How startups help the UAE’s economic growth
Over the last few years, the United Arab Emirates’ government has launched numerous initiatives to bolster its start-up ecosystem – from its Ministry of Artificial Intelligence and co-working space AREA 2071 to the FinTech Hive accelerator.
The most recent accelerator announced by the Ministry of Finance will be run by the prestigious and well-known professional services firm Ernst & Young (EY).
Of course, the government does not do all of this for nothing. In the end, there is an ultimate goal it is trying to achieve: economic growth. Although attracting well-established corporations to the country is beneficial, if a country wants a sustainable and healthy economic model, it needs to foster entrepreneurship and its start-up ecosystem as well.
Why, you may ask? Because large corporations such as Google, Facebook and Microsoft, which employ thousands of people and largely contribute to the economic development of many countries, were once start-ups.
By nurturing and accelerating them, the government is looking into building a more sustainable economic future.
Do you want to know more about how SMEs can boost growth in the UAE? Read about it here.
