The UAE has launched a new programme to support and recognise the top 100 start-ups that will have a significant impact on the country's economy and boost its future readiness.
The Future 100 initiative, which was launched in Dubai by the Ministries of Economy and Governmental Development and Future, will support new economic sectors such as space, renewable energy, and emerging technology, which will shape the future economy of the country.
According to Minister of Economy Abdulla bin Touq, the top 100 future-ready companies will be honoured annually based on "clear" criteria, objectives, and aspects, and will also help in defining new parameters for the future economy.
"The most significant aspect is that these economic changes used to take two years to occur." There is now a significant diversification in terms of growth impact.
The UAE government is one of the most proactive in the world, developing programmes to support the economy and keep it ahead of the curve in a rapidly changing landscape defined by digital transformation.
The government has already launched several initiatives to achieve the goals of the future economy.
The UAE Centennial 2017 Roadmap, the Fifty Economic Plan, the Emirates Blockchain Strategy, the Green Growth Strategy, the Fourth Industrial Revolution Strategy, the Circular Economy Policy, the National Programme for Artificial Intelligence 2031, and the Energy Strategy 2050 are among them.
"We are now enjoying a successful and unique development model because of the UAE's futuristic vision," Ohoud Al Roumi, Minister of State for Government Developmental and Future, said at the launch.
"Over the next 2 decades, the rate of change will be faster than it is now." The future is difficult to predict, but we do know that it will be.
Meanwhile, the start-up ecosystem has seen a significant boost in recent years as entrepreneurs use innovation to meet consumer needs.
In October, the Ministry of Economy launched its updated Entrepreneurial Nation programme, which aims to develop more than 8,000 small and medium-sized enterprises and start-ups by 2030.
According to start-up platform Magnitt, funding for start-ups in the UAE — one of the top destinations for venture capital investments in the Mena region — increased by about 5% in the third quarter to $148 million.
According to Ahmad Alwan, deputy chief executive of Hub71, Abu Dhabi's technology ecosystem, the UAE is one of the top countries in the world for start-ups.
""Not only are we capable of attracting opportunities, but we are also willing to transfer knowledge," he stated.
Faisal Belhoul, vice chairman of the Dubai Chamber, and Mohammed Al Musharrakh, chief executive of Invest in Sharjah, joined him on a panel discussion.
Future 100 also aims to improve the UAE's ranking in global indexes, particularly in competitiveness, entrepreneurship, and investment.
The Emirates intends to pitch a variety of benefits and incentives to young entrepreneurs in order to assist them in establishing start-ups with new ideas and eventually transforming them into international businesses.