The UAE aims to become home to 20 unicorns, or start-ups valued at more than $1 billion, by 2031 as part of a programme it launched on Wednesday to attract and expand small-and-medium enterprises.
The Entrepreneurial Nation initiative aims to offer support through a series of public-private partnerships that help entrepreneurs set up in the UAE, expand their businesses, export their products and tap into online sales, Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs, said during a conference in Dubai.
The UAE will also set up a Dh1bn ($272 million) private equity fund for lending to SMEs based in the country and operating in strategic sectors, which will be released from the first quarter of 2022 and over the next five years, he said.
“Our aim today is to transform from a regional to a global entrepreneurship hub,” the minister said.
SMEs are the backbone of the UAE economy, with the government introducing economic support packages to help business owners weather the Covid-19 pandemic. It has also taken measures to create a more attractive environment for foreign investment by easing visa rules, liberating company ownership rules and updating laws.
“The UAE, federally and locally, is amending laws because this is the most important factor in attracting capital and also talent,” the minister told reporters on the sidelines of the conference.
The programmes under the UAE's Entrepreneurial Nation initiative will start this month, according to the ministry’s presentation.
The Entrepreneurial Nation, a unified destination for start-ups from inception to growth, encompasses three stages or tracks.
The Skill-Up Academy is intended to equip participants with entrepreneurial skills and to be suited to a variety of participants, including students, recent graduates, employees, retirees, homemakers and jobseekers.
Its Start-Up track will target entrepreneurs who are seeking to establish a business and will offer incentives, products and services to support start-ups and innovative companies in the country. This includes a partnership with Emirates Development Bank to open bank accounts as quickly as within 48 hours.
The Scale-Up programme will back fast-growing, revenue-earning companies that are more than three years old to expand and eventually become unicorns.
The various tracks will offer services from facilitating access to funding, offering a network of experts for mentorship, exporting to international markets, digitalisation and sourcing talent, according to the presentation.
Entrepreneurial Nation has partnerships with global companies such as Google, Facebook, LinkedIn, Cisco, Huawei and UPS, as well as local entities such as Etihad Credit Insurance and Khalifa Fund For Enterprise Development to support entrepreneurs.
“The Entrepreneurial Nation is a partnership and scalable platform with the private sector,” Mr Al Falasi told The National.
The ministry is still considering whether the new Dh1bn fund for start-ups and SMEs will be for early stage or late-stage businesses, he said.
“We will only intervene when there is a gap,” Mr Al Falasi said.
“So when we release the fund, we size it in a way without overwhelming the market … at the same time, I don’t want to cannibalise and overstep on VCs. So we’re taking our time in understanding what's the best way in complementing the sector.
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When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
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Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
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6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
