UAE leads Gulf in entrepreneurship

Innovation and entrepreneurship make the United Arab Emirates the number one economic leader among Gulf States, according to a new ranking announced during the GES in Doha. The UAE ranked first among Gulf States on the 2012 Arabia Fast Growth 500, officials announced during the Arabia 500 awards ceremony. The ranking was based on the number of small- and medium-sized enterprises (SMEs) listed in the gulf country.

“The UAE is a leading country in terms of supporting and encouraging young entrepreneurs, because the future is theirs,” said Sheikh Mohammed bin Rashid Al Maktoum, Dubai ruler and UAE vice president and prime minister.

Michael Porter, professor at Harvard Business School, said companies in the UAE are collaborating to encourage and support innovation in multiple areas, from renewable energy to mobile solutions and education.

He said the Arabia 500 list comprises the most innovative companies in terms of employment. These companies have encouraged more than 300 of their employees to blaze their own trails and become successful entrepreneurs.

“The UAE’s patronage of innovation enhances its status as a leader among Gulf States in terms of entrepreneurship and supporting SMEs,” Porter added.