UAE, The Ministry of Economy on 13th October launched the 2nd phase of The Entrepreneurial Nation. It is an all-pervasive and first-of-its-kind national project for the growth of UAE’s Small and Medium Enterprises (SMEs) and the overall entrepreneurial landscape in the country. With the launch of Phase 2, the Ministry aims to support 8,000 startups & SMEs in the UAE and help more than 20 startups to grow into unicorns by 2031.

A major objective of Phase 2 is to build an environment with the necessary resources to promote a culture of entrepreneurship in the UAE. Phase 2, one of the largest private-public partnerships in its league also paves the way for entrepreneurs with a plethora of opportunities, boosting the growth of startups and SMEs and their foray into several international markets.  

Launch Of Phase 2 Of The Entrepreneurial Nation To Assist Startups

The launch of The Entrepreneurial Nation phase 2 took place at Gitex Global 2022. Several top delegates were present at the function including Abdulla bin Touq Al Marri, Minister of Economy; Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade;  Dr. Ahmad Belhoul Al Falasi, Minister of Education; Shama Al Mazrui, Minister of State for Youth Affairs; and the strategic partners of the program.

While delivering his speech, Bin Touq said that with the launch of The Entrepreneurial Nation phase 2,  the day marks a new phase in supporting the development of the UAE’s entrepreneurial ecosystem. He went on to add that it is a flagship project in the government’s initiatives towards supporting, developing, and empowering startups and also offers them the necessary tools for growth that is in alignment with the global best practices, apart from enhancing their contribution to the national GDP growth.

According to Bin Touch, the project plays an integral role in attracting international business majors and promising companies to establish their headquarters in the UAE, thus cementing UAE’s position as a global hub for entrepreneurship, creativity, and innovation. He mentioned that the first phase of The Entrepreneurial Nation led to some significant achievements.

The list of accomplishments includes support worth Dh20 million provided to entrepreneurs and startups by the project’s partners in the private sector and from over 5,000 SMEs and business establishments that had registered with The Entrepreneurial Nation portal, 1000 selected projects were offered support. Add on, 10 programs were specifically designed and introduced for the participating entrepreneurs, and there were alliances formed with 50 universities and 90 schools with the objective of grooming a younger generation that is well-versed in entrepreneurial skills and capable of foraying into the market with robust and sustainable qualifications.

As per Bin Touq’s statement, the second phase was built on the roaring success of phase 1, in line with the ongoing development of the country’s latest economic model as per the vision of its prudent leadership, to be more sustainable, flexible, and innovative and also matching with the goals of the 50 and the determinants of the UAE Centennial 2071.

With the implementation of Phase 2, 12 new programs will be launched. The highlights of these programs would be offering businessmen and SME owners the required knowledge, software tools, and financing solutions required to expand their business in accordance with best practices followed across the world. The introduction of these programs will also help the initiative’s members to establish offices and affiliates in several other target countries and foreign markets. One more important aim is to provide them with competitive prices so that it becomes easy for them to access services and develop their business. The second phase will also be the launchpad for the 16th edition of the Arab Startup Competition organized by MIT Enterprise.