UAE has set an objective of growing its business base to more than two million companies by 2031, while also aiming to see ten unicorns—start-ups valued at over US$1 billion—emerge within that period, Abdullah bin Touq Al Marri, Minister of Economy and Tourism, has declared. He stated that at present about five unicorns have already originated in the country.
The announcement came during a press briefing revealing details of the national campaign titled ‘The Emirates: The Startup Capital of the World’, launched under the leadership of Sheikh Mohammed bin Rashid Al Maktoum. The campaign is designed to position UAE as a global hub for entrepreneurship, through policy reforms, infrastructural investment and fostering innovation.
Al Marri stressed that entrepreneurs and startups are considered “a fundamental pillar” in the UAE’s growth strategy. To reach the two million-company mark, he explained, the government will enhance the ecosystem by supporting young founders, scaling SMEs, and promoting economic openness via Comprehensive Economic Partnership Agreements. Innovation, intellectual property protection, and robust infrastructure at both federal and local levels figure prominently in the strategy.
Current figures reveal the UAE already hosts over 1.2 million companies, with about one million owned by entrepreneurs—representing approximately 94% of the total. Small and medium-sized enterprises account for around 95% of all companies and contributed 63.5% to the non-oil GDP by mid-2022.
Under the new campaign, multiple initiatives will be rolled out. These include training 10,000 Emiratis through an Entrepreneurship Programme; licensing Emiratis in project management; supporting national real estate firms; improving access to federal procurement; and strengthening incubators, accelerators and academic institutions to boost early-stage innovation.
Regulatory reforms are set to play a key role: the campaign emphasises fast-tracking business setup, expanding foreign ownership rights, and ensuring legal frameworks are conducive to investment and intellectual property protection. Smart digital services will facilitate many of these reforms.
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