Ministry of Economy receives 700 applications for Phase II of The Entrepreneurial Nation over seven months

Ministry of Economy receives 700 applications for Phase II of The Entrepreneurial Nation over seven months

Abu Dhabi: The Ministry of Economy revealed that it has received 700 applications from startups and SMEs wishing to participate in phase II of The Entrepreneurial Nation programs, between October 2022 and April 2023. The Ministry is currently in the process of shortlisting these applications in accordance with the program’s eligibility criteria.

The Ministry explained that 44 of the applications received under phase II of the project pertain to the development of franchise operations of SMEs in the country and supporting their capacities by providing them with expertise and knowledge to take advantage of global franchise systems. It will also help them drive expansion and investment plans in local, regional, and global markets. Another 120 applications pertain to the expansion of startups in Saudi Arabia in partnership with Astrolabs, which offers many advantages and incentives to entrepreneurs in the Saudi market. A total of 117 applications were received from startups from across many countries including Saudi Arabia, Bahrain, Egypt, Bangladesh, Algeria, Pakistan, Morocco, India, Brazil, the United States, the United Kingdom, and Azerbaijan, seeking to set up and expand their businesses in the UAE. In addition, 40 applications were received for participation in the ‘Smart Framing Innovation Challenge,’ which was recently