UAE Plans Over 2 Million Startups, Targets 10 Unicorns by 2031

The United Arab Emirates has set an ambitious goal to increase the number of registered companies to over two million by 2031, up from the current 1.2 million, aiming to solidify its position as a global hub for entrepreneurship and innovation. The government plans to nurture 10 unicorn startups within this period, building on the existing five unicorns already established in the country. Small and medium-sized enterprises (SMEs), which currently represent about 94-95% of all companies and contribute over 60% to the non-oil GDP, are central to this expansion strategy. The UAE is implementing comprehensive policies including economic clusters, trade liberalization through Comprehensive Economic Partnership Agreements, innovation, intellectual property protection, and reforms such as full foreign ownership and streamlined licensing to foster a supportive ecosystem for startups. Officials emphasize the importance of creating viable, scalable companies that can compete globally, supported by talent development and regulatory clarity. This initiative aligns with the UAE's broader economic diversification agenda to reduce reliance on oil revenues and enhance resilience against external shocks.