Government

Her Excellency Alia bint Abdulla Al Mazrouei, UAE Minister of State for Entrepreneurship, held a high-level roundtable with CEOs and directors from 20 venture capital funds to discuss strategies for enhancing the national entrepreneurship ecosystem. The meeting focused on expanding support for startups, particularly in securing funding, building partnerships, and attracting investment.

H.E. Al Mazrouei emphasized the crucial role of SMEs in building a knowledge-based, innovative economy, highlighting the UAE's goal of becoming a leading hub for entrepreneurship by the next decade. She noted the importance of creating a supportive environment for startups, which play a key role in achieving the national agenda for entrepreneurship and SMEs.

"The UAE views SMEs and entrepreneurship as essential drivers of economic competitiveness," H.E. Al Mazrouei said. "This meeting provided an opportunity to exchange experiences and discuss best practices for boosting the growth of startups, enabling them to access regional and global markets."

The UAE’s startup ecosystem has shown significant progress, with the country ranking first in the MENA region for venture capital deals and second in terms of the value of investments during the first half of 2024, according to a report by Magnitt. H.E. Al Mazrouei also reviewed the contribution of SMEs, which make up 95% of UAE companies and employ 86% of the private sector workforce.

The meeting included CEOs from top venture capital funds such as BECO, Mubadala Ventures, and Global Ventures. Discussions centered around strengthening cooperation between the Ministry of Economy and venture capital funds to create new partnerships that foster innovation and growth in the UAE's entrepreneurial sector.

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