Answer to Question #170944 in Economics for yasmin

Question

Implications on Entrepreneurship in UAE 

Answer 1

According to international economic experts, a small business in the UAE is vital for the state's economic policy aimed at moving away from oil dependence and diversifying the national economy. The choice of such a strategy has become a landmark for the small business sector, turning it into the most important direction of the state's economy.

Small businesses in the UAE are predominantly engaged in market segments such as light industry and professional services, retail, and tourism. Among the main sectors that set the tone for small businesses are catering, services and hospitality.

Already today, rapid growth in the number of enterprises involved in these market segments is predicted. New enterprises are opened annually, providing additional jobs.

The Government of the Emirates understands that development assistance is not enough for the active development of small businesses, it is necessary to provide maximum assistance to increase competitiveness and provide commercial and financial support. For this, government programs of financial support and subsidies for small businesses are being successfully implemented.