< id="header-1"p>The report highlights many suggestions to sustain the startup sector in the UAE.< id="header-2"/p>
< id="header-3"p>< id="header-4"strong>Reading time: 2 minutes< id="header-5"/strong> < id="header-6"br />
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The Dubai Future Foundation was founded to play an important role in transforming the future. The foundation strives to establish Dubai as the major leading hub of the future. It attempts to achieve this by imagining, inspiring, and inventing Dubai's future, especially in collaboration with the government and private entities. It has offered many plans to improve the innovation ecosystem in the UAE and the region. These include, among others, reducing or delaying office costs, utility bills, and license fees, as well as offering open grants, providing loans and flexible financing.< id="header-8"/p>
< id="header-9"p>It came up with a report titled 'Life After Covid-19: Innovation and Entrepreneurship, that has suggested the concept of funding salaries for a short period, reducing living costs, increasing mobility across visas and free zones for highly skilled talents and supporting temporary employment as means to support the startup sector. As per this report, the startups in the UAE will face many challenges due to the pandemic. UAE is one of the countries that are ready to deal with changes in the innovation and entrepreneurial sector.< id="header-10"/p>
< id="header-11"p>Small startups constitute about 50 per cent of companies registered in Dubai and represent about 47 percent of the UAE's annual GDP. The report highlights methods to combat the effects of Covid-19 on startups and their growth opportunities. It recommends motivational packages and incentive schemes as a means to support the startup sector and economic development in the country.< id="header-12"/p>
< id="header-13"p>The report also highlights the incentives that the UAE has taken up to support entrepreneurs and startups. SMEs play a crucial role in the economic development of the nation. The UAE takes great steps in promoting the innovation and sustainability of entrepreneurs. As the global pandemic has revealed the importance of flexibility and adaptability to different conditions, the UAE is trying to increase its reliance on remote working.< id="header-14"/p>
< id="header-15"p>It has aided in issuing commercial licenses and visas. The UAE has also kept up with the changes in the technology and innovation sector. It has accomplished updating regulations in various economic sectors by following global developments. According to the report, government support for startups will re-establish the sector once the pandemic fades. It asserts that the innovation sector will act as a catalyst in supporting the growth of startups and entrepreneurs in the UAE by enhancing financing and providing low-cost financial services. < id="header-16"strong>< id="header-17"em>The < id="header-18"a href="http://www.khaleejtimes.com/business/local/empowering-startups-critical-for-future-of-sustainable-economy-dff-report">original article< id="header-19"/a> was published in Khaleej Times on April 26, 2020.< id="header-20"/em>< id="header-21"/strong>< id="header-22"/p>
