Emirates News Agency – ‘Economics’ launches ‘Hometown of Entrepreneurship’, a national portal to make a qualitative leap into the environment supporting entrepreneurship and emerging projects

DUBAI, 10 November / WAM / The Ministry of Economy today launched “The Entrepreneurial Nation”, which offers an integrated national portal aimed at making a qualitative leap in the environment that includes entrepreneurship, start-ups and small and medium-sized companies supported in the country, by maintaining a range of partnerships considered to be the largest of its kind between the public and private sectors, it includes business incubators, local finance funds, chambers of commerce and leading private companies locally and globally.

The “House of Entrepreneurship” comes within the framework of the Ministry’s efforts to implement the economic initiatives of the 50th Economic Plan launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai is, “may God protect him”, during his visit to the Ministry of Economy last June.

His Excellency Abdullah bin Touq Al Marri, Minister of Economy, said: “The UAE economy is still progressing in line with the precepts of wise leadership and the principles of fifty, and the launch of the Entrepreneurship House today represents a new pivot in the national economic development process, as it is designed to bring about a fundamental transformation in the development of the entrepreneurship environment. In the country and increase its attractiveness to innovative companies and entrepreneurs from around the world, through which various partnerships will be formed with leading and huge local, regional and global institutions and companies to provide new channels to empower entrepreneurs and small and medium enterprises in the country, in a way that enhances the UAE’s position to be the world’s first home of entrepreneurship. ”

His Excellency added: “The model of small and medium-sized companies and emerging projects has helped accelerate the transition to a knowledge, innovation and technology economy in the UAE, and the country has many emerging and innovative companies within the UAE. activities of the new economy, and projects developed from the Emirates and reaching the world, and today the launch of the home of entrepreneurship gives a boost to our path. ” Towards the future with a proactive vision through the development and modernization of the capabilities of entrepreneurship in terms of resources, policies and incentives. ” His Excellency indicated that the Entrepreneurship House is integrated with the objectives of the fifty projects and in support of national development strategies and the objectives of the UAE Centenary 2071, such as the new residence system and the strategy to attract and attract talent in various fields Strategic and future sectors , and the national agenda for developing non-oil exports, and improving the country’s attractiveness for foreign direct investment.

In turn, his Excellency Dr. Ahmed bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, said during the launch ceremony.

The “House of Entrepreneurship” establishes a new phase in the national economy based on creativity, innovation, entrepreneurship and the growth of small and medium-sized enterprises, and is based on a unified strategy derived from the vision of wise leadership and the fifty principles , as it provides a comprehensive portal for the development of entrepreneurship, and adopts a new methodology in the development of an entrepreneurial climate Business in the country in accordance with best international practices, and aims to consolidate the culture of entrepreneurship and provide solutions and learning opportunities through 3 main axes that contribute to achieving a qualitative leap in the system that supports the prosperity of entrepreneurs and companies in a way that supports the goals of the new economy in the country. His Excellency pointed out that the home of entrepreneurship The business accepts an ambitious target that the UAE will be home to 20 billion companies over the next ten years, and supports the country’s attractiveness for venture capital investments.

His Excellency Dr. Al Falasi explained that the announced partnerships and initiatives represent the first phase of the Entrepreneurship House, and more programs and partnerships will be announced during the next phase, emphasizing the importance of the main objectives of the first phase, as venture capital investment is one of the main drivers for building a knowledge-based economy.Innovation and technology and the transformation of pioneering ideas into projects that achieve high levels of success, while increasing the number of billion companies the country’s position on the map of the global economy and creates new opportunities for the private sector and increases the attractiveness of the UAE market for foreign investors and business owners.

During the ceremony, His Excellency Al Falasi launched the “House of Entrepreneurship” website, which provides integrated information about the portal and the three main axes and the roads, services and partnerships that fall under it. In addition to the ability to register entrepreneurs, small and medium business owners and those interested in entrepreneurship to benefit from its programs and services, through the link: https://theentrepreneurialnation.com/.

