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  • 11-11-21

    UAE seeks to foster 20 startups by 2031

    (MENAFN) The UAE seeks to foster 20 start-ups, worth over USD1 billion, by 2031 as part of a plan it initiated on Wednesday to draw and enlarge small and medium initiatives.

    Minister of State for Entrepreneurship and SMEs, Ahmad Al Falasi, stated during a conference in Dubai that the Entrepreneurial Nation enterprise plans to propose funding via a chain of public-private corporations that assist businesspersons set up in the Emirate, increase their businesses, export their products and benefit from online sales.

    He also stated that the UAE is going to also build a Dh1bn (USD272 million) private equity finance for loaning to SMEs established in the nation and working in strategic industries, which is going to be published from the first three months of next year and over the upcoming five years.

    The minister also added, “our aim today is to transform from a regional to a global entrepreneurship hub.”

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