UAE targets 2 million companies and 10 unicorns by 2031, says Minister of Economy

The UAE plans to expand its entrepreneurial landscape to more than two million companies and create at least 10 unicorns by 2031, said Abdullah bin Touq Al Marri, Minister of Economy and Tourism.

Speaking on the sidelines of the launch of the national campaign “The Emirates: The Startup Capital of the World,” Al Marri said startups and entrepreneurs represent a fundamental pillar of the UAE’s economic growth strategy.

The Minister noted that around five unicorns have already originated from the UAE, and the new campaign will help accelerate the emergence of more.

UAE unicorns and startups

He said the campaign supports national goals by providing an enabling environment that empowers youth to launch their entrepreneurial ventures and achieve growth and expansion.

Al Marri explained that the UAE has comprehensive strategies to support innovation and entrepreneurship, covering economic clusters, food security, Comprehensive Economic Partnership Agreements, and intellectual property protection.

He stressed that both federal and local infrastructure are prepared to sustain startup growth.

The UAE currently hosts more than 1.2m companies, with around one million owned by entrepreneurs — representing nearly 94 per cent of the total.

This, the Minister said, underscores the pivotal role of entrepreneurs in strengthening the national economy.

Small and medium-sized enterprises are already a cornerstone of national growth. By mid-2022, SMEs contributed 63.5 per cent to the UAE’s non-oil GDP and accounted for 95 per cent of the companies operating in the local market.

Key targets to 2031

• 2m companies to operate in the United Arab Emirates by 2031
• 10 unicorns targeted, with five already originating in the United Arab Emirates
• 1.2m companies currently active nationwide
• 1m entrepreneur-owned firms, making up 94 per cent of total
• 63.5 per cent share of non-oil GDP contributed by SMEs (mid-2022)
• 95 per cent of United Arab Emirates companies are SMEs