Reports from 5 specialized global institutions revealed that the UAE was among the top 20 countries in 13 global competitiveness indices related to entrepreneurship in 2020, a testament to the UAE’s forward-looking entrepreneurship policies.
According to the Federal Center for Competitiveness and Statistics (FCSC), the UAE’s international successes included top rankings in the IMD World Competitiveness Yearbook, Travel and Tourism Competitiveness Report, Global Competitiveness 4.0 Report, IMD Global Digital Competitiveness Ranking, and Doing Business 2020.
The reports show that the UAE has been successful in providing the best legislative and procedural frameworks to foster entrepreneurship in the country, whether in terms of business agility, availability of investment capital, or a climate conducive to the establishment of SMEs, outperforming many of the world’s leading economies, including the United States, Canada, the United Kingdom, China, Japan, and many others.
The IMD World Competitiveness Yearbook, published by the International Institute for Management Development, ranked the UAE second in entrepreneurship, while it ranked fourth in the World Economic Forum’s Global Competitiveness Report’s Venture Capital Availability Index and fifth in the Innovative Business Growth Index.
The UAE ranked sixth in the world in indices related to business agility, venture capital and private equity, according to the IMD World Digital Competitiveness ranking.
The UAE also won sixth place in the Entrepreneurial Risk Index Attitude Index and eighth place in the Travel and Tourism Competitiveness Report’s Time to Start a Business Index, while ranking ninth in the SME and Cost of Capital Indexes, tenth in the Business Debt Index, and eleventh in the Total Entrepreneurial Activity Startup Index.
The UAE’s incredible track record in entrepreneurship over the past year has helped make it one of the world’s most pioneering countries in the sector, with an attractive and integrated legislative system and innovative initiatives and programs that encourage entrepreneurial ventures and accelerate their growth, making it a major contributor to the UAE’s non-oil GDP.