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

The United Arab Emirates has unveiled an ambitious plan to transform itself into the global hub of entrepreneurship, with a target of expanding to two million registered companies and creating at least 10 unicorns by 2031.

Sheikh Mohammed’s Vision for Global Leadership

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 new nationwide campaign designed to cement the UAE’s position as the world’s capital of entrepreneurs. The initiative reflects the country’s determination to strengthen its role in nurturing startups and scaling businesses to global levels.

Strategy to Foster Entrepreneurship

Abdullah bin Touq Al Marri, Minister of Economy and Tourism, highlighted the vital role that entrepreneurs play in economic growth. He explained that the country is committed to growing its business ecosystem by enabling founders to establish ventures, scale up operations, and expand internationally.

Speaking during the announcement of the “World’s Capital of Entrepreneurs” campaign, bin Touq revealed that the UAE aims to increase the number of registered companies to more than two million over the next six years. At the same time, the government seeks to boost the number of unicorns — startups valued at over $1 billion — from the current five to at least 10 by 2031.

Current Progress and National Ambitions

At present, the UAE is home to over 1.2 million companies, of which around one million — or roughly 94 percent — are owned by entrepreneurs. Small and medium-sized enterprises (SMEs) are at the heart of this growth, contributing 63.5 percent of the country’s non-oil GDP as of mid-2022 and accounting for 95 percent of all operating businesses.

Bin Touq emphasized that the campaign would directly support these national objectives by building an enabling environment that encourages youth-led ventures and helps businesses to access global markets.

UAE’s Comprehensive Growth Strategies

The minister also underscored the UAE’s readiness to achieve its ambitious targets, pointing to a wide range of strategies already in place. These include developing specialized economic clusters, strengthening food security, advancing trade liberalization through Comprehensive Economic Partnership Agreements (CEPAs), and driving innovation and intellectual property protection at the national level.

He added that the UAE’s federal and local infrastructure is fully equipped to accelerate the growth of startups, ensuring that the country remains one of the world’s most attractive destinations for innovation, investment, and entrepreneurship.