UAE aims for 2 million companies, 10 unicorns by 2031, says economy minister

Dubai: The UAE has set its sights on reaching two million companies and nurturing 10 unicorns by 2031, in a bold push to cement its position as the world’s capital of entrepreneurship.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the launch of a nationwide campaign designed to reinforce the country’s global leadership in fostering entrepreneurial ventures.

Abdullah bin Touq Al Marri, Minister of Economy and Tourism, emphasised the pivotal role of entrepreneurs and startups in driving economic growth, outlining plans to expand the number of registered companies in the UAE to more than two million within the next six years.

Speaking on the sidelines of a press conference announcing the national campaign “World’s capital of entrepreneurs”, bin Touq said the country also aims to see 10 unicorns emerge during the same period. So far, five billion-dollar companies have been launched from the UAE.

He noted that the campaign will support these national ambitions by fostering an enabling ecosystem that empowers young people to launch ventures, scale their businesses, and expand internationally.

Highlighting the UAE’s readiness, bin Touq referred to comprehensive strategies spanning economic clusters, food security, and trade liberalisation through Comprehensive Economic Partnership Agreements (CEPAs), as well as national strategies for innovation and intellectual property protection. He stressed that the UAE’s infrastructure at both federal and local levels is primed to accelerate startup growth.

Currently, the UAE is home to more than 1.2 million companies, of which around one million—roughly 94 per cent—are owned by entrepreneurs. Small and medium-sized enterprises (SMEs) alone accounted for 63.5 per cent of non-oil GDP by mid-2022 and represent 95 per cent of all companies operating in the country.