The UAE aims to attract 20 start-ups worth more than $ 1 billion, known as unicorns, by 2031.

According to Reuters, Unicorn is a privately owned startup worth more than $ 1 billion.

Global Business Center

Dr. Ahmed Belhaul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises in the United Arab Emirates, is preparing to make a big leap in UAE entrepreneurs during the conference to launch the “Hometown of Entrepreneurs” project in Dubai. Strengthening its position as a global hub for entrepreneurs.

Entrepreneurship Nation is a project to promote entrepreneurship in the United Arab Emirates, making the country a global hub for start-ups and investments in the region.

Comprehensive plan

As part of a comprehensive plan, the Ministry has designed a three-phase plan of ‘Capacity’, ‘Start-up’ and ‘Expansion’ to foster entrepreneurial sentiment in the United Arab Emirates.

The “skills” phase begins in schools that provide basic training for entrepreneurs, while the “start-up” phase is training and support for start-up investors.

As for the expansion phase, “Scale Up” wants to target companies in the development phase with the finances and expertise to expand their business inside and outside the UAE.

Achieving entrepreneurial plans

The UAE enjoys a world-class environment that supports and regulates the entrepreneurial sector with an integrated system and accelerates the growth of entrepreneurial projects.

The entrepreneurial environment in the United Arab Emirates has been greatly improved by a number of measures and decisions taken at the federal level, including allowing all companies full foreign ownership, issuing gold visas to entrepreneurs, and dozens of promising benefits and incentives.

The Ministry of Economy of the United Arab Emirates seeks to increase the number of small and medium enterprises in the UAE and increase the sector’s contribution to GDP through its new strategies.

Despite the epidemic, demand for the Hub71 technology center in Abu Dhabi has increased.

Hub 71 is supported by the Mubadala Investment Fund, SoftBank Vision Fund and Microsoft. Kida Idani, the center’s operations manager, told Reuters last month that the center had accepted 100 start-ups in 2019 after a selection process that included 3,500 applications.