The United Arab Emirates (UAE) has created an ideal environment for homegrown businesses to thrive, as evidenced by the country’s top ranking in the Global Entrepreneurship Monitor’s 2022 report. With the pandemic and geopolitical factors causing disruptions, homegrown businesses have a great opportunity to contribute to self-sufficiency and localisation. From well-established brands such as Emirates Airlines to smaller local businesses like Makaw Chocolate and Have Cafe, homegrown businesses continue to flourish and provide numerous social and economic benefits.
Economically, the abundance of small and medium enterprises in the UAE has contributed to a diversifying economy, with regulatory frameworks, excellent infrastructure, visa reforms, and ease of doing business attracting investors from around the world. The ongoing business and investment reforms make it possible for homegrown enterprise to thrive, and the UAE’s non-oil economy is expected to expand by 4% in 2023, as per the International Monetary Fund.
Homegrown businesses not only contribute to the overall economy but also benefit society by fostering a sense of pride and identity. As they thrive, citizens and residents are inspired to achieve their entrepreneurial dreams. Moreover, homegrown businesses play a vital role in supporting an innovation-based economy, as they are more agile in finding unique solutions to challenges than larger, more well-known international brands.
Sustainability is also key to the UAE’s long-term success, and homegrown businesses play an essential role in building a strong community connection. Smaller homegrown businesses foster an emotional bond with consumers by offering personalized experiences, which create customer loyalty. These businesses are also vital to the planet’s survival as they generally source products locally, thus reducing their environmental impact.
Finally, homegrown businesses have the potential to become global players in their industries, creating a positive impact not only in their home country but abroad. Huda Beauty and Emirates Airlines are just two examples of UAE-based businesses that have gained international recognition.
In conclusion, the UAE’s robust environment for homegrown businesses has been instrumental in creating a diversifying economy, increasing foreign investment, and contributing to society’s growth. It is imperative to continue to support and encourage such enterprises for the long-term success of the UAE economy.
عبدالرحمان زمین پیما
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آرمان جعفری
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