Ministry of Economy and Federal Youth Authority organize Youth Circle to foster entrepreneurship culture among Emirati youth

• H.E. Alia Al Mazrouei: The forum is a key platform to promote dialogue with entrepreneurs & better understand their ideas & ambitions
• H.E. Al Neyadi: Supporting our youth and equipping them with the right skills are key to achieving the UAE’s vision for the future economy

Abu Dhabi, 11 October 2024:

The Ministry of Economy and the Federal Youth Authority organized a youth circle, themed ‘Entrepreneurship and the Future: The Role of Youth in Shaping the New Economy,’ in the presence of H.E Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship; and H.E Sultan Al Neyadi, Minister of State for Youth. A number of Emirati youth and entrepreneurs participated in the forum, which was aimed at fostering an entrepreneurship culture among the Emirati youth and enabling entrepreneurs to overcome the challenges they face in the early stages of startup growth. It shed light on the importance of Emiratization of technology and innovation in supporting SMEs.

H.E Al Mazrouei emphasised that the UAE, thanks to its wise leadership’s vision, attaches great significance to equipping youth with adequate skills in various future sectors, particularly economic sectors and entrepreneurship. The country has launched multiple initiatives and policies that focus on addressing these issues and ensuring opportunities and enablers to encourage the youth to pursue innovative ventures and entrepreneurship.

“The Ministry of Economy is keen to strengthen cooperation with relevant stakeholders at the federal and local levels to provide all technical and logistical support needed to enable the Emirati youth to convert their innovative ideas into profitable businesses, thus contributing to the national economy’s growth and prosperity. We strive to support them in integratiing modern technology into their businesses and advance digital transformation by providing them with the necessary knowledge and assistance in accessing international markets and improve the competitiveness of their business regionally and globally,” she said.

H.E Al Mazrouei pointed out that the forum offered an opportunity to strengthen dialogue with Emirati youth and budding entrepreneurs, and helped understand their ideas and ambitions in developing the entrepreneurship field, and opportunities they need to grow and sustain their projects

H.E. Dr. Sultan Al Neyadi said: “Empowering young people and enhancing their skills in entrepreneurship is a key principle of the national strategy that the UAE Government approach that the UAE government pays great attention to, by providing a nurturing environment that encourages innovation and development in the business sector, and preparing programmes and initiatives that transform youth ideas into impactful economic projects that align with future aspirations, thereby acting as a catalyst for growth and a major contributor to increasing the UAE's GDP. We recognise that supporting Emirati youth and equipping them with the necessary entrepreneurial skills is a fundamental pillar in achieving the UAE's vision of establishing an ideal economic system, which bolsters the country’s position on the international stage as a leading destination in this field.'

“Enhancing the culture of entrepreneurship among young people is an effective and important step that encourages them to explore new opportunities in promising sectors, enriching the diversity of the local economy, its competitiveness, and the sustainability of its development. This aligns with the ‘Economy’ pillar, which is one of the key priorities of the National Youth Agenda 2031, which aims to empower Emirati youth to be key drivers of the UAE's economic development. In this context, providing the necessary support will give young people the opportunity to translate their ideas into reality and actively contribute to positive change in the development and prosperity of the private sector, ensuring their involvement in shaping the future of business. This will prepare a generation of youth capable of achieving creative accomplishments across various economic fields as we build the nation's future.” He added.

The session highlighted the role of the Ministry of Economy in supporting and empowering Emirati youth and encouraging their engagement in entrepreneurship community and exploring future opportunities that support SMEs. It also discussed the tools and resources necessary to assist young people to transform their ideas into successful and innovative ventures, and addressed how to enhance the benefits of digital transformation in supporting the entrepreneurial environment.

Participants explored a number of successful entrepreneurial experiences that represent an inspiring model encouraging young people to establish and develop emerging projects. They also identified a set of outcomes that would raise awareness of entrepreneurship among young people and guide them, the most important of which include organising monthly sessions for entrepreneurs to enhance direct communication and exchange ideas and experiences, and creating a unified and comprehensive digital platform that provides information, resources, and essential requirements for establishing sustainable entrepreneurial projects.