UAE Ministry of Economy Hosts Riyada Development Program in Al Dhafra to Boost Startup Growth
The Ministry of Economy recently organized the Riyada Development Program in Al Dhafra, Abu Dhabi, as part of its efforts to support startups and SMEs in the region. The event aimed to enhance entrepreneurial engagement, business expansion, and knowledge exchange, while addressing key challenges related to business growth.
The event was attended by H.E. Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, and Mouza Al Nasri, Acting CEO of the Khalifa Fund for Enterprise Development (KFED).
Empowering Entrepreneurs for a Knowledge-Driven Economy
H.E. Alia Al Mazrouei highlighted the UAE’s commitment to fostering a thriving entrepreneurial ecosystem, emphasizing the role of startups and SMEs in driving economic progress.
"This event serves as a key platform to highlight the unique advantages offered by the UAE’s entrepreneurial ecosystem and how to leverage them. It also offers a valuable opportunity to exchange ideas, insights, and experiences in all aspects of entrepreneurship and SMEs development. The initiative also enables us to learn more about the innovative startups in Al Dhafra, listen to entrepreneurs’ ideas and proposals regarding the enablers they need for business growth, and encourage them to launch new ventures that benefit the community and contribute to the UAE’s economic progress," she stated.
Showcasing the Riyada Entrepreneurship System
During the event, H.E. Al Mazrouei introduced the initiatives under the Riyada entrepreneurship system, which was launched in November 2024 by the Ministry of Economy. These include:
- Riyada Fund
- UAE Entrepreneurship Council
- National Unified Entrepreneurship Platform
- UAE Youth Entrepreneurship Council
She stressed the importance of ensuring these initiatives reach all seven emirates to boost the UAE’s entrepreneurial competitiveness.
SME Growth and Entrepreneurial Impact in the UAE
H.E. Al Mazrouei noted the strong growth of the UAE’s entrepreneurship sector, with Emirati youth launching 25,000 SMEs in 2024 alone. Currently, SMEs represent:
- 94% of total companies in the UAE
- 63.5% of the UAE’s non-oil GDP
- Over 50 business incubators and accelerators across the country
Addressing Entrepreneurial Challenges in Al Dhafra
A panel discussion was held during the event, addressing the challenges faced by entrepreneurs in Al Dhafra and exploring strategies to turn these obstacles into growth opportunities. The event also showcased inspiring success stories from entrepreneurs and startup founders in the region.
Through initiatives like Riyada, the UAE continues to cement its position as a global leader in entrepreneurship, offering a robust support system for startups and SMEs.
