UAE delegation included 28 SMEs that showcased their products & services based on advanced technology
Abu Dhabi, 15 December 2024:
A UAE delegation, led by Her Excellency Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, participated in the ComeUp startup festival held in the Korean capital, Seoul, recently. The UAE’s participation in the forum was aimed at enhancing cooperation with Korea in the fields of entrepreneurship, SMEs, advanced technology and innovation, and exchanging experiences and policy frameworks in these fields.
The UAE pavilion at the exhibition, set up by the Ministry of Economy, showcased 28 small and medium-sized companies who highlighted their products and services that harness latest technological solutions and AI, enabling them to attract investments that aid business growth. The pavilion actively engaged visitors and participants in presentations on the potential of the UAE’s entrepreneurial landscape and the opportunities and incentives it offers to SMEs.
Her Excellency Alia Al Mazrouei emphasized that the UAE and the Republic of Korea share historical relations and a comprehensive strategic partnership in all fields, especially on trade and economy fronts. These relations are supported by the shared commitment of both leaderships to continually develop them.
Her Excellency said in a speech during a session on the sidelines of the exhibition: “The SMEs sector is one of the key sectors in cooperation between the two friendly countries, especially since the two sides share a common vision for its continuous development. The UAE and Korea provide all enablers and opportunities needed for the growth and prosperity of SMEs in their markets.”
Her Excellency added: “The UAE delegation’s participation in the exhibition this year represents an important milestone in our efforts to support the economic relations between the two countries in the field of entrepreneurship. It is also an ideal opportunity to open new global markets for the UAE’s SMEs and support them in promoting their projects to a large base of investors in Korea and many countries around the world. These efforts are of great significance since SMEs constitute 94% of the total companies operating in the UAE markets, and contribute 63.5% to our non-oil GDP.”
“The Ministry of Economy is committed to providing all forms of support to Emirati entrepreneurs and creating a supportive environment for the growth of their businesses, enabling them to attract investments and promote their products and services in foreign markets. This is in line with the objectives of the National Agenda for Entrepreneurship and SMEs, which aims make the country a true entrepreneurial nation by 2031,” she added.
Her Excellency Alia Al Mazrouei shed light on the initiatives under the UAE’s new entrepreneurship system, which aim to sustain the UAE’s leadership and competitiveness in this field and increase the rate of success for entrepreneurs from 30 percent to 50 percent by 2031. These initiatives include the “Riyada Fund,” which has allocated incentives totaling AED 300 million to encourage graduates to pursue entrepreneurship and foster an entrepreneurial mindset and culture among various communities in the country. It also includes the “Youth Entrepreneurship Council”, which empowers young entrepreneurs to keep pace with developments in the field and promotes the culture of self-employment among them. Her Excellency Alia Al Mazrouei urged Korean investors and entrepreneurs to capitalize on the UAE’s dynamic entrepreneurial environment and explore business and partnership opportunities available across various vital sectors.
The forum featured a session focused on the UAE, titled “The UAE: Your First Gateway to Business and Investment.” It was attended by representatives of the Dubai Airport Freezone, Khalifa University Projects Company, the Emirates Development Bank, and Digitalstores.ae. The session highlighted the key aspects of the business and investment environment in the UAE, particularly the provision for 100 percent foreign ownership of companies, as well as the advantages of the free zones and their advanced infrastructure. Also emphasized was the UAE’s strategic location as a vital gateway connecting the East and West, making it an ideal destination for an array of economic activities.
In addition, several UAE entrepreneurs delivered impressive presentations on their pioneering projects and products during various sessions and held meetings with investors and venture capitalists who participated in the exhibition.
Furthermore, Her Excellency Alia Al Mazrouei attended the MoU signing between the UAE’s Digitalstores and Shukran Korea, aimed at enhancing the opportunities for the expansion of Korean companies to the UAE, particularly in the fields of storage and delivery. This agreement is expected to attract 27 diverse Korean brands – including pharmaceuticals, cosmetics, and ready-made clothing brands – to the UAE market by 2025.
Her Excellency also attended the signing of an MoU between Remal IoT and Sungjin Techwin, which saw both parties agree to merge under the name Remal, reflecting a shared vision for the future. This is particularly significant as Sungjin Techwin, now known as “Remal Korea”, is an advanced facility for manufacturing and research and development, located in Daejeon, South Korea. This MoU will enhance cooperation in the fields of the Internet of Things, space, defence, and manufacturing by combining Emirati and Korean expertise to deliver world-class solutions and innovations.
Several government and private sector entities were part of the UAE delegation, including the Khalifa Fund for Enterprise Development, the Sharjah Chamber of Commerce and Industry, the Dubai Airport Freezone, the Creative City in Fujairah, the Emirates Development Bank, Dubai Silicon Oasis, the Sharjah Economic Development Department, Khalifa University, the Higher Colleges of Technology, the United Arab Emirates University, and the In5 incubator.
National SMEs in the delegation included Digitalstores.ae, Carbelim Middle East, Agri Nano Tech, PetRepublic, Remal IoT, The Vegan Beauty Cosmetics, IQ AI Artificial Intelligence, Predictiv Middle East. Inc, syd.life AI, B Digital, Exordium, Simsy Ventures Tech Ltd, Icosium Robotics, Circa Biotech, Smart Citizens, Cosmos Green Metals LLC, Supreme Trading Company, Izi Health, estaie, jalebi.io, Smart Runners Technologies, the surplus, rashtions, Grambell, osool, Unify, Brainovate, DeepMinds.– Ends –