Ministry of Economy organizes Riyada Development Program in Al Dhafra
In the presence of H.E. Alia Bint Abdulla Al Mazrouei
Event contributes to enabling entrepreneurs to maximize the benefits offered by Riyada entrepreneurship system
Abu Dhabi: The Ministry of Economy organized the 'Riyada Development Program' in Al Dhafra, Abu Dhabi, recently, with an aim to enhance engagement with entrepreneurs in the region, support them in launching and expanding their startups locally and internationally, and foster the exchange of experiences, while also addressing the challenges related to business expansion. The event was attended by H.E. Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship; and Mouza Al Nasri, Acting CEO of Khalifa Fund for Enterprise Development (KFED).
Entrepreneurs: The driving force behind the future economy
H.E. Alia Al Mazrouei emphasized the UAE's firm belief in the importance of entrepreneurs and innovative startups as key pillars for building a prosperous future for current and future generations, accelerating the transition to a knowledge and innovation-driven economy. Her Excellency highlighted the UAE's continued commitment to fostering a thriving entrepreneurial ecosystem in line with global best practices, providing flexible economic policies that facilitate the establishment of startups and accelerate the growth of SMEs, especially with continued developments in the country's entrepreneurship legislative framework.
Her Excellency said: "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.'
Riyada's initiatives showcased
H.E. Alia Al Mazrouei elaborated on the initiatives of the 'Riyada' entrepreneurship system launched by the Ministry of Economy last November, which include the Riyada Fund, the UAE Entrepreneurship Council, the National Unified Entrepreneurship Platform, and the UAE Youth Entrepreneurship Council. She emphasized the importance of maximizing the benefits of these initiatives across all seven emirates to boost the competitiveness of the UAE's entrepreneurial ecosystem and drive it to new heights of growth and prosperity.
Exploring entrepreneurial ventures in Al Dhafra
H.E. Al Mazrouei said that the UAE's entrepreneurship and SMEs sector continues to experience sustained growth, with Emirati youth establishing 25,000 SMEs in 2024 alone. Currently, SMEs account for 94 per cent of the total companies operating in the UAE market, contributing 63.5 per cent to the non-oil GDP. The UAE is also home to more than 50 government and private business incubators and accelerators.
Challenges faced by entrepreneurs addressed
The event featured a panel discussion that addressed the key challenges faced by entrepreneurs in Al Dhafra and explored strategies to transform them into new opportunities for innovative projects across various vital economic sectors. The event also highlighted a series of inspiring success stories from entrepreneurs and startup founders in the region.
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