UAE plays key role in promoting SMEs, nurturing startup network

UAE plays key role in promoting SMEs, nurturing startup network

Entrepreneurs and small businesses are the lifeblood of an economy and the UAE government has played a significant role in promoting entrepreneurship, SMEs and nurturing a successful startup network in the country, according to an industry veteran.

Shailesh Dash, financier and enterpreneur who establised  many successful business ventures in the UAE and some other parts of the world, said recent initiatives such as long-term residencies and visas for investors, entrepreneurs and high-earning expats; 100% foreign ownership; cancellation/reduction of government service fees; and the millions directed by Emirati governments to strengthen the startup environment, have all worked towards entrepreneurship.

The Abu Dhabi government, for instance, pledged Dhs535 million ($145.7 million) in 2019 to support entrepreneurs and jointly invest with VC startups out of Hub71. In July 2020, Abu Dhabi further implemented a coalition project supporting micro, small and medium-sized