UAE Launches Future 100 Initiative to Accelerate Start-up Growth and Double GDP by 2031
The UAE government has launched the Future 100 initiative, aiming to double the country’s gross domestic product (GDP) by 2031 through the development of start-ups and the growth of small and medium enterprises (SMEs). The initiative seeks to identify, honor, and support promising start-ups that are contributing to the UAE’s future economic sectors.
Abdulla bin Touq, the Minister of Economy, highlighted the importance of start-ups in shaping the country’s economic landscape and emphasized the objectives of the initiative. The government aims to stimulate private investment in the future economy by providing fast access to investors, regulators, and business communities. The initiative will offer support in terms of funding, legal advice, commercial assistance, and capacity building.
The Future 100 initiative, which was launched in December, will annually honor and support the top 100 start-ups that have a significant impact on the UAE’s economy and enhance its readiness for the future. Start-ups in sectors such as advanced manufacturing, FinTech, renewable energy, cyber security, and robotics will be the focus. Both local and international start-ups based in the UAE will be eligible for support.
The selected start-ups will be assessed based on their creative capacity, market potential, business viability, scalability, and their environmental, social, and governance (ESG) impact. The initiative aims to build partnerships between the public and private sectors, providing a range of incentives, investment opportunities, acceleration support, technical and legal guidance, and workshops on intellectual property rights and trademarks.
The Ministry of Economy and Government Development, as well as the Future Office, signed strategic partnerships with private sector organizations to support the Future 100 initiative. These partnerships include major companies like Microsoft and Emirates NBD, as well as organizations such as Abu Dhabi SME Hub and Middle East Venture Capital Association.
The UAE has set ambitious goals for the future, aiming to become one of the top 10 countries globally in terms of future readiness. The Future 100 initiative is an integral part of the UAE’s growth strategy to transform its economy, enhance resilience, and ensure future sustainability. By fostering the competitiveness of future economic sectors, the initiative will contribute to achieving the country’s vision for 2031.
In conclusion, the UAE government’s Future 100 initiative aims to accelerate start-up growth, double the GDP by 2031, and enhance the country’s readiness for the future. By supporting promising start-ups in various sectors, the initiative seeks to stimulate private investment, provide necessary support and resources, and build partnerships between the public and private sectors. Through these efforts, the UAE aims to achieve its ambitious goals and become a global hub for innovation and entrepreneurship by 2031.
