The UAE’s goal is to have 20 start-ups worth US$1 billion by 2031, the minister said

The United Arab Emirates’ goal is to become home to 20 startups worth more than $1 billion in the next ten years. These startups are called “unicorns”. Its Minister of State for Entrepreneurship and SMEs, Ahmed Falasi, Said Wednesday.

At the launch ceremony Entrepreneurship Country Project exist Dubai, Farasi says UAE It aims to take more measures to consolidate its position as the preferred destination for international investment in the Gulf region. It has recently seen increased competition from Saudi Arabia, which has been pushing foreign companies and start-ups to invest there and set up regional headquarters in Riyadh.

When asked about competition with Saudi Arabia, Falasi told Reuters: “Especially when it comes to entrepreneurship, it is always related to competition.” “Every country is different. Saudi Arabia is a different market from the UAE. Businesses. I see the UAE as a platform to enter the region.”

He said that the UAE has an advantage in attracting foreign investment because the vast majority of its population is foreign workers.

“Therefore, compared with other countries, foreigners are more confident in doing business in a country with 90% of foreigners,” he said.

After businesses suffered from the coronavirus outbreak last year, the UAE announced visa and business reforms aimed at attracting more expats to live and work there. The minister said that the government plans to provide funding in various forms, including equity, direct loans and loan guarantees, to promote start-ups and entrepreneurship.

Despite the pandemic, a technology center called Hub71 in Abu Dhabi has also attracted interest. With the support of the National Fund Mubadala Investment Company, SoftBank Vision FundLike Microsoft, Hub71’s chief operating officer Jida Itani told Reuters last month that since its establishment in 2019, Hub71 has attracted about 3,500 applications and accepted 100 startups through a screening process.