The UAE will establish a Dh1 billion private equity fund to support UAE-based start-ups and SMEs operating in key sectors, targeting to become home to 20 unicorns by 2031 by attracting skilled talent and foreign capital.

At the launch of the Entrepreneurial Nation project in Dubai, H.E. Ahmad Belhoul Al Falasi, UAE’s Minister of State for Entrepeneruship and SMEs said the UAE aims to do more to solidify its position as a top destination for international investment in the Gulf. “We want to be home to 20 startups worth more than $1 billion each by 2031,” the minister said at a media briefing.

The Entrepreneurial Nation project will offer support through a series of public-private partnerships that help entrepreneurs set up in the UAE, expand their businesses, export their products, and tap into online sales.

Under the Entrepreneurial Nation initiative will offer a unified destination for start-ups from inception to growth and will polish entrepreneurial skills and benefit students, recent graduates, employees, retirees, homemakers, and jobseekers, among others.

H.E. Al Falasi said the UAE is planning to establish a Dh1 billion private equity fund to support UAE-based startups and SMEs operating in key sectors. On the other hand, visa and business reforms are to be made to attract more expatriates to live and work in the country after businesses suffered last year from the coronavirus outbreak.

“The government plans to offer funding in several formats, including equity, direct lending, and loan guarantees, to boost start-ups and entrepreneurship,” the minister said.

Source: UAE eyes 20 unicorns by 2031 - News | Khaleej Times