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ABU DHABI, February 17, 2022 /24-7PressRelease/ -- The Global Entrepreneurship Monitor (GEM) has ranked the United Arab Emirates (UAE) 1st globally in its Global Entrepreneurship Index 2022, which was unveiled this week. The UAE climbed three spots from its 4th global ranking in last year's report to accomplish this feat, outperforming other leading global economies studied by the report.
The UAE achieved the highest score in the general ranking of the index with a score of 6.8. The country also emerged as the number one global destination for establishing and starting businesses, boasting the most encouraging environment for entrepreneurship, in a survey carried out by the report.
H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy, said: "This prestigious achievement can be attributed to the unconditional support and the forward-looking vision of the UAE's wise leadership. The UAE is entering the next 50 with the accomplishment of this achievement, by being at the forefront of global economies through the development of an exemplary entrepreneurship system and a highly enabling environment for companies. Today, the country serves as an ideal incubator for entrepreneurs and attracts leading projects, especially those operating in new economic sectors, innovation and emerging technologies."
He added: "We are proud of this feat, which is a result of our wise leadership's long-term vision that has put the entrepreneurship sector at the forefront of the development priorities and economic vision of the UAE."
H.E Dr. Ahmad Belhoul Al Falasi, UAE Minister of State for Entrepreneurship and SMEs, said: "The achievement confirms the efficiency of the experience that the UAE has gained over the past years in developing an integrated and world-class entrepreneurship system, accelerating the growth of SMEs. This also encompasses the launch of initiatives and programs that make the activities of SMEs a major contributor to increasing the UAE's non-oil GDP and promoting the transition towards technology, innovation and a knowledge economy at a faster pace, in line with the Principles of the 50 and the UAE Centennial 2071."
According to the report, the UAE has achieved an improvement on 11 out of the 13 axes covered by the index. The UAE was the only country in the world participating in the report that achieved adequate score or more on all axes.
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