UAE to Support the Growth of Companies through the "ScaleUp" and "Grow in UAE"

The UAE has launched new initiatives to support startups and investors in the country, which were announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai during a visit to the Ministry of Economy on Monday.

“Today, we launched a number of economic initiatives – an accelerator for family-owned businesses that supports them in accessing new markets; an economic research institute established in collaboration with leading universities (UAE Growth Lab); and a global investment conference (Investopia) to be held in March 2022 that will discuss strategies to leverage the opportunities created by the new economy,” said Sheikh Mohammed.

“We have also launched an entrepreneurial academy (Skill-Up Academy) and a new platform to support the growth of startups (Scale-Up Platform), in addition to a web portal (Grow in UAE) to provide comprehensive information about policies and investment opportunities in the UAE. Furthermore, we have launched a new national agenda to attract talent to the UAE,” he added.

https://twitter.com/HHShkMohd/status/1409570124890263553

The new accelerator for family-owned businesses will support startups by enhancing their ability to attract investment opportunities, fast-track their growth, and build their capabilities and skills.

The UAE Growth Lab has been established in collaboration with four universities – UAE University, Zayed University, American University of Sharjah, and New York University Abu Dhabi. The Lab is designed to be a leading research institute that utilizes data and advanced economic models to develop policies to support the UAE’s competitiveness and leadership in the global economy, especially in trade, investment, SMEs, and fourth industrial revolution sectors, according to a statement issued by Sheikh Mohammed.

The Skill-Up Academy meanwhile is an initiative to promote entrepreneurship, whereas the new Scale-Up Platform will focus on supporting the growth of companies. The Skill-Up Academy seeks to develop the entrepreneurial skills of citizens and residents through educational initiatives and policies that also aim to promote diversification and the competitiveness of the local economy. The Scale-Up Platform will support the growth of SMEs with services and products designed to accelerate their expansion.

The new Investopia Investment Summit will be held in March 2022 and aims to bring together major global investors to discuss opportunities in various sectors of the new economy. The ‘Grow in UAE’ initiative will be a smart web portal that provides potential investors with information on policies and procedures and investment opportunities in the UAE with the aim of facilitating their investment journey.

The announcement of these new initiatives comes against the backdrop of the announcement made earlier this week, where Sheikh Mohammed said that the UAE would be entering 25 new international markets as it looks to boost foreign trade. It seeks to grow its national exports by 50 percent over the coming years.

Source: Gulf Business