The UAE ranks first worldwide in the latest Global Entrepreneurship Index, outperforming major global economies such as the US, the UK, Japan, Canada, South Korea and some EU countries.
Last year, the Emirates placed fourth in the GEI rankings, which are compiled by London-based researcher Global Entrepreneurship Monitor.
“Of the 47 participating economies, national expert assessments suggest that the UAE has the most supportive environment for entrepreneurship and Sudan the least supportive,” the report said.
This prestigious achievement can be attributed to the unconditional support and the forward-looking vision of the UAE’s wise leadership
Abdullah bin Touq Al Marri,
UAE Minister of Economy
The UAE has the highest total score by a clear margin, having improved in 11 of the 13 framework conditions and scored highest of all 47 economies in four of them.
With the high score of 6.8, the UAE was named the best place to start a new business, followed by the Netherlands (6.3), Finland (6.2), Saudi Arabia (6.1), Lithuania (6.1) and South Korea (5.7).
“The UAE is the only economy to have scored as sufficient or more for all framework conditions. These changes are the direct result of policy adjustments that have moved increasingly to promoting business conditions for entrepreneurs,” the report added.
The report evaluated various framework conditions such as availability of entrepreneurial finance, ease of access to entrepreneurial finance, government policy, entrepreneurial education at school, research and development transfers, ease of entry, and social and cultural norms.
The highest levels of new job expectations were in Qatar, Chile and the UAE, each with one in 10 of adults or more both starting or running a new business and expecting to employ six or more people in five years’ time.
Last year, about 73.5 per cent of “Emiratis saw good opportunities to start a business where they lived” — up from 62.1 per cent in 2020. More than 61 per cent of people in the UAE reported that they had the skills, knowledge and experience to start a business, compared with 54.7 per cent in 2020.
The UAE received high scores on most of its framework conditions, “which may help explain the improvement in entrepreneurial attitudes”, said the report.
“This will need to be sustained, or even improved, to meet the country’s entrepreneurial goals of developing high-impact start-ups, which tend to be extremely capital-intensive,” the report added.
“Even if access to finance were to stay at its current levels, however, this should benefit those new businesses that would like to become established in the next few years.”
The Emirates also scored high in indicators such as the availability of good opportunities to start a business, the availability of skills, knowledge and experience to start a business, confidence in the ability to meet the challenges posed by Covid-19, plans to use digital technology to develop business and the ability of entrepreneurship projects in the country to generate new jobs.
“This prestigious achievement can be attributed to the unconditional support and the forward-looking vision of the UAE’s wise leadership,” state-run news agency Wam quoted the UAE Minister of Economy Abdullah bin Touq Al Marri as saying.
“We are proud of this feat, which is a result of our wise leadership’s long-term vision that has put the entrepreneurship sector at the forefront.
“The global leadership that the country has achieved today confirms the soundness of this approach, the strength of government economic policies and the efficiency of the private sector, especially the success rates enjoyed by the entrepreneurship sector and SMEs in the UAE.”
The UAE, a regional trade and commerce centre, is tapping into this interest in entrepreneurship and is striving to become an entrepreneurship centre, Ahmad Al Falasi, the UAE Minister of State for Entrepreneurship and SMEs, told an online panel on Monday.
“One of our strengths is an easy access to talent. We are not large like other countries, but we have very strong infrastructure where entrepreneurs can incubate, scale and experience high growth.”
Salaries in the UAE guide
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Company%20Profile
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You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
COMPANY%20PROFILE
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