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The Ministry of Economy has received 700 applications from start-ups and SMEs looking to participate in the second phase of the Entrepreneurship National Program between October 2022 and April 2023. The Ministry of Economy is currently screening these applications against the program’s eligibility criteria.
The ministry explained that the 44 applications received in the second phase of the project relate to the development of franchising businesses for SMEs in the country and support their capabilities by providing them with expertise and knowledge to utilize the global franchising system.
It will also help them drive expansion and investment plans in local, regional and global markets. A further 120 applications related to the expansion of startups in Saudi Arabia in partnership with Astrolabs, which offers many advantages and incentives for entrepreneurs in the Saudi market.
117 applications from startups
A total of 117 applications were received from startups from various countries including Saudi Arabia, Bahrain, Egypt, Bangladesh, Algeria, Pakistan, Morocco, India, Brazil, USA, UK and Azerbaijan seeking to establish and expand their operations in the UAE. In addition, the Ministry recently organized the Smart Framework Innovation Challenge in partnership with Elite Agro Projects, which also received 40 applications.
The implementation of the second phase of Startup Nation will support the UAE’s efforts to further develop entrepreneurship and SMEs in line with international best practices. The Ministry is keen to strengthen public-private collaborations and partnerships at the local, regional and global levels in order to develop an integrated and leading ecosystem for entrepreneurs. It will ensure them a prosperous future and encourage them to develop their business and leadership locally and globally in line with their goals for the next 50 years.
Through the first phase of The Entrepreneurial Nation, the Ministry of Economy was able to support more than 240 start-ups and more than 700 businesses out of 5,000 SMEs registered through The Entrepreneurial Nation portal.
Key industries
Based on the important role of SMEs in supporting the national economy and promoting the sustainable development of the national economy, key areas for the development of SMEs such as healthcare, agricultural technology, education, e-commerce, financial technology, and logistics are identified.
In addition, the Ministry has successfully established and developed over 35 partnerships in the first and second stages of Startup Nation. These partnerships are the largest public-private sector partnerships of their kind, with renowned global entrepreneurial institutions. These include Google, Amazon Web Services, Abu Dhabi Investment Office, Astrolabs, Elite Agro Projects, Emtiyz, Flat6Labs, Foodics, Latvian Investment Development Agency, Pure Harvest, Cisco, Huawei and other leading startup and SME growth companies and platforms, Provides participants with direct funding solutions and indirect funding support.
Through these partnerships, the ministry has also introduced 17 programs and 15 incentives and discounts, contributing to a qualitative change in the country’s entrepreneurial environment to make it more competitive.
new partnership
In addition, the Ministry is currently establishing a series of new partnerships for the next phase to introduce programs and initiatives aimed at supporting digital transformation and expanding import and export activities of start-ups and SMEs. These partnerships will also provide participants with world-class services and encourage them to expand regionally and globally from the UAE.
The ministry said its efforts to support and empower the entrepreneurial sector will continue, providing all enablers and tools for its growth and prosperity. These efforts are complemented by the development of robust legislation and the introduction of innovative programs and initiatives, which in turn will help maximize the industry’s contribution to the UAE’s Gross Domestic Product (GDP).
Furthermore, these measures will help foster an environment of innovation and creativity, thereby positioning the UAE as a destination of choice for global entrepreneurs and start-ups. — trade arab news agency
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