About six in 10 UAE residents would prefer to be self-employed if given the choice, according to a new survey conducted by job site Bayt.com and market research agency YouGov.
Personal fulfilment and freedom to choose a work-life balance were cited as the main motivation to become entrepreneurs by 53 per cent and 46 per cent of respondents, respectively.
Other reasons include the ability to give back to the community (38 per cent) and the freedom to choose what to work on (36 per cent).
The survey, titled Entrepreneurship in the Middle East and North Africa, interviewed 1,763 respondents from more than 17 countries, including the UAE, Saudi Arabia, Lebanon and Jordan.
Small and medium enterprises are an important part of the UAE’s economy and accounted for 53 per cent of the country’s gross domestic product in 2019, up from about 49 per cent in 2018, according to Etihad Credit Insurance.
The UAE was ranked first in the region and fourth globally on the latest Global Entrepreneurship Index. It performed better than big economies such as the US, China, Japan, the UK, Australia, South Korea and some countries in the EU. The country was previously in fifth position on the 2019 index.
Last year, start-ups in the Mena region secured a record $1 billion in funding despite the coronavirus pandemic, with technology ventures attracting the most capital, according to data platform Magnitt.
“The positive attitudes about entrepreneurship that we see in the Mena region are an encouraging sign,” said YouGov research director Zafar Shah.
“It indicates that there is both a supply of potential entrepreneurs and those who may support their efforts. The ideas and innovations born in small companies and start-ups create a stronger economy, offering greater opportunities for upward mobility.”
However, 47 per cent of UAE respondents put the acquisition of new skills and job security as their main reasons for preferring to work for a company rather than being self-employed.
Across the Mena region, 63 per cent said they would prefer to work in the private sector, the survey found.
Among those who are currently employed in the UAE, seven in 10 are thinking of starting their own business while 19 per cent have tried to start their own company in the past.
Only 3 per cent have never thought of being self-employed, the poll revealed.
Meanwhile, seven in 10 UAE respondents looking to set up a business said securing finance was the biggest challenge while 46 per cent listed the establishment of the right contacts as their top concern.
Industries that hold the most appeal for aspiring entrepreneurs include information technology, internet and e-commerce (12 per cent), commerce, trade and retail (9 per cent), consumer goods (9 per cent) and property, construction and property development (8 per cent), the survey said.
In Egypt, 71 per cent of respondents would rather be self-employed, while 75 per cent of respondents in Sudan want to run their own business.
About half, or 47 per cent, of respondents said that starting a business could be done at any time while 28 per cent said the best time to do so would be at mid-career stage.
Meanwhile, 88 per cent of UAE respondents perceive entrepreneurs to be opportunity-driven while nine in 10 said they help to create new jobs.
Many entrepreneurs intend to grow their start-ups, with two thirds of respondents planning to hire for their business over the next year.
When it comes to expansion, 37 per cent of Mena respondents harbour plans to grow their business in their country of residence, but 27 per cent aim to operate in several markets, the survey found.
Among those who are self-employed in the Mena region, 38 per cent are at the start-up stage. The poll revealed that 28 per cent said their businesses is not doing well while 15 per cent are satisfied with the performance of their businesses.
Mohammed bin Zayed Majlis
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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Killing of Qassem Suleimani
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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KILLING OF QASSEM SULEIMANI
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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UAE currency: the story behind the money in your pockets
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The%20specs
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Company%C2%A0profile
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UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Zayed Sustainability Prize
Killing of Qassem Suleimani
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
UAE%20set%20for%20Scotland%20series
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