The United Arab Emirates (UAE) is aiming to build 20 unicorns or startups with a valuation of $1 billion and above, by 2031, wherein India is expected to play a key role.
Abdullah bin Touq Al Marri, UAE Minister of Economy, on Friday launched the Entrepreneurial Nation 2.0 initiative at GITEX GLOBAL 2022, the region’s annual flagship technology event. The initiative seeks to nurture 8,000 small and medium enterprises (SMEs) and create 20 unicorns in the region.
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Under this initiative, the UAE will team up with India as well as other countries like Saudi Arabia, South Korea, and Latvia to highlight the potential of UAE startups and SMEs on the global stage, Al Marri said.
This second phase of the Entrepreneurial Nation project, based on the largest public-private sector partnerships of their kind, is expected to open new channels for entrepreneurs to access more opportunities, enabling the growth of startups and SMEs and their business expansion from the UAE to various other global markets.
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The skilled talent pool in the UAE has been growing at a rapid pace over the past few years. For instance, talent in artificial intelligence (AI) in the region has doubled in the last two years and India can play a crucial role in this growth, said Omar Bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Despite concerns of a global economic slowdown, the UAE government is bullish about sustaining its growth momentum. “Our growth is starting now, this is our time…we are bullish that people will move from one social class to another…we are going to see a growth in consumption and digital literacy in the region,” Al Olama said on the sidelines of the GITEX event.
