Covid has globally changed the way the world operates. Businesses have faced lots of challenges and it has changed the way people conduct business. Adaptability is the only solution be it personal or professional.
UAE has given enough support in the form of stimulus packages for firms to fight COVID challenges. From the start of Covid till its second phase, the government has issued a series of relaxing policies for the business industry.
Entrepreneurship in the UAE
It is observed that UAE is prepared to deal with future changes in the innovation & entrepreneurial sector. As UAE’s annual GDP is around 47 % from the small businesses & startups, the government has helped tremendously to support that sector post-COVID.
It is important to support small businesses and startups to promote digital economic activity in the country for a sustainable economy. Dubai Future Foundation has implemented important steps for the businesses in UAE.
There have been many steps that are implemented to enhance the innovation ecosystem in the UAE. Reducing office costs, utility bills, and licensing fees has been a major relief for businesses of all sizes. Moreover, flexible financing has proven to ease the burden on many small businesses as well as open grants for startups have motivated many entrepreneurs.
The innovation sector will have a catalytic role in supporting the growth of startups and entrepreneurs in the UAE by enhancing financing and providing low-cost financial services
Courtesy : Gulf News