The three main themes on which the Entrepreneurship Center is based include …

1- SkillUp Academy: It aims to provide ambitious people with the required skills in the world of entrepreneurship and the methodology to apply them successfully on the ground. The academy focuses on shaping the entrepreneurial mindset from early educational stages, the degree of a generation of young people imbued with pioneering thinking, and providing a supportive environment for them to join entrepreneurship, as well as empowering local and resident entrepreneurs with the skills and methods of modern entrepreneurship and to prepare them to be experienced leaders of high-growth companies. The Academy addresses various segments of society, including students, government officials, job seekers, retirees, housewives and others. In the first phase, it includes the launch of 4 tracks: – SkillUp Start: Providing a program of workshops and interactive hands-on training to enable participants to create virtual companies that simulate reality.

– SkillUp Enable: Establishing business management and development skills among micro-entrepreneurs and enabling them to optimize their project management and sustainability.

– SkillUp Compete: Organize competitions for all segments of society to develop and highlight their creative ideas and emerging projects to select the best projects that will be fully supported to continue their entrepreneurship journey.

– SkillUp experience: Create opportunities to learn about entrepreneurship experiences and to better understand the start-up environment through internships, community programs and other programs.

2 – StartUp: It aims to achieve success stories and help entrepreneurs start their journey in the world of emerging companies with strong capabilities that guarantee their commercial success in a sustainable way. It is targeting beginners in the process of being established, and offers various incentives, products and services that support emerging and innovative companies in the country. In the first phase, it includes the launch of two jobs: – StartUp Leap: Organizing ‘ a competition to provide an opportunity for leading companies around the world to move, expand and prosper in the United Arab Emirates. It also includes more benefits and incentives for selected companies.

Start-up account: Partnerships with banks to provide banking services to small and medium-sized businesses, such as opening business accounts in a highly efficient and short-term interval.

3 – ScaleUp support platform for fast growing companies: It aims to support qualified companies to enable them to expand and reach the category of large and billion companies in the future, and their ability to transcend commercial successes to improve, to improve.

The platform includes a complete support system for companies, including a number of programs, partnerships, services and tools that specifically focus on the needs of beginners and small and medium-sized businesses to drive rapid growth. The first phase included the launch of 5 tracks focused on supporting digital transformation, business services, expansion in foreign markets, support for promotion, exports, financing and business efficiency: – ScaleUp Export: Support and promotion of Emirati exports companies to the target markets and provide them with extensive data on these markets in collaboration with partners in the private sector.

ScaleUp Digitize: Supports the rapid digital transformation of fast-growing Emirati companies and enables them to increase their productivity by providing digital products and services at competitive prices in collaboration with private sector partners.

– ScaleUp Perform: Increase the efficiency of fast-growing UAE companies by focusing on providing and automating office and administrative solutions that help companies focus on their core business and reduce costs.

– ScaleUp Raise: Facilitates the access of fast-growing companies to various financing solutions, whether through lending or capital financing, especially in the advanced stages of growth “Series B and beyond” by the Emirates Development Bank.

– ScaleUp Expand: Supports expansions in global markets by establishing branches and offices for companies in the targeted countries by providing competitive pricing solutions in collaboration with private sector partners and the country’s commercial fans abroad.

In the same context, dr. Ahmed bin Abdullah Humaid Belhoul Al Falasi added, “The axes and paths of the Entrepreneurship House are designed with a forward-looking vision that supports the transformation of new ideas and research and development outputs into innovative and exceptional products, services and technologies,” indicating that it represents an open invitation to the private sector and companies.In the UAE and the world, to participate in this new portal, to support its objectives, to keep pace with the additional axes and paths that will be announced during the next phase, and contribute to the development of new programs, benefits and incentives that serve the entrepreneurial community in the country. ” Through a clear, attractive and competitive system, where it ranks first in the Arab world and fourth in the world worldwide, Entrepreneurship Index 2020, and first position in the Middle East and North Africa in the Doing Business 2020 report, and first in the Arab world in the Global Innovation Index 2021, and in the first place also at the level of the Middle East and North Africa to attract foreign capital The number and size of venture capital projects.

The state also offers integrated and unique benefits and facilities for entrepreneurs to start and run their business from the state’s markets and expand locally and abroad, including: various options for the accommodation system, attracting talent, availability of skilled manpower, foreign ownership without restrictions and 100% for companies and projects, and no tax on income and institutions. Or restrictions on profit transfer or capital resettlement, “there are no restrictions on foreign ownership of companies, as well as wide opportunities for acquiring financing facilities and partnerships in light of the state’s embrace of a leading group of business incubators and accelerators and local, regional and international financial and investment institutions and funds. ”

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