The United Arab Emirates (UAE) is taking significant steps to diversify its economy and reduce dependence on oil through the Future100 initiative. This program is designed to accelerate growth in emerging technology sectors and support entrepreneurial ventures, marking a pivotal shift in the nation's economic strategy. With SMEs making up 94% of businesses in the UAE, the initiative is timely, aiming to harness the potential of these enterprises for national development.
Under the leadership of H.E. Alia bint Abdullah Al Mazrouei, UAE Minister of State for Entrepreneurship, the Future100 initiative focuses on key areas such as artificial intelligence and emerging technologies. The program's ambitious goal is to increase the success rate of entrepreneurs from 30% to 50% over the next ten years. This is supported by various measures, including the Riyada Fund, which provides 300 million AED to entrepreneurial ventures, and the establishment of over 50 business incubators and accelerators across the country.
The UAE's commitment to fostering a conducive environment for entrepreneurship has not gone unnoticed. The country has been ranked first globally in the Global Entrepreneurship Monitor Entrepreneurship Index for three consecutive years, a testament to its competitive legislative framework and supportive ecosystem for startups. The Future100 initiative is a cornerstone of this strategy, aiming to position the UAE as a leading global destination for business and innovation.
By leveraging technological innovation and entrepreneurship, the UAE is not only diversifying its economy but also creating a sustainable model for future growth. The Future100 initiative represents a forward-thinking approach to economic development, ensuring that the UAE remains at the forefront of global economic trends. For more information on the UAE's entrepreneurial ecosystem, visit https://www.moec.gov.ae.
